I'm sure there are technical explanations as to how it operates and I have tried to understand the concept but I really don't see why we need it. Unless it is relaunched as an SMT and used solely for Steemit payouts I don't get it. We could just paid out directly in STEEM and it would seem to be a lot easier. Or have STEEM entirely as a blockchain and currency for the exchanges using SBD only for payouts and have a trading partnership as a SMT.