Steem and Steemit may move like a lumbering giant but when the fireworks launch, everybody has all eyes on deck. That seems to be what has happened with the recent BitHumb listing of Steem on their exchange. Many have called for SBD's to gain similar listings and I do believe that will come in time. In this article, I'd like to take a minute and just review what we know about Steem's SMT proposal and more importantly what kind of money is backing them.
What's good for Steem is good for Steemit and good for Steemians eh? A while back a $20M investment was made into SMTs by GBT.
Global Blockchain Technologies Corp. has announced a non-binding agreement to create a joint venture with Steemit Inc, to establish a $20m Steem Fund.
This appears to be a major accomplishment by Steemit Inc. and one which will certainly do a lot to benefit the Steem ecosystem.
The Steem Fund is a venture capital fund for startups building solutions on the Steem blockchain to expand the decentralised social media ecosystem.
Developers need funding and there are many competing projects in the crypto space so this is extremely important when trying to get the best and brightest minds to put a major effort towards expansion of Steem services and platforms.
Investments from the Steem Fund will be comprised of both Steem tokens tradeable on liquid exchanges and through traditional US dollar investments.
The Steem Fund will be architected to support the accelerated development of applications based on Steem's Smart Media Token (SMT) protocol, allowing native tokens based on the Steem blockchain, said a statement.
This all sounds like fantastic planning to me. There will be a push to launch SMT's as well as seperate USD funding put aside for Steem projects. This may help to further incubate our growing ecosystem and offer a lot of versatility in regard to funding a Steem project. In addition SMTs will need a lot of support if they are to succeed and it looks like that support will be there when needed as of now.
SMTs are a technology that allows individual organisations and companies to integrate a customisable and intelligent token system into their website, portal, or platform, it said.
This seems like it will really give ETH and other competing crypto platforms a run for their money! I've always loved Steem for its speedy transactions and the free nature of transactions. Something other platforms simply can't or won't offer!
Global Blockchain Technologies Corp. CEO Rik Willard said: "We're proud to be the first publically traded company to make a significant investment in the Steem ecosystem. No current open source and public blockchain protocol is more mature, scalable, and as rapid as Steem."
"We are convinced that traditional media companies from every corner will find that Steem's technology will be a better way to monetize and distribute existing content and future works."
I'm always researching cryptocurrencies and try to remain objective but from my experience, we are looking at something that will propel Steem and it's ecosystem to the next level and really put it on the map.
CEO of Steemit Ned Scott said: "Today's announcement makes the future for Steem brighter than ever. The Steem Blockchain is faster and already larger than the Bitcoin and Ethereum blockchains combined, and working with Global Blockchain Technologies Corp. is going to exponentially increase the number of applications built on Steem in an accelerated amount of time."
But the question seems to be now because this news is fairly old, what is going on with Steem, Steemit, SMT's and development in general... Things have been quiet, far too quiet which makes me think there may be something big or even huge sitting on the sidelines which may be dropped like a bomb. I for one still believe that Steem will continue to keep growing and that developers will find newer and better use cases to launch on the Steem blockchain. There is more to Steem than Steemit!
One thing is certain, we need to see some action and fast to really give the platform a better chance of growth and prosperity. But buy all means, take your time Steem and Steemit, don't launch or update anything until it is perfect!
What do you guys think about the possibility of SMT's getting launched soon? Do you think they'll have the potential to take us to even higher heights than the recent pump of 2017? What about the pending HardFork coming up on Steem? Good or Bad? I'd love to hear the community's thoughts! Thanks for dropping by!
Source:
IBT Times
Image Source:
IBT Times