I guess every steemians must be very excited about the whitepaper published by @ned yesterday (~~look at the price of steem increased more than 20%!~~) Alright, the price of steem is not the main point today, I wanna first briefly translate the the part of Smart Media Tokens (SMTs) with CN today, as ned mentioned, he hope all of the steemians can read and think about the implication and probably the pros and cons of the SMTs, what you like and dislike about it, how can we make use of it. [Announcing: Smart Media Tokens (SMTs)](https://steemit.com/steem/@ned/announcing-smart-media-tokens-smts) by @ned [Smart Media Tokens's Whitepaper](https://smt.steem.io/) 相信大家昨晚都被 @ned新發布的SMTs白皮書興奮不已吧! (~~還有是Steem的價格一晚就漲個20多%巴仙了~~)好啦，這不是重點，重點在我們如何看待這個SMTs呢? 你喜歡/不喜歡SMTs嗎?為什麼? 你覺得可以怎樣應用SMTs呢? 今天我會先簡略翻譯白皮書的第一頁-簡約介紹一下這個SMTs，如你們理解完白皮書有任何意見，記緊到 @ned的[帖子](https://steemit.com/steem/@ned/announcing-smart-media-tokens-smts)裡留言討論，他在等著大家寶貴的意見喔。

Smart Media Tokens (SMTs) >A Token Protocol for Content Websites, Applications, Online Communities and Guilds Seeking Funding, Monetization and User Growth Smart Media Tokens (SMTs)，暫且把它稱作智能媒體代幣吧，它是一種加密貨幣草案用作內容網站(網站的價值在於其產出的內容)、應用、網上社區等團體尋求資金、貨幣及用家増長。

>Steem’s Smart Media Tokens (SMTs) give anyone the power to launch and sell Proof-ofBrain [1] tokens, which are tokens distributed by “upvote” and “like”-based algorithms and can be integrated with websites to align incentives and spur growth, while websites are empowered to adopt sustainable, currency-centric revenue models. This model has been tested and continues to be proven by steemit.com, busy.org, chainbb.com, dsound.audio, dtube.video and other Steem interfaces, which are monetizing content, tokens and media in a way never before seen. Steem的智能媒體代幣(SMTs)給賦予人力量去實行及售賣Proof-of Brain tokens [1], 它是以點讚作基礎的算法融入網站以激勵増長，其網站則可採用可持續發展、以貨幣作主軸收入模式。此模式已在不少網站被測試及使用，就如我們熟悉的steemit.com, busy.org, chainbb.com, dsound.audio, dtube.video及其他與Steem相關的接口，其獎勵內容的回報模式是前所未見的。(Steemit的試驗結果已看得出非常成功，不到一年的時間其已位居在全球2100名的網站) >[1] Token systems that reward users as they contribute to a token-based community system require mechanisms for establishing and evaluating content’s social value: we call this “Proof-of-Brain.” (STEEM/BLUEPAPER/2017) [1] Proof-of Brain tokens - 以貨幣系統回報用家的貢獻，要求具備機制以創立及評估其發內內的社會價值。

>Several popular token protocols, such as Ethereum’s ERC-20, allow you to create and launch arbitrary tokens, but no protocol enables content businesses to leverage those tokens by aligning incentives between users and applications. Due to suboptimal transaction cost structures that incur fees for basic actions such as voting or posting, misalignment of interests between meta and core tokens that aren’t built for influencing distributions based on Proof-of-Brain, private key hierarchies that don’t cater to social versus financial operations, and slow transaction speeds that are out of sync with real-time websites - none of these protocols could ever provide an acceptable user experience for content websites, such as Twitter, Reddit (even subreddits) or The New York Times. 不少有名的貨幣協議如Ethereum’s ERC-20容許你創建及發行代幣，但暫時沒有協議容許透過激勵用家和應用以內容為主軸作槓桿其代幣。因遠低於標準基礎的交易費用而引致基本操作的費用，如點讚/發帖文，利益與代幣的變化並不建設來影響基於Proof-of-Brain的分布，私鑰等級制度並不迎合社區對財政上的操作，同時過低的手續費會導致復幀失步，因此暫時仍然沒有協議能提供相對的平台予內容網站，例如Twitter, Reddit 或是The New York Times.

>For content websites and tokens, incentive alignment between websites and users comes from a steady, as well as decentralized and mathematically guaranteed, release of new tokens, and incentives that must be allocated to the users including bloggers, vloggers, commenters and curators. The distribution of new tokens occurs based on stake-weighted voting to prevent gaming and eliminate the need for a counterparty. Quality user experience comes from tokens that can be transacted safely (through separate private keys for distinct sets of actions), without fees, and at real-time speeds. Further incentive alignment comes from a company’s ability to raise capital in ICOs. All Smart Media Tokens have built-in ICO support, should the issuer wish to launch one. 針對內容網站及其他代幣，在網站和用戶之間的激勵性源於穩定、去中心化及以算法保證，發行新的代幣及激勵性必需分配給用家包括作者、留言者、點讚者。新幣的分佈取決於Stake-weighted voting (就如我們現在以SP的基礎)去防範賭博(濫用)及交易對手。高質素的用家透過代幣能安全交易(透過分開的私鑰予特定的操作)，零手續費，實時交易(超快的)。額外的激勵來至其公司在ICO集資的能力。如發行者希望推行ICO，所有智能媒體代幣均有嵌入式ICO支持。

抱歉第一次翻譯較專業的文章，譯了數個小時也著實譯得不好，希望能幫助到英文不好(我也是其一)的朋友們，如有意見就到 @ned的帖子裡留下意見吧:) 也歡迎在此帖子討論討論。

希望你們喜歡我的分享!! I hope you all like my sharing!! [![Pakyee_logo.jpg](https://scontent-hkg3-1.xx.fbcdn.net/v/t1.0-9/20621803_1938517049751930_754081143223328614_n.jpg?oh=2fa46b589e6ca218cfca708329022fba&oe=5A2CD512)](https://steemit.com/@pakyeechan)