Steemit - Smart Media Token (Explained)

Hey you, welcome back to the channel. And guys, today we're going to talk about an announcement we got yesterday from the CEO of Steemit, Ned Scott. And basically just got some groundbreaking news, uh, talked about the creation of the Smart Media Token. So what I want to do in this video is give a brief explanation of what the Smart Media Token is, what impact this could have on Steemit overall. We'll also leave a link to the white paper giving a lot more technical details on how the Smart Media Token works. But in a very brief and simplified way, the Smart Media Token is a token that can be generated across various websites, blogs, social media platforms, newspapers, where the community can engage with these various businesses, sharing a rewards pool, and overall increase the value of that site as well as increase the site's user base. And in short, It's basically like saying these websites will now run on the Steemit model. And what we need to understand about the Steemit.com model is that over the course of the last year, it's been quite successful. It's grown to a great size. The user engagement has been excellent. And Steemit has been indexed. It's top 2,000 websites in the Alexa rankings. And that's very impressive for, you know, a little shy than a year. So the Smart Media Token will enable these other websites, bloggers, and the like to implement this same successful model. That's why it's so big. And it's great for Steemit community because that means that all these other websites will run on the Steemit platform with this rewards token. And so I believe it's going to be like 99 cents to create the token through the Steemit platform. And of course, that creates value in Steem, in the Steemit network. And, you know, in addition to that, It means that these businesses will also be able, uh, through, through the use of Smart Media Token to raise funds to create, uh, uh, uh, you know, uh, funding for their business, for their business endeavors and various things like that, as well as giving back to the community at the same time and growing their site. So, uh, very interesting, uh, uh, very, uh, very, uh, exciting for Steam it. And you know, also what's very important about the Smart Media Token is that, you know, basically, um, to kind of technically understand how this will be implemented into various websites, I will leave a link in the white paper, but just a very brief explanation The developers will be able to take the available code and either design the website to carry this code to create these various contracts, or it can work similar to how a widget would work with various sites like WordPress.com sites and like Blogger sites. And with the widget, you know, of course there will, you know, it will— you would have to pay for the holding of, uh, someone to, uh, hold that data. Would be a lot less troublesome on the, on the developer if somebody's just trying to implement this onto their website directly with the code. But, uh, just— that's just a very simple idea of how, uh, this could work and how they could set their websites up to function this way. So all very exciting news, guys. I'm looking forward to seeing how this works, um, you know, uh, how other websites and bloggers will, uh, will adopt this. And very interested in knowing what the community thinks about it. Uh, I know the CEO Ned, uh, would very much like all of our input to take it apart, to dissect it, to see if we feel it's gonna work or not. And I'm doing the same thing. I'm trying to figure out some holes in it. So far it all looks great to me. I think overall the impact on Steemit.com is going to be a favorable one. So guys, that's all I want to say right now about Smart Media Tokens. Very exciting times for Steemit. We'll leave a link to full details about how this works. Guys, if you like content like this, don't forget to like, subscribe, and until next time, take care.