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RE: Vlog 302: The value of STEEM on a blockchain full of SMT's. Many things will change.
With SMT's it will be possible to combine it with Oracles. Oracles will verify wether a account is a real person or not for instance.
Only accounts whitelisted by Oracles will be eligible to earn SMT's. If you are blacklisted (let's say a spam account) you can't earn SMT's.