The team of coin developers and Blockchain STEEM has presented the white paper of a new way of creating Tokens, which means a new way of accessing the ICO world. These would be the SMT (Smart Media Tokens).
It is a new way of creating tokens or coins that will be linked to the Steem network, it is the first great innovation since the emergence of Steemit that will attract more investors. It is expected that the new projects will begin to see the light soon, diversifying the utility of the network and thus removing the Etherium monopoly to the ICO world.
The way to create an SMT has been developed in a simple way detailed in the white paper, which indicates boxes to complete:
- Maximum number of tokens.
- Start date, that is, when you start accepting contributions.
- Deadline for contributions to the ICO.
- Release date (date from which the token will be available).
Due date in case the ICO is not started until this date, the ICO will be canceled and the contributions will be refunded. This gives security to potential investments.
Apart from these dates, you will also have to configure some numbers.
- The minimum amount of STEEM accepted as a contribution, for example: the minimum contribution is 0.1 STEEM.
- The conversion unit between the token and STEEM, for example: 1 TOKEN = 0.1 STEEM (which means that taxpayers will get 10 TOKEN for 1 STEEM)
After configuring this, the configuration becomes strategic decisions:
- Minimum share required = amount of STEEM needed to declare the ICO open.
- A soft stop or a strong stop = the upper limits of the STEEM units that can be obtained in the ICO.
Strong stop means that any token after this limit will be rejected and no new SMTs will be created. Soft stop means that any unit received after this limit can be redistributed to all taxpayers, according to a policy that you have set beforehand.
The team Steem has promised to provide more information to those attending the next #SteemFest to be held in Lisbon from 1 to 5 November.
Writer by birth, curious by profession … I learn a little more every day from the cryptocurrency.