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'Simultaneous Multi-Threading Technology (SMT)' refers to a process enhancing technique in computing that allows multiple independent threads of execution to better utilize the resources provided by modern processor architectures. SMT is a tool designed to improve the computational ability of the CPU and optimize resource utilization without requiring additional physical components. This method can successfully increase performance by allowing multiple threads to be executed by a single CPU core simultaneously.

This technology began development in the late 1960s and has become an integral part of many modern computer processors, including the popular Intel's Hyper-Threading technology. Further developments and refinements have improved this technology, making it more versatile and efficient.

SMT works by keeping a processing unit busy while it's waiting for data to be fetched, for mathematical computations to be completed, or for other resources to become available. Instead of idling and effectively wasting processing cycles, the CPU switches between multiple threads of execution. It can execute instructions from another thread at the 'wait-time' of the previous one. This is particularly useful in scenarios where certain threads take longer to execute, causing the computational process to stall. SMT efficiently fills these gaps thereby catalyzing the overall computational process.

SMT employs the concept of multi-threading, wherein several threads of a program are executed simultaneously instead of one at a time. This has the potential to enhance overall system performance significantly. However, it's worth noting that while SMT increases processor throughput, it doesn't necessarily mean that it makes individual tasks faster.

Despite its many benefits, SMT is not without its limitations and drawbacks. It can sometimes lead to resource contention, with multiple threads vying for the same resources. This can in rare circumstances lead to slower performances. It also can raise security concerns, as seen in recent years with vulnerabilities such as 'Spectre' and 'Meltdown,' where hackers could potentially read sensitive data across threads.

In summary, Simultaneous Multi-Threading Technology is a major advancement in computing that can greatly increase computational capabilities by optimizing resource usage. However, like any technology, it has its pros and cons. Understanding these helps in utilizing SMT to its full potential, while minimizing potential drawbacks. It's also important to note that despite being a powerful tool, SMT is just one of the many aspects of a processor's performance, and it doesn't guarantee a boost in all computing tasks.