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The SMT protocol is still under development by steemit inc.

That's why we are first issuing an ERC20 token to all our early investors & supporters.
Once the SMT is fully developed, those ERC20 tokens will be swapped to APPICS tokens (XAP)

Thanks for clarifying that for us. I was wondering why you guys were issuing ERC20 tokens. Do you have any idea when the SMT protocol will be fully developed. I guess we are at the mercy of Steemit inc!

Thanks for answering guys, I’m sure you’ve probably answered this a million times elsewhere haha.