The economic core mechanics of the steem blockchain is about:
The Vesting Fund
198,760,033 STEEM
396,248,661,693 VESTS
STEEM Per MVests = 501.604 STEEM
With these Mvests comes power, voting power, to vote on witnesses, and to get these Mvests you need to powerup [stake] steem as utility token into Mvests.
Another token [SMT] can never and will never have these properties.
yeah... it was a fun idea to think through. Sometimes I have to talk about something to make it real in my head.
Pretty sure this is a no go. For one, I'm not willing to put the effort into it.