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Steemit to launch new product to bring blockchain and cryptocurrency to mainstream media

Blockchain-based social network Steemit has announced the launch of a new cryptocurrency product that will seamlessly connect content-hosting websites to new revenue streams, consumer bases, and development opportunities.

To be released this fall, the new software would allow top publications, mainstream publishers, and social media platforms to create native tokens based on the Steem blockchain, allowing them to integrate a customizable and intelligent token system into their website, portal, or platform. It would enable anyone to launch Smart Media Tokens (SMTs) for their website, app, or community, with the potential to create transaction revenue in ways that paywalls and subscriptions continue to come up short.

“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,” CEO of Steemit Ned Scott said.

According to the official release, SMTs are designed to reward publishers and consumers with native tokens based upon their contributions to the platform, including likes, votes, views, shares, and comments. A native protocol on the Steemit Blockchain, SMTs would allow content publishers of any size to implement revolutionary new revenue models based on consumer engagement and interaction. The Steem Blockchain has 3 second block times with zero fees (a feature SMTs will share), and is capable of quickly processing the 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.

“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,” Scott said.

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By Shampa Mani
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