Steemit, the first and largest blockchain-based social network, today announced the launch of a new cryptocurrency product that will seamlessly connect content-hosting websites to new revenue streams, consumer bases, and development opportunities. This fall, Steemit will release new software that allows top publications, mainstream publishers, and social media platforms to create native tokens based on the Steem blockchain, allowing companies to integrate a customizable and intelligent token system into their website, portal, or platform.
The protocol enables anyone to launch Smart Media Tokens (SMTs) for their website, app, or community, from The New York Times to Subreddits to an independent WordPress blog, with the potential to create transaction revenue in ways that paywalls and subscriptions continue to come up short. SMTs are designed to reward publishers and consumers with native tokens based upon their contributions based on likes, votes, views, shares, and comments.
CEO of Steemit Ned Scott said:
“Print is dying, ad integration is inefficient, distracting, and generally unwanted by consumers, all of which has led to a widespread battle to monetize content. SMTs represent the new frontier of a tokenized internet. We are going to see native tokens across thousands of mainstream websites where content is curated by the crowd, and publications and content hosts can establish dedicated revenue streams to allow richer and smarter content targeted directly to a user base.”
SMTs will be a native protocol on the Steem Blockchain, one of the most scalable and efficient blockchains in the industry, allowing content publishers of any size to implement revolutionary new revenue models based on consumer engagement and interaction. The Steem Blockchain is faster and larger than the Bitcoin and Ethereum blockchains combined.
It has 3 second block times with zero fees (a feature SMTs will share) and is capable of quickly processing a large number of micro-transactions required for any media entity across the globe. SMTs can be run by any publisher without changing any website infrastructure or functions. This marks a significant step toward bringing blockchain and cryptocurrency to mainstream media in an accessible and attainable way, breaking down barriers to enter the fastest growing industry in fintech, while creating a mutually beneficial bridge between consumers, content, and media revenue.
“Steemit represents the future of the internet and SMTs are how we will deliver that token-infused future for many, many more websites. Any website, application, community, or guild will be able to launch one of these tokens and integrate with various web interfaces in seconds. These tokens will be far-and-away the most user-friendly, inexpensive, secure and, most importantly, monetizable way of launching your own coin, fundraising for an organization, growing your community, and generating revenue for your enterprise.”
Steemit has experienced exponential growth since its launch in May 2016, with hundreds of thousands of users on the platform.