Crypto

Steemit Announces its Smart Media Tokens Testnet Launch

One of the main reasons cryptocurrencies and blockchain technology are met with high hopes is due to their aspect of monetizing content. In the case of online content, the reliance on the traditional advertising model is almost coming to an end. A new solution needs to be found sooner rather than later. Steemit’s issuance of Smart Media Tokens can make a positive impact, assuming there is sufficient interest in what this venture brings to the table.

Steemit Enters the Next Stage

The vast majority of cryptocurrency users and enthusiasts are familiar with Steemit. It has always been a platform that aimed to disrupt online content and monetization. Although it seems the popularity of this platform has tapered off quite a bit, the company is still trying to advance to the next stage. Despite a wave of recent layoffs, it appears that the next stage can be very beneficial to the company and its users alike. That is, assuming this venture succeeds in disrupting online content monetization in a meaningful manner. 

According to the press release, this new venture by Steemit is “highly anticipated”. For the time being, it is only available on the testnet, albeit it is expected the functionality will go live fairly soon. Numerous companies have tried to influence online user behavior and usher in a new era for online content creators. Virtually all of those ventures have lost traction in quick succession, thus it remains to be seen how the Smart Media Tokens will perform in this regard. Giving content creators more revenue options is never a bad thing. It remains to be seen if cryptocurrencies can be beneficial in this regard. 

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How Does it Work?

The name Smart Media Tokens seems to hint at how this venture will work exactly. It is a new digital asset that resides on the Steem blockchain. The ultimate goal is to allow anyone in the world to launch this asset and use it to either create incentives or monetize their content. This venture is very different from ERC20 tokens, as the distribution reward system is tailored toward digital content businesses. That in itself shows this new approach is designed with a long-term vision in mind. 

Sources close to the company deem this new asset to be the biggest change to the Steem blockchain since its inception. While that may be a bit of an overstatement, Steem is confident it can keep evolving into a platform for entrepreneurs. Giving customers the chance to issue their own cryptocurrencies and digital assets to improve upon customer retention is a big step in the right direction. Additionally, the company will continue to pay attention to its social resources and how those can benefit their users in the long run.

The Bigger Picture

Those who have kept close tabs on Steemit may remember the company released Steem Communities earlier in 2019. That particular aspect of the platform is designed to take on Reddit, the self-professed front page of the internet. Even though Reddit has its own currency – in the form of Reddit Gold – it remains to be seen how the world responds to Smart Media Tokens. Integrating it into websites and other platforms should not be too difficult, yet it is unclear how many people will experiment with this technology in the future. 

JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

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