STEEM VM (STEEM Layer 2) - STEEM Side Chain / Mint Token system.
Our team (@roadofrich Blokfield.Inc, @elitedevops) updated the news of STEEM VM ( STEEM Layer 2 ) service development yesterday.
We developed this service for about 6 months and invested a lot of time and effort to develop it.
After STEEM-ENGINE's service was terminated, we thought that STEEM VM could become an issue as a killer dapp, but the response from users was not great and we were a bit exhausted.
However, as the development results come out, the contact and support of some users is becoming a bigger force for us.
We would like to thank the many users who supported us.
What is the future of STEEM VM?
The STEEM VM we thought of is to build an environment almost identical to Ethereum using the STEEM blockchain.
It is a Layer 2 blockchain that operates on top of the STEEM blockchain and can be thought of as similar to SUI or Arbitrum.
What we expect is to generate various transactions through STEEM VM and incinerate the gas fee generated at this time.
STEEM generates Resource Credits through SP, which can be used for free without gas fees by consuming them.
Since STEEM continues to experience inflation and there is an absolute lack of mechanisms to incinerate it, the price of STEEM is inevitably reduced as demand decreases.
We wanted to solve this problem and built a system that charges fees using STEEM for all transactions, just like Ethereum.
(STEEM ENGINE monetizes through STEEM-STEEP swap fees)
For us, this will be the revenue from operating and managing the STEEM VM service.
However, we want to develop the STEEM blockchain more than profit, and we want to develop the service in the long term.
Therefore, if the STEEM Foundation or the community supports the development of the STEEM VM service, we will gladly burn all transaction fees generated from the STEEM VM.
Imagine STEEM will experience a new change if more STEEM is burned than STEEM issuance due to an increase in STEEM VM transactions.
This screen is a page for modifying token information of STEEM VM developed by us.
You can check the basic information of "First Test Token" issued yesterday.
If this system were simple, you would probably be disappointed. So we added more systems.
Various functions have been added, such as the ability to check the number of tokens held by the account and the ability to grant contract authority (for function development using DeFi and multiple contracts).
That's not all.
Various functions have been added, such as functions for inflation and deflation, token mint function, and ownership change function.
Importantly, this is still a sample.
What we want is to build an environment identical to Ethereum.
Therefore, STEEM VM also allows multiple developers to build their own custom tokens. The ability to deploy a contract would need to be implemented, but it is not impossible.
Since many users of STEEM are not developers, this is just an easy and fast token issuance system for non-developers.
We hope that many STEEM users will see the value of STEEM VM and support our development activities.
We plan to apply for STEEM DIP first.
STEEM DIP will be our last hope as STEEM DAO does not work.
What are your thoughts on the STEEM VM?
Please share this article with various communities and leave your comments.
Thank you.
Upvoted! Thank you for supporting witness @jswit.