When the whitepaper came out I was not sure what to think of it. Initially my reaction was negative actually because that's not the idea I had of steem as a protocol.
The vision I had is that the steem blockchain would power thousands of websites and that all users would use the same currency. So when SMT's were announced I thought these token would ultimately dimish steem's potential as a base protocol and as a currency.
But, I recently found out ( thanks to @timcliff) that to use these SMT's you need a steem account. Basically every users using these meta tokens will be steemians by default. Take for example the appics coins XAP.
When new users register on appics they will essentially create a steem account which will allow them to use XAP. This means that you will be able to log into appics.com with your existing steem credentials but appics will only display your XAP balance on the site. In other words, steemians will have wallets with hundreds of smart media tokens in them :-)
So why is this big news for steem ?
Because the most important metric in any business is the number of users, when you have users you can create value in hundred's of different ways but if you have value with no users you are pretty much doomed ( most altcoins)
SMT's are the perfect trojan horse to get everyone on the internet to get a steem account.
I read that one by timcliff, it was pretty reassuring. As is this. I felt the same at first but definitely the more users the better!
It will be so awesome to see our community grow to 1 billion users! Bye Facebook, hello Steemit :)
Wouldn't call SMTs trojan horses, but otherwise you're right that SMTs are built on top of Steem, so yes they are good news!!
It totally makes sense that traffic is key for a successful business.
Steemit will replace Ethereum and overtake EOS. At least I can see it this way. We'll see.
great post from you
so you need more users, including me罒▽罒
Thanks for the heads up @snowflake I did not understand it until I read this
You're making the same point I've been since the SMT's have been announced. Namely that they are going to allow the blockchain to come in 31 flavors with different looks and rules for each application. Think about it. We can Have the Desseret Forums for the Mormons and they'll be happy as toast not knowing that their Moroni SMT's are basically the same as the SPRITE SMT's over on the WICCAN Gatherings.
It was a good read @snowflake
Now it makes sense to me why 'money talks'. lol.
That's perfectly put why SMT is the next big thing for steem.
I still don't quite get it, what the hell is SMT?