Why are SMT's so big of a Deal?

in LeoFinance2 years ago

STEEM

The worlds most advanced protocol is currently being tested by the community and hope there won't be any technical issues that will require further coding. It should have been done earlier, but discussing something we can't change is counter productive, therefore i will keep my focus on the good things explaining why are they so important and what gives them an edge over other platforms.

Official date is yet to be set, but the next Hardfork is most likely going to happen within upcoming months.

In regards to what other blockchains has to offer I'm still firmly convinced that this shit is going to be a major breakthrough. Once we solve other issues such as inflation and waiting period we will be the worlds best blockchain out there, without a doubt.

Here's why.

Smart Media Tokens

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.

We are witnessing the biggest thing that happened ever since Steem was publicly introduced. Emerging from decentralized content platform into a full-fledged blockchain protocol is something worth mentioning. Consider it to be some form of revolution in terms of powering applications, thus making web 3.0 a real deal.

Smart contracts are in its early stage and are considered as a new technology which needs more time to mature. Given the fact that smart contracts tend to be prone to problems in general, some of the apps out there skeptical around it. Furthermore, it must be flawless!
Sometimes those errors might be fatal ( Which was the case with when DAO got hacked). So basically, the money that was contained and trapped within this specific contract might get stolen permanently.
Moreover smart contract must be programmed to fit the needs of those who made it. Not every smart contract works the same - Here's where SMTs comes in.

This is the most problematic aspect of smart contracts that might be solved with a new turnkey protocol.

Turnkey Protocol

A contract where the essential design emanates from, or is supplied by, the Contractor and not the owner, so that the legal responsibility for the design, suitability and performance of the work after completion will be made to rest … with the contractor …. 'Turnkey' is treated as merely signifying the design responsibility as the contractor's.

source

Turnkey refers to something that is immediately ready for usage. Customer just needs to turn the key on and bum, product is operational. Basically, contractors build whole infrastructure and frames the interior without customers involvement.
This makes it way easier for not so tech savvy business owners to switch to untraditional technology. It's a big deal as i believe most of people out there who wanted to try token economics failed to retain excitement due to a programming issues.
Steem just got more utility.

I don't think SMT's will get recognized immediately unless we do proper marketing and actually promote the shit out of it. If this isn't the best possible thing to come out with i don't know what is...

Communities

Communities are the next big thing that will make this place a lot easier to manage. Basically everyone will be given an ability to organize themselves in a way they find it acceptable, thus set a core values specific community needs to follow.

The better set of rules there is and the better organization, the more people will be attracted to it. It will enable curators to find a community they consider the most valuable without a need to search 5 days to find decent content.

STEEM is facing a huge problem when talking about content discovery, therefore i believe this upgrade will make it more accessible for curators to find the best authors that fits their intellectual needs.

Posted via Steemleo

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