Steem Passing Ethereum
Perhaps not yet but the foundation is being laid.
Ethereum got a great deal of recognition for the ability to incorporate smart contracts into blockchain. This made Ethereum a token factory which worked out well in the ICO craze. With the pullback in that market due to increased scrutiny from regulators, Ethereum saw a decline in that aspect.
We all know the issues that blockchain is facing. They have scaling issues which, thus far, have not been worked out. Steem faces no such issues, at least to the degree that Ethereum does. Also, unlike Ethereum, Steem does not have a direct charge for each transaction. These are two major advantages.
What Steem was lacking is the ability to create tokens. Nor was the blockchain designed with smart contract capabilities. Both these issues are being addressed.
@shredz7 is working on solutions to all that. A few weeks ago, it was announced that a token was created using the code set out.
https://steempeak.com/utopian-io/@shredz7/the-first-token-on-the-steem-blockchain
https://steempeak.com/utopian-io/@shredz7/how-to-create-an-smt-and-more-on-steem
This gives anyone the ability to create a token just like can be done on Etihereum. I must state this is outside Steemit Inc's development of the SMT protocol. This is a separate project.
One of the biggest issues is that there are not of blockchain developers on Steem. Steemit's woes are well known with the layoffs. It is also unrealistic to believe that outside developers would work with Steemit (if Steemit even wanted them). Nevertheless, now is the time we need development.
Enter Engine.
This is a project that @shredz7 put together for developers. It is a DApp that is running on Steem-state which is presently a testnet.
https://steempeak.com/utopian-io/@shredz7/announcing-steem-state-build-any-dapp-on-steem
What is being created is a secondary layer that allows developers to collaborate. The goal is to provide the ability to create the features that Steem needs without having to wait around for Steemit, Inc. This layer means all developments are done without being coded directly into the blockchain. The base layer is completely unaffected.
There is a token being created with this called ENGN which will be used to convert to STEEM. In the plans, probably before going to mainnet, is to set up a DEX. This gives the ability to convert tokens created using this application.
Here is a list of some of the future plans.
https://steempeak.com/steem/@shredz7/announcing-engine-bring-agility-to-steem-development
I find the collateral backed ENGN loans to be of extreme interest. This could be a way to foster development at a faster pace while also answered one of the questions often brought up about the crypto-based economy: the lack of debt to foster growth. This could well provide an answer to that.
Does this mean Steem is instantly surpassing Ethereum? Not yet.
There still needs to be more testing of the code although a developer did tell me it is looking good so far. Also, we would need a lot more nodes running to handle any type of traffic using this code. I surmise one of the uses of the token would be to reward those who do end up running nodes.
Source
This project is already being used by @dlux-io to create their token. I would expect a few of the other Steem based projects are watching this very closely with the delay in SMTs.
The creation of this project also addresses one of the major issues with Steem. Our lack of developers is starting to hold us back. The fact that this blockchain offers so much is offset by the fact that many are running to Ethereum and EOS to build their projects. ENGN could change that by offering a place for developers to come to create projects that tie into this community here.
As we found out at the end of 2018, the resolve of this community is very strong, something that should appeal to developers.
We are also seeing the advancement of the possibilities that Steem offers. Most of us know what the potential was, we just operated with a large bottleneck. That is being removed. As with anything, more options are always desirable. This project is going to offer that to the development community.
Overall, this is off to a promising start and a good way to start the New Year.
2019 is going to be a blast for Steemians.
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No. These issues are not addressed. I love your posts and positivity but this is not true.
How so?
Smart contracts are code running on Steem - for example the conversion from SBD to STEEM is a hard-coded smart contract. The only reason smart contracts are valuable is because they are publicly visible and usually, if set up the right way, irreversible.
Meaning: if I start a conversion from SBD to STEEM, I know what I will get - of course based on parameters.
If this "conversion" would be based on a custom_json with a "smart contract" off-chain aka. normal code, then the result would be based on the private code, which I have no insight into, since it's not publicly visible.
So saying that Steem has now smart contract capabilities (besides the hard-coded ones) is wrong and misleading. Steem has many strengths, but custom smart contracts are not one of them.
I think you and me have different definitions of what running on means.
I am an active user and supporter of offchain solution on Bitcoin and as such your definition confuses me.
So what being made is not a sidechains or metachain?
I was reading was made as a metachain like Omni and Counterparty.
Where a protocols uses opt codes in this case " custom_json" and create a blockchain on top of bitcoin. You can use a software ie a omni node and read everything that using the opt codes. As such smart contracts are made on top of the blockchain ie omni case bitcoin thus extending bitcoin uses case. (This is not scaleable bc Bitcoin doesn't believe onchain as the future but Bitcoin cash applies to this more but Omni is still used more aka BTC)
Sidechains are kinda like metachains but instead of using the existing chain ie main net it uses the main net coin and extends the use cases by making a separate blockchain. Thus giving Bitcoin smart contract support as well but in a much more scalable way and letting it work with changing the main coin.
RSK and Liquid are two examples of this.
As long as the "*private code" can be viewed by a common software ie second layer consensus then it smart contract powered by Steem. Steem then for has Smart contracts.
*thus not private.
Hence why I think metachains apply.
Of course I don't what exactly was made that @taskmaster4450 was talking about but that what i got form a quick reading
I'm actually a big believer in side-chains. For example, a dpos chain which would extend Steem with smart contracts would be the correct approach, in my opinion.
However, I don't believe in off-chain solutions without side-chains for confidential things, such as tokens.
Now, I'm not sure what you mean with:
Care to explain it more detailed?
By private code I assumed you meant a custom_json and referred to that as private bc it not publicly visible as in not on the main chain. Was that not what you meant?
I to be honest did not read much about the token thing being made but from my quick reading it was a metachain:
If it not the case sorry about it then and the token and smart contract platform being made should be modified to be that.
Also I think a sidechain can be made now if someone wanted to code it without any changes to the Steem code.
custom_jsons are still on-chain, but the nodes that are processing them aren't. You could, of course, create a whole dPos system around it.
Engine would probably be classified as a metachain as you are describing.
actually there was a token made on STEEM last year but cant remember its name nor name of creator
pocketsend:10@kingscrown
Successful Send of 10
Sending Account: onthewayout
Receiving Account: kingscrown
New sending account balance: 20483
New receiving account balance: 1000009
Fee: 1
Steem trxid: a3a6ddbaef036ea76723307f746ee8a828cd9916
Thanks for using POCKET! I am running this confirmer code.
thats the one!
Are you referring to POCKET?
Also a great reason to delegate to new projects! Give developers a reason to stay!
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This sounds very promising. Especially with the blockchain moving storage to rocksdb so that we can operate a lot more nodes at an effective cost. The development and community has really started moving since the price has tanked. Necessity is the mother of invention.
Seems like Steem will no longer be dependent on Steemit Inc even in blockchain development area.
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I think we are for any changes to the blockchain itself but secondary layers are being built which provide work-arounds. And we still, at present, have the master node issue.
By July, I envision the situation will be a lot different. Steemit still might be handling the blockchain but I sense a lot will step up with other options.
Yes, with RocksDB implemented SteemFest 4 will be a blast!
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The potential is there but the need for more developers continue given the need to support the main blockchain. I think we no longer need only Steemit to determine how to develop the blockchain as we need to figure out a way to determine the right path to take it as a community as we can no longer depend on Steemit Inc for the tasks. Decentralization is the only was to do so...
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That all sounds like good news. Glad some people are taking initiative instead of waiting for stinc to left a finger :0)
I am not using
engineto build DLUX token architecture.steem-statewas used and we've been working together... but the consensus, dex, and smart contract layers in dlux-token software were my (@disregardfiat) design.