As far as the reward pool works, it will be basically identical to the way Steem works as far as I can tell, with the caveat that the creator of the SMT can design all of the parameters of the reward pool, max number of votes, reward allocation algorithms, etc...
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Does the blockchain provide the pool or is this something the people running the site have to put into it? Sorry for Q central, it’s the one bit about adopting SMT that I just haven’t been able to get my head around.
With the option to hold an ICO, I believe that will raise some of the initial capital and give the tokens their initial value, but the reward pool I think will basically come from inflation, just like it does with Steem, which is primarily delegated to the authors, curators, etc... In Steem, all of the reward pool are tokens that are just created out of thin air per day, according to a known inflation curve. Hope that helps.
That's true, initial investments will give value to tokens and afterwards the growth of that token is depends upon the demand and supply, and also market capital and supply.