Tested for more than 40 days already, the latest Steemit hard fork is the most comprehensive one yet. Steemit is the first and largest blockchain-based social media network, rewarding its users with STEEM, the native token of the platform, for publishing and curating content.
In the latest improvement of the ecosystem, Steemit have released a token launching protocol titled Smart Media Tokens or SMTs, which is currently available on a testnet.
The goal of SMTs is to make it easy for anyone to launch their own cryptocurrency on top of the Steemit blockchain and without having to write any code.
A notable feature of SMTs is trustless ICOs, meaning the creator of an SMT specifies all features of the token as well as the structure of the ICO, but then hands over control to the Steemit blockchain which executes the entire process of the fundraiser automatically and transparently.
SMT users will also benefit from all aspects of the Steemit blockchain, including three second block times, zero fees, and the ‘proof-of-brain’ algorithm, which rewards tokens to the most valuable members of a given community.
The Steemit team noted that Smart Media Tokens were designed with web apps in mind, making them easy to integrate into existing websites, apps, or platforms, providing content creators with an additional option when it comes to upgrading their business models.
“If the killer-app of cryptocurrencies is their ability to align the incentives of various people within a group, then SMTs will be the most advanced, easiest to use, and lowest cost tool for delivering that functionality, ever,” said Elizabeth Powell, Managing Director of Steemit.