Steemit, a blockchain-based innovative media platform, has recently introduced a new alternative to paywalls and subscription fees that incorporates crypto-powdered tokens.
Steemit is a groundbreaking new social media platform that has experienced exponential growth since launching in 2016. Offering social media users the ability to reward each other for quality, insightful content, the Steemit platform rewards content creators with Steemit, a cryptocurrency token that can be traded on the crypto market for other cryptocurrencies, or fiat currency.
Steem aims to take this system to the mainstream, and has announced the impending launch of a brand new crypto that integrate seamlessly with content hosting websites and connect them to new consumer bases, revenue streams, and development opportunities.
The new crypto platform is intended to be released this Fall, and consists of a software solution that provides mainstream publishers, leading publications, and social media platforms to create their own native crypto tokens that function in a similar manner to Steemit, based on the Steem blockchain. This new platform will allow organizations to generate highly customizable intelligent tokens that can be integrated into any portal, platform, or website.
The new Steem protocol provides virtually anybody with the ability to create “Smart Media Tokens”, or SMTs for their community, website, portal, or app. These tokens could potentially be used everywhere from the New York Times website to a small WordPress blog, and offer the potential to foster the creation of transactional revenue in a consumer-friendly way that can’t be emulated by the paywall and subscription-based solutions currently in existence.
Smart Media Tokens are designed to reward content creators, publishers, and consumers alike with native tokens. These tokens can be used to incentivize consumer participation in the platform such as likes, votes, views, comments, and shares.
On the impending launch of SMTs, Steemit CEO Ned Scott has stated:
“Print is dying, ad integration is inefficient, distracting, and generally unwanted by consumers, all of which has led to a widespread battle to monetize content. SMTs represent the new frontier of a tokenized internet. We are going to see native tokens across thousands of mainstream websites where content is curated by the crowd, and publications and content hosts can establish dedicated revenue streams to allow richer and smarter content targeted directly to a user base.”
Smart Media Tokens will function as a native protocol on the Steem blockchain, which is currently of the most efficient and scalable blockchain technology platforms in the crypto ecosystem. Using the Steem blockchain as a foundation allows content publishers of any size to create and implement highly innovative new revenue generating models based on user interaction patterns and consumer engagement.
The Steem blockchain is currently faster than both the Ethereum and Bitcoin blockchains, and boasts three second block times with zero fees. Like the Steem blockchain, Smart Media Tokens will be fee-free, and due to their strong blockchain foundation, will be more than capable of rapidly processing the vast amount of micro-transactions required for international media entities of any size.
It’s possible for any publisher or platform to integrate Smart Media Tokens without needing to change any site infrastructure or functions. This feature represents a significant step forward in bringing blockchain based solutions and crypto platforms closer to mainstream adoption.
The inception of SMTs breaks down barriers to enter one of the fastest growing sector of financial tech and at the same time creates a mutually beneficial synergy between content, consumers, and media revenue.
On the future of SMTs, Scott has stated:
“Steemit represents the future of the internet and SMTs are how we will deliver that token-infused future for many, many more websites. Any website, application, community, or guild will be able to launch one of these tokens and integrate with various web interfaces in seconds. These tokens will be far-and-away the most user-friendly, inexpensive, secure and, most importantly, monetizable way of launching your own coin, fundraising for an organization, growing your community, and generating revenue for your enterprise.”
For more information on Smart Media Tokens, visit smt.steem.io or read the full SMT whitepaper here.