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NY-based blockchain platform Steemit launches new feature


Elizabeth Powell, Managing Director of Steemit

Steemit Inc, a blockchain-based social networking and blogging platform has released a token-launching protocol ‘Smart Media Tokens (SMTs)’, on a testnet.

SMTs will allow any publisher, creator, or entrepreneur to launch their own custom token on the Steem blockchain, which will help them monetize their digital content and reward consumers who engage with their content through likes, votes, views, shares, and comments, according to a statement.

SMTs also feature trust-less ICOs.  Once the creator of an SMT finalizes the traits of a token, including how the ICO will proceed, he gives up control over the token launch and distribution process, and hands over it to the Steem blockchain which then executes the airdrop.

Unlike other token-launching protocols, entrepreneurs using SMTs will benefit from properties powered by the company’s blockchain, including three-second block times, zero fees, and its ‘proof-of-brain’ algorithm. The SMTs will integrate easily into any website, app, or platform, making it simple for mainstream creators and entrepreneurs to tap the FinTech industry and immediately start generating revenue at no cost.

“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,” Elizabeth Powell, Managing Director of Steemit said.

SMTs have already been live on testnet for over 40 days.

Steemit uses blockchain technology to develop cryptocurrencies that support, improve, and monetize social media sites and networks. It is the primary developer of the Steem blockchain and steemit.com.

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