The largest social network on the blockchain, Steemit, announces the launch of a new cryptocurrency project. It aims at creating new revenue streams through consumer involvement, expanding the client base and developing the opportunities for content-oriented social platforms.
— Ned Scott (@certainassets) September 28, 2017
According to the project's whitepaper, Steem’s Smart Media Tokens (SMTs) are "to give anyone the power to launch and sell Proof-of-Brain tokens, which are tokens distributed by “upvote” and “like”-based algorithms and can be integrated with websites to align incentives and spur growth, while websites are empowered to adopt sustainable, currency-centric revenue models".
Ned Scott, CEO Steemit, claims that the new software will allow leading media and social media platforms to create Smart Media Tokens (SMTs) based on Steem's blockchain.
As reported, the integration of a customizable and clever system of tokens will be available both for editions and small independent blogs on WordPress. On top of that, the system involves remuneration not only for publishers, but also for consumers based on their contribution: likes, comments and votes, which is to serve as the basis for new revenue streams.