SMT (Smart Media Tokens) Release Date & What This Means for STEEM

in steem •  4 years ago 

What are SMTs (Smart Media Tokens) and what does it mean for the Steem Blockchain?

Many people don't realize that STEEM(the Blockchain) is a protocol.  Steemit.com is only one possible application of the Steem Blockchain.  Steemit.com is simply the first website that was built on the Steem Blockchain to showcase the power and possibilities of STEEM,  but the success of STEEM is certainly not reliant solely upon Steemit.com.  This is because the Steem Blockchain is meant to be a protocol that will allow many people to build their own website or decentralized application. 

Until SMTs are released,  one must be very knowledgeable and experienced in coding to build their own project on the Steem Blockchain.  Some websites/apps have already started building without SMTs,  such as dLive/dTube/dMania,  but the release of SMTs will simply the process of building onto the Steem Blockchain and allow countless entrepreneurs to build their own dAPP/website/token using the power of STEEM!

After SMTs are released,  I am sure we will see many new cryptos such as dLive coins or dTube tokens and every coin that is built with SMTs will be directly tradeable to STEEM(the crypto)!

Essentially,  SMTs will be somewhat like Ethereum and ERC20 tokens.  Anyone will be able to build their own token and hold an ICO using the Steem Blockchain! 

When will SMTs be released?

The testnet for Smart Media Tokens will be released on January the 15th,  2019.  The MainNet will be released on March the 24th, 2019. 

Why do some people say the announcement of the SMT release date is bad news?

There has been a lot of debate on Steemit.com about whether or not this announcement with the release dates is good or bad news.  The people who think that it is bad news are of the opinion that March 2019 is too far away for us Steemians to wait,  especially since we are in a bear market.  It was also said before that SMTs would be released in late 2018,  and I think that it rubbed some people the wrong way that SMTs won't be here this year. 

What is my opinion? 

I personally love the news of the release dates.  Not only does it give us a definitive date to look towards,  but I think that the timeframe may work out perfectly for those of us looking for a nice boost in the price of STEEM.  I think there is a better chance for the market sentiment to return to being bullish by January-March vs. sometime in 2018,  and the successful release of SMTs should positively impact the price of STEEM even more so in a bull market.

While I do think that the price of STEEM will heavily rise no matter what the market sentiment is at the time of SMTs' successful launch,  a bull market will only boost the gains further into the stratosphere! 

Why do I think SMTs will skyrocket the price of STEEM?   

As I stated before,  SMTs will be akin to Ethereum in the sense that Entrepreneurs will be able to build their own tokens on a trusted and battle-tested Blockchain.  Like Ethereum,  many of the projects that are built with SMTs will hold an ICO(Initial Coin Offering) to raise funds.  This will give the STEEM crypto even further utility and I strongly believe that many people will be buying up STEEM solely to invest in other ICOs(just like they do with Ethereum).

This added use for the STEEM crypto should greatly increase the demand,  which in turn should greatly increase the price. 

Furthermore,  @ned (Ned Scott, Steemit co-founder) has stated that he sees 100,000+ entrepreneurs building on the Steem Blockchain within 5 years.  Not only will those 100,000 people create great utility/demand for STEEM with all of the ICOs taking place,  but it will also create a demand for STEEM directly since all 100,000+ people will need to hold STEEM in order for their network(their own SMT tokens) to operate.  Considering there are already hundreds of decentralized applications and websites running on the STEEM Blockchain without the implementation of SMTs,  I would say that we are well on our way to 100,000 and @ned's prediction could easily come true.

On top of all of this,  I would implore you to consider this as well.  Almost every token that will be created with SMTs in the future that is built intending to hold an ICO will bring more and more attention to STEEM!  Crypto ads have returned to Google and they dominate the online ad space.  Just think of how many sets of eyes will see STEEM for the first time when the SMT ICO ads start dominating cryptocurrency advertisement.  Even if the individual has no interest in investing in the ICO they may wind up research STEEM,  deciding to join Steemit.com,  and maybe buying/powering up some STEEM.  Maybe they even join another app that is built on STEEM after seeing an ICO ad.  The possibilities are endless and joining is easier than ever,  which brings me to my final point. 

HardFork 20 is rolling out on September the 25th.  In layman's terms,  this is an update to the "code" that the Steem Blockchain runs on.  The exciting part about HF20 is the fact that signups to new STEEM dApps/websites will no longer take 2-3 weeks!  It is now an instant process which should convert many more new members t0 the Steem Blockchain in today's age of instant gratification.  

With all of this being said,  I would surmise that it is a no brainer that the price of STEEM will explode in the coming months.  I also believe that the crypto market as a whole will turn around and start gaining some "steam"!  If the timing is right with another crypto bull run and some of the factors I mentioned in this post,  I think that we could see a hyberbolic rise in the price of STEEM similar to how Ethereum went to the moon!

I fully expect to see $20-$25 STEEM within the next year.  Don't bet your house on it or invest anything at all on my accord.  I am just giving my opinion,  which could very well be wrong.  Research extensively and form your own thoughts before investing.  Now that I've made my disclaimer,  let me tell you how high I could potentially see STEEM going, if not within the next year at least within 3-5.  $80-$100 would not surprise me at all.  I realize that would put the market cap at over $25 billion dollars(probably more with the new creation of STEEM tokens),  which only 2 coins currently have,  but I believe a LOT of money will be flowing into crypto over the next few years.   Bitcoin will easily be over a $1 trillion dollar market one day in the next 3-5 years in my opinion,  and a handful of great cryptocurrencies and blockchains will be following Bitcoin to the moon.  I truly believe that STEEM is one of those great projects,  and it is currently number ranked #2 in total transaction activity over Bitcoin and Ethereum! 

I am going to try to continue to stock up more and more STEEM Power and ride with STEEM to the sky! 

To the moon,

@bwells 

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SMT is great thing for Steem, Steemit, and crypto in general. This is exactly the type of value I expect public blockchains will provide the world. Unlike ETH, SMTs will allow people to enhance their brands and create new ways to raise money, connect with audience, and build businesses without having to deal an intermediary holding payments, changing payment policies, and adding extra paperwork/admin.

I actually think March 2019 is too early IMO for two reasons:

  1. I don't think crypto will be accessible enough by then to the average person for SMTs to make a difference on the value of Steem or Steemit.
  2. No need to rush. We still have "beta" on steemit and the platform is tiny.

That's ok. It may help to give SMTs some time to "marinate" while cryptocurrency awareness and adoption pick up. Who knows?

Very well said. The only problem I could see with "marinating" the SMTs, as you so eloquently put it, would be the possibility for the competition to come in and heavily advertise the same concept and "steal away" some of Steem's potential market share by being first to the market.

Yes, maybe. That's a two-edged sword. It's great to be first-to-market with a great product, but REALLY bad to be first-to-market with a shitty product. I'd prefer a Beta period or trial period because SMT is a new and radical and confusing concept to the average person, and probably for Steemians too. If it's not perfect, it will fail, and then the competition will do it better, forever. Why Being First to Market Doesn't Matter

Steem has some big advantages over competitors, both of which make it ideal for launching products that are ambitious but not polished:

  1. It's operating in a new and experimental space (public blockchains) where the vast majority of participants are early-adopters and people who enjoy experiments, therefore forgiving -- even excited -- about novel products.

  2. No other social network can do SMTs (period).

  3. Blockchain winners/losers haven't been decided yet -- whether SMT launched today, April 2019, or after 10 other projects offered the same product, it's so early that even with strong execution, a few success stories, and a some key ambassadors, competition may win. In fact some would prefer a strategy of "second-to-market" like Apple -- The number one key to Apple's success? It was second. Many long-distance racers (bike, run, car) stay close to the leader, preferably right behind the leader, instead of trying to be the leader...then turn on the boosters when the finish line's in sight.

  4. If Steem Inc needs 6 months to push out SMTs, how likely is it a competitor could do it in less time?

All questions are open ended, not rhetorical!

Awesome post.

Thank you!

Very informative and insightful to Steemians like me. Well written and easy to understand.

Posted using Partiko Android

Thank you!

I have no issues with the timing but rather with the overall execution and acceptance of SMTs after the launch. I hope it does work out thouhh

What are you specifically worried about when you say execution of SMTs? Flaws in the code? Lack of awareness? What can you do to raise positive awareness? Thanks for the comment.

Just the general way the SMTs will be used. For instance the token option may be abused to the extent of bastardizing it...similar to bidbots in a way

Thank YOU very much! My aim is so!

  ·  4 years ago Reveal Comment

This post has received a 7.35 % upvote from @booster thanks to: @bwells.