Tokens will soon be here on Steem with Steem-Engine and a FIAT/STEEM exchange is being developed called freedomex.io.
SMT's have been postponed over and over and there is currently no ETA (besides '2019').
Instead of complaining, sulking, pointing fingers in a dangerous manner and whatnot some members of Steem decided to just go after this noble goal themselves and build their own token systems.
That is cool.
@fulltimegeek is working on Vaporchain and @yabapmatt and @harpagon (and @aggroed) are working on Steem Engine.
This last system is now coming to life for real.
Check this out: https://steem-engine.com/
I don't mean this screenshot, really go to the site and have a proper read, it's worth your time.
Yes, you read that right.
For about 100 STEEM anyone will be able to create their own token on Steem engine and that's just the beginning for what they have planned for it.
Now, as far as I understand it Steem Engine is a side-chain of Steem.
You communicate with this side-chain by sending transactions on the Steem Blockchain.
From the FAQ:
I don't know 100% whether side-chains are good or bad (I read different opinions), and to be honest it doesn't even matter if I had an opinion about it or not.
For me, I just see Steem Engine as another 'business' on Steem that is facilitating a need that is currently lacking on the blockchain. Whether they are successful depends completely on the willingness of others to buy/use and invest in them. Just like any other business in life.
Of course because this is the same team behind @steemmonsters they know how to monetize their hard work too by introducing their own token called ENG.
You will need ENG tokens to create tokens on Steem Engine. Currently you can buy ENG tokens for 1 STEEM each.
Very smart! Well deserved guys.
I bought my first 100 ENG as a test and it worked fine.
I then made my own Token called EXYLE as a test!
But there is more!
Hello: https://freedomex.io/
An exchange is being build by another party to work together with Steem engine and they are currently in talks with Netcoins team for Fiat Entry points.
From the discord:
Freedomex team had another meeting today with the Netcoins team. We are close to finalizing our partnership that will give us fiat deposit/withdrawal capability with steem/usd steem/can steem/eur.
Yeah, you can say today is pretty a good day for Steem.
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scratching my head cause this is too good to be true...
so you mean to tell me, some savvy entrepreneurs figured out this smt thing and instead of waiting for steemit inc....built something themselves???
i love this place!!!!!
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You got that right. Tokens on the Steem blockchain.
I'm sending you 10 EXYLE. Let me know if they are in your wallet on Steem-engine.
ha ha so awesome. i sent ya some brand new issued SAVVY tokens as well ;) lol
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Cool got them!
ha ha ha ha absolutely brilliant. got them.
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wake me up when we r a household name 😆
@exyle, that's some great news. The information about the Steem Engine sounds great!
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Guess I'd better think of some name for my tokens!
And some uses!
What a great initiative!
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Haha good luck! I send you 10 EXYLE :)
fuck! I think Ill just transfer steem soon then and play along! :) Would like to hear what you came up with!
supercool. Cant wait to see what people do with this new-founded awesomeness!
This news is Bonerrifick!!
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I know! I have send you 10 EXYLE tokens!
Thanks fam 🙏 your too good!!
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You have also named a very excellent token!!
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What happens when the Steem-engine server crash?
Also how do you read the smart contracts? Are they immutable in a trust-less way?
Hey man, I would suggest you join https://discordapp.com/invite/xWRYB9s and asked there.
I don't want to break the party, but these questions are essentials. The way I understand it is @steemsc is a third-party bank that you need to trust.
I might be wrong but smart contracts should be published on the blockchain as well. At the moment it doesn't look like it: https://steemd.com/@steemsc
One more red flag: why should I send 100 STEEM to @steemsc account owners instead of @null ?
A proof-of-burn would be a great idea if they had some other way of generating revenue to run their infrastructure.
For that matter, why not compete with Steem Monsters in the same way? Want booster packs of the Steem Monsters clone? Burn your SBD.
There's nothing stopping anyone from launching their own Steem Engine clone that uses proof-of-burn. Competition makes everything better.
Update: I still stand behind what I said above, but your "red flag" actually seems to have some relevance. I just ran across this: "The fees collected by this system will probably be burnt. (but I'll make a separate post to talk about that once it's ready)"
https://steemit.com/steemsmartcontracts/@harpagon/steem-smart-contracts-ssc-token-block-production-rewards-proposal-system
That post was from before we were working with harpagon on the steem engine project. Nevertheless, it is currently the case that the ENG spent as fees to create tokens are burned.
The fact that we are selling the ENG as our initial distribution method is no different than any project that initially sells their tokens as a way to fund development.
I agree. I guess I just don't understand the objection.
You are asking me things I don't know the answer to. That's why I suggested you go to discord and ask there where the engineers of this project are.
I just want you to be aware that if we need to trust @steemsc account, then we can just wait for the real SMT instead.
Vaporchains from @fulltimegeek where much more transparent. Unfortunately he stopped working on it.
Only temporarily ...
I appreciate you bringing this topic up because it motivates me to push forward.
What I've been doing in the meantime was changing how my fulltimebots operate by rewarding comments a lot more than blogs. This should encourage engagement on the blockchain. Keeping real humans on here should be our priority #1 ... without that, it doesn't matter what we do.
Totally agree !! I recently started an Initiative called DtubeRockers. Where I Discover, Spotlight. and Reward Steemians who Rock on Dtube with an emphasis on Engagement and High Quality Commenting :)
A lot of people are secretly waiting for vaporchains.
You don't need to trust the @steemsc account for anything. All it is is the initial distribution mechanism for the ENG token and a way to raise funds to support the development of the project.
All of the code, including the existing smart contracts, are open source and available for anyone to run and independently verify.
I'm excited to hear about freedomex.io! Also, the prospects are bright for things that can be built on top of that exchange - ecommerce wise. Exciting times indeed!
This is a lot of beautiful news floating under my nose.
@exyle May I have some of your token as well. I am going to have my account over steem engine.
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I think it is awesome that people are taking this upon themselves. My biggest question is what happens when the powers that be are ready to do their own SMT's finally? Do you see them just giving up on it if there is already a viable solution or do you think they will still move forward with a competing project that could eventually snuff out this one?
I'm assuming they will just continue development. There is room for competition. SMT's directly on the chain might be something people would prefer.
Thanks for the input!
momentum for me is momentum. great to see people pick up the batons.
Quoting from the Steem Engine Homepage:
These guys are killing me! :D
And I thought January was a pretty good month for Steem, drama aside...
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