Steemit, Inc. (https://steemit.com) announced its most anticipated blockchain product, Smart Media Tokens (SMTs), is now live on a Testnet. SMTs are digital assets on the Steem blockchain that can be launched by anyone to help monetize online content and create incentives to encourage desired user behavior. Unlike Ethereum’s ERC-20 tokens, STMs have built-in ‘Proof-of-Brain’ properties and a token distribution reward system designed specifically for digital content businesses.
“SMTs represent the single biggest change to the Steem blockchain since the original release,” said Senior Blockchain Engineer, Michael Vandeberg. “Steem will be evolving into a platform that provides entrepreneurs with the tools to release state-of-the-art cryptocurrencies coupled with the powerful social resources that Steem is already known for,” he added.
With the release of SMTs and Steem Communities (think “decentralized subreddits”), 2019 is shaping up to be the year that the Steem blockchain matures from a decentralized content platform, into a full-fledged blockchain protocol capable of powering applications that are impossible to run on so-called “smart contract” platforms.
“Steemit’s goal is to onboard the masses to the Steem blockchain by tokenizing the web. After SMTs, every website and web application will be able to have their own powerful cryptocurrency customized to meet their own needs and maximize their own business and social objectives,” said Elizabeth Powell, Managing Director at Steemit.
About Steemit, Inc.
Steemit, Inc. uses blockchain technology to develop cryptocurrencies that support, improve, and monetize social media sites and networks. It is the primary developers of the Steem blockchain and steemit.com. To learn more about Steemit, visit steemit.com and SMTs at smt.steem.com.
SOURCE Steemit, Inc.