SMT, stands for Smart Media Token, is a token and token platform based on Steem blockchain. Steem blockchain is designed for content publishers to monetize and reward their content and its creators.
As defined:
Steem is a Delegated Proof of Stake blockchain that uses a "Proof of Brain" social consensus algorithm for token allocation.
SMTs are Streem tokens that enable publishers to create mutually beneficial community based economic incentives to drive platform growth. Smart tokens with near instant settlement and zero transaction fees opens up new non-advertising business models. Publishers can also use the tokens to fundraise via an ‘Initial Coin Offering’ (ICO).
A Smart Media Token (SMT) is a native digital asset on the Steem blockchain that can be quickly launched by anyone to help monetize online content and create incentives to encourage desired user behavior.
They're like Ethereum's ERC-20 tokens, but with certain built-in ‘Proof-of-Brain’ properties and a token distribution reward system designed specifically for digital content businesses.
Get started with Esteem >
Watch Ned talks about SMTs: