Ned Scott

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Ned Scott is the co-founder of Steemit, Inc alongside with Dan Larimer, they created the social-media and blockchain company in January 2016. Ned was a student in Bates College and between 2012 and 2015 a Business Operations and Financial Analyst at Gellert Global Group, The Gellert Global Group consists of many of the leading North American food importing companies, and has been involved in importing food products for over 100 years..

In May 2016 he declared to CoinReport: “I learned of Dan about two and a half years ago, which was about eight months after I stumbled upon Bitcoin. I had been down the rabbit hole learning Bitcoin when I came across Dan’s work on the Bitshares project, and from there, blockchain really seemed to take up all of my time. In mid-2015, I began moonlighting for Dan, bringing his technology to different firms in New York. When 2016 arrived, I made my first trip to meet Dan in person and we had a good match in personalities. The ideas for Steem had just started forming and from there we put a real business plan together and co-founded Steemit.”[1]

Ned added: “We were looking at micro insurance on the Blockchain and a few other ideas, but ultimately, we kept coming back to the idea that the most useful and powerful thing to leverage around a cryptocurrency is a community. Steem was born out of ideas about insurance and mutual aid: it was the idea that people would be able to help each other peer-to-peer if they were struggling to solve problems or needed assistance. It quickly grew into a much larger vision and Steemit was born as a place where individuals get rewarded by a community for posting and voting on content.”[1]

Before Steem's launch, Dan Larimer mentioned the concept of a 'social network of mutual aid societies' as MUXER in his blog: Mutual Aid Society (published in December 31st, 2015).[2]

In August 2016 Ned Scott told to Coindesk that entrepreneurs and developers have already created 50 different tools over the Steem blockchain network, such as Catch a Whale (which tracks where whales have recently voted) and SteemMarket (which lets users buy, sell and rent goods with Steem). He said: "The people showing up to use this are going directly to the blockchain. We don't have the authority to tell them not to. In fact, we implore it. What we set out to do is build an ecosystem and that’s exactly what’s happening."[3]

Beyond being a crypto entrepreneur he is also an amateur chef and part time guitarist but really don't sing though.[4] In 2017 Ned Scott appeared in Matchpool website, an Ethereum Cryptocurrency powered matchmaking platform, as one of the advisors, described also with a background in business operations and financial analyst.[5]

The creation of Smart Media Token (SMT) and Proof-of-Brain

In September 28th, 2017, Ned Scott announced the Smart Media Token (SMT) whitepaper to allow any and every application to have their own STEEM-like token.[6] The steemian Ilyas Tarar (@ilyastarar) posted about the idea's first positive reception, enthusiasm and impact in the market: Ned Announces Smart Media Tokens (SMTs) and Steemit is Loving It![7]. The website CryptoNinjas reproduced Ned's explanation in the whiitepaper: “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.”[8]

In an article published by Observer website, in the simplest level, a site like them could create (say) the Observer Coin using the Smart Media Token (SMT) proposal. Users of the site would get rewarded for upvoting their favorite posts on their site, writing comments and upvoting comments that they found insightful. The SMT whitepaper called this Proof-of-Brain: Proof-of-Brain positions SMTs as a tool for building perpetually growing communities, which encourage their members to add value to the community through the built in rewards structure.”[9]

2018 Asia Tour

In May 2018 Ned Scott made a trip to Korea and Japan to promote Steemit and Smart Media Token (SMT), he speaked in an event organized by Gopax[10], one of the Korean Steem Exchanges. In Japan Ned participated in a meetup, japanese steemian nadeshiko (@nadeshiko) published a post sharing her impressions with pictures: Steemit CEO Ned Scott came to Japan for meet-up in Japan.[11] Other steemian living in Japan, @kafkanarchy84 was in the meetup and wrote that probably the most impactful thing he took away from Ned’s speech in Tokyo were his words on account-based voting.[12]

The idea of Good Person Token or Oracle-Based Smart Media Tokens (OSMT)

In May 12th, 2018, the steemian NairaDaddy (@nairadaddy) posted that in Telegram group he belongs to Ned Scott personally mentioned an intriguing question: “How would you feel if had a second universally distributed token with account-based voting, individuality verification and super linear rewards curves?” Accordingly NairaDaddy, Ned also shared a chart explaining an Oracle-Based Smart Media Tokens (OSMT) with Account-Based Voting (this is an alternative to stake-weighted voting existent in the STEEM Power (SP) concept), Individuality Verification and Super-Linear Rewards Curve.[13]


  1. 1.0 1.1 A Conversation with Ned Scott, CEO of Steemit. Written by Katherine Fletcher, published in CoinReport in May 5th, 2016
  2. Mutual Aid Society Written by Dan Larimer and published in Bytemaster's Blog in December 31st, 2015
  3. Steemit Bridges Blockchain and Social Media, But How Does It Work? Written by Jacob Donnelly (@jaycodon), published in CoinDesk in August 13th, 2016
  4. Steemsongs Written by Ned Scott (@ned) in Steemit in August 4th, 2017
  5. Matchpool : Retrieved in August 21st, 2017
  6. Announcing: Smart Media Tokens (SMTs) Written by Ned Scott (@ned), published on Steemit in September 28h, 2017
  7. Ned Announces Smart Media Tokens (SMTs) and Steemit is Loving It! Written by Ilyas Tarar (@ilyastarar), published on Steemit in September 28h, 2017
  8. Steemit releasing smart token for web, app and community monetization Written by unsigned, published in CryptoNinjas in September 28h, 2017
  9. Another Cryptocurrency Venture Aims to Fix Media’s Monetization Problem Written by Brady Dale (@bradydale), published in Observer in October 3rd, 2017
  10. GOPAX Meetup : STEEMIT Video in Gopax YouTube Channel (Ned Scott appear from 45:40 to 1:09:00) published in May 3rd, 2018 with 1,717 views in May 16th, 2018.
  11. Steemit CEO Ned Scott came to Japan for meet-up in Japan. Written by nadeshiko (@nadeshiko), published in Steemit in May 8th, 2018.
  12. SMTs, Oracles, and Account-Based Voting - @ned’s Asia Tour “Easter Egg” Written by kafkanarchy84 (@kafkanarchy84), published in Steemit in May 8th, 2018.
  13. GOOD PERSON TOKEN: Something Big Is Coming From Steemit Inc! Written by NairaDaddy (@nairadaddy), published on Steemit in May 12th, 2018


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