Today Steemit CEO Ned Scott announced the development of a new project called Smart Media Tokens, based on Steem's blockchain. This project will focus on developing tokens to monetize the digital content by the creators and in turn the community that consumes it.
In Steemit's social network, a blogging web site based on Steem's blockchain, Ned Scott made the announcement of the launch of the project website, promising to launch "soon in 2018". This announcement details all the features that this new application will have, whose main objective is to facilitate the monetization of digital content by the creators and publishers of the same.
This project was born in response to several problems presented by content generators, for example the difficulty of achieving a critical mass of paid subscribers, the low profits generated by web advertising due to the growth of advertising content blockers, unprofitable are donations and tips because of the cost of micro payments. The project is also a response to the business model of large social networks like Facebook that generate profits for the content of their users and do not share it with them.
In this sense, Ned Scott and his team offer their new project Smart Media Tokens (SMTs), which will allow the creation of custom tokens for web content authors to develop a consumer community of content based on economic incentives, generate benefits to both parties.
These digital assets will be developed in Steem's blockchain, so they will have the same benefits as their main crypto-assets as near-instant and commission-free transfers, opening up opportunities to develop new business models free of advertising. Even new cryptoactive ones will be developed, these can be used to make initial offers of currencies (known as ICO) to finance new web projects.
The method of distribution of these cryptoactives, among the authors and their followers, is called Proof-of-Brain. This system is currently used on the Steemit website, where the generated cryptoactive messages are sent from followers to creators for their publications through votes, such as Facebook's likes. This method is known a rewards per publication, rewards users who voted for some content that becomes popular and are called evaluation rewards (curation rewards).
They have planned to generate a fairly friendly token configuration tool, which does not require users to be experts in cryptography or programming to develop them. To do this they intend to provide users with a user interface that allows a quick and simple parameterization with just select common features that will have the tokens, as well as leave open the option of further customization at the pleasure of its creator. In the same interface can be created the methods of distribution of these to promote the growth of your community or even fund raising with it through an ICO.
In their website they show 4 examples of future uses of their project. An example would be the integration of a rewards system with the token generated in existing web pages, to reward the interaction of its users with the generated content, further promoting visits to the page by the economic incentive.
The second example is the integration of cryptoactives in forums, without the need to program gratuity bots, linking them to the Steem network and allowing the use and interaction of multiple tokens that will be created by each participating subcommunity in any forum.
Another example is the addition of comment rewards applications on web platforms such as WordPress and Blogger to encourage user engagement with published content.
The fourth example is based on the Reddit social network where the moderators of the subreddit will be able to integrate these tokens and economically encourage the development of better quality content in their network. Finally, these cryptoactives may be valued according to their free market price as any other digital action and may be exchanged in the decentralized exchange house they are going to generate for it.
After the announcement of this project, the value of the cryptoactive of the blockchain where the project will be developed, STEEM, has presented a bullish movement in the present day reaching a revaluation up to 22%, since at the beginning of the day was in 1 , $ 22 / STEEM and reached $ 1.49 / STEEM, remaining at the end of this article at $ 1.42 / STEEM.
Something that stands out in this project, is the absence of an ICO to raise funds for its development, so it could be assumed that it will be financed with funds from the company Steemit and the revaluation that is generating this project in its cryptoactive.
It could also be said that they have a development team that has delivered functional products and not only promises, such as their Steemit social network that has been operating for more than a year and has shown a steady growth in its use. It must be admitted that it is a very ambitious and interesting project, which, in the case of full development and widespread dissemination, could revolutionize the whole system of content creation and monetization in the network.