Great post but we can't predict about future.

I agree with a lot of what you said.... the only problem I find isn't actually the technology but how easy it can be used to create.... low value and scam steemit alternatives that would be promoted here on steemit.... making this platform and theirs full of spam...

I think there's a difference between shitty coins, and coins that are made just to scam people.

> The question "why, oh why do we need another wave of shitty currencies?" is very similar to the question: "why, oh why we do we need another book store on the Internet?".
>
> And the answer is the same: "because we can. And because in 10 years, these shitty coins will kick the fat asses of fiat currencies".

I liked this part!!

Thanks for sharing post.

thank you for sharing friends

Just brilliant like always. All revolutionary technology suffer the same disbelief and skepticism at the beginning, it keeps happening since the dawn of times, but that doesn't stop big inventions and Blockchain won't be an exception

"A revolution that will democratize money the same way web democratized publishing"

Thank you so much for all these historical analogies. You really help us to understand what's going on and prepare ourselves. 

Paradoxically you also proving that the Steemit-mother will be relevant exactly because here you can find this kind of deeper and clear explanations.

Smart Media Tokens is a great idea thanks for sharing

If people did not take the leap to try and find new things and implement them, we would not be where we are today in technology, engineering and many other things that we use and find helpful today.

These are amazing news and i am heading right now to read that white paper. It is a missing link that i was waiting for to come out with Velocity update of STEEM BC together with effortless on-boarding which i could not do yesterday as we are so busy connecting our photography community [BeScouted](www.bescouted.com) with STEEM BC.

Since we are a platform for talents (photographers, make-up artists, hair stylists etc..) where we have a casting tool that allows building a marketplace that will bring paid jobs and connect businesses with the freelancers while avoiding middleman. Talented people are already getting paid jobs on [BeScouted](www.bescouted.com) but it has one inherent flaw - Transaction settlements in fiat are complex, slow and expensive. 

At one point we were thinking of doing an ICO ourselves but building it on Btc or Etc BC had a few flaws:
a) Slow transactions and longer block times.
b) Transaction costs as miner fees or gas needed to run the smart contract.

So the question itself. WHY DO WE NEED ANOTHER COIN? Just a few very obvious benefits this will provide:

1. Users that create valuable content will get rewarded the same way they do on Steemit.com and will receive associated token which they can exchange for fiat or different added features on the platform. 

2. Pay and get paid for participation in various photography or video creation projects instantly with 0% transaction fees. Hire talent for their projects or get hired fo commercial work.

3. Sell digital media directly on the platform and receive up to 100% of the value in a few seconds. 

There are too many to mention and i might share more of the usage scenarios in the post after i read the white paper as i was thinking i will need to wait for EOS to launch to build full functionality on it. It looks like SMT might be a long waited solution. The only thing i am still a bit concerned is how consensus will be reached and blocks will be created as STEEM is not completely decentralized in a way Etc or Btc is but that is another discussion. 

Thank you for sharing those great news, and we can't wait to kick some fat asses of the middlemen in the industry that practices favoritism and takes up to 70% of freelancers earning for the mediocre job they are doing.

Cheers!

That was real good analysis got confused by seeing so many post's today finally understand a lot about it thanks so much :)

Thanks for inpotent post  ....i fiow your post

I too can understand what your saying about back when the question was, why an online bookstore? 
   But let me remind people of just went down back then.
 Sure the internet popped up, people were creating web pages, selling stuff and profiting on ebay, but there were so many scams going on, like pyramid scenes, people were doing just that, buying a store front, and really not having to stock anything, just have your friends and friends of friends buy from your store, but it was like everything else, people poured money into something they thought would be a get rich , or at least make some money, but instead lost hundreds of dollars each.
   It was like when my space came out and then for some reason everyone went to Facebook and never looked back, my space was fine but it became ancient history quick, and then came ebay, boy did I and everyone else make money in the beginning, we could sell just about anything, better than a garage sale! Anything you thought was junk, someone out there wanted, but then people got scammed, items delivered being reported never received and vice versa, people paid for an item and either never reicieved it or got junk.
Eventually people started gaining trust in only certain companies and people with such high ratings, again , I was making some good money, but then came free shipping, and money back guaranteed items, it took the average person out of it unless you could keep up with pretty much either giving stuff away or have enough reserve to take back something a person bought and either broke or damaged the item, especially electronics and computer parts.
   Guess what I am saying is yes, this would be a chance to profit like when the internet started, but also be careful, lots of people lost lots of money, and eventually the big dogs will come out and make it where the big stores will take over.
A very good article and appreciate the information, guess I'm showing my age with the beginning of the internet, but it's good to remember history on both sides.
People made a lot and people lost a lot.
Which brings me into crypto, I always say silver is the most undervalued asset, and gold is well worth it if you can afford it, but you also have to take advantage of crypto currency and diversify, lots of money is being made, but again people are losing money, with steem, I believe it will take over Facebook, which would be great!
Again great article, thanks for sharing will look foward to more informative post.

It's for businesses to use so they can have their own branded token and not be forced to use Steem.

I am glad you're analysing this. Your WP posts are the only ones I've read so far.

It will be a new Bitshares ?

Great explanation!  ty

.

so that's the innovations we get on Steem?

I am really unimpressed. 
Instead of kicking the butt of other social platform who struggle to monetize their platform, or enhance the security of the average joes here (with hardware wallet support) , we think that we should add another layer of technical incomprehension. I would have stucked to only one currency to grow the *brand* (like how unnecessary and bad choice was the idea to *allow* and *promote* Golos). 

yeah, I am just unimpressed.

I dont know but it is always nice to have something new.

So, what I will do is somehow merge *LogicCoin* into a SMT.  I will setup a website that will take the Proof of Logic (POL) and transform it into some pretty graph or something else interesting. Then, people will upload their POLs in order to earn LogicCoin and show off their brain patterns.  Then, other people can comment on the POLs in order to earn more LogicCoin.

Nice article. You're definitely cheerleading this technology.
Interestingly this has been done to some extent on letstalkbitcoin.com and the tech has spun out into an organization called Tokenly. It was a very exciting development. LTBCoin facilitated on the Counterparty token was issued for forum interactions and rewards for "magic words" given during podcasts used as "proof of listening". Forum members could create their own forum spaces and issue tokens as keys for entry.

It wasn't the most successful project monetarily but it proved the technology worked although hampered by some of Counterparty's shortcomings.

The community there wasn't huge.

So why I'm excited is this idea on Steemit can quickly reach growth unseen on LTB network because there is already a huge base of users by comparison.

There's a hint of nostalgia in what's being developed here because I've seen it before. What I haven't seen is the potential fully reached. Here's hoping we can look back at this moment as the start of a new way of life for everybody.

**Hey @dragosroua..**
I'm facing a issue in steem.supply.. I couldn't check my pending payouts using your tool.. Earlier it's worked for me very fine.. But I'm facing this issue from last week.. Founded that this issue is only with my ID.. Other IDs are working fine.. Please check in steem.supply with my ID (djmalith) and please fix the issue..
Thank you..

I remember seeing a long time ago, way before crypto, probably before the internet even, there was a description of how every brick & mortar store on the block (as in street) could have its own "token" and how such a thing would actually strengthen the negotiating and saving power of consumers. SMT is exactly that coming to life.

Sounds interesting but i will have soon my own token i still dont know how this is going to work and i bet there are a lot of people that have no clue how to use or develop this tokens so it will be great if you will add some more posts about this...
I am sure a lot of Steemians will read them with a lot of interest!
Looking forward for updates!

Thanks for your insights! 
Was struggeling with that WHY... initially.

I think it's always good to ask the question why though. I'm still not on board with SMTs and have a lot of questions. I think it will  be a roller coaster ride just like steemit. For every one site that has a coin that really takes off there will be another 100 people that complain creating a crap site and token doesn't make them instantly wealthy.

Am I as excited as a gitty little school girl, yes. Do I have my doubts, of course. I'm cautiously more and more optimistic about the future every day though.

Thanks! Now I understand why Steem price is increasing inspite of the market going down :)

Very nicely projected..
I like the way you write the Article more than the Topic :)

Awesome information. And put in a way it’s easy to understand and relate to. Thank you!  Resteeming:)

Still trying to learn. But with all the thousands of new currencies, maybe it will come to an end like the so called notgeld of the early twenties in Germany after introduction of a strong new state currency.

"Linux (1991–) The Linux kernel, started by Linus Torvalds, was released as freely modifiable source code in 1991. ... Among Linux distributions, Debian GNU/Linux, begun by Ian Murdock in 1993, is noteworthy for being explicitly committed to the GNU and FSF principles of free software."

But, yeah, I get and appreciate your point !, lol

"Value today has nothing to do with value 1, 5 or even 10 years from now," HOLD it !!! JTS