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RE: Tokens will soon be here on Steem with Steem-Engine and a FIAT/STEEM exchange is being developed called freedomex.io.
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.