Wow, it's only a month ago I was saying how pumped I was to have the smart contract platform go live. Since then around 150,000 Steem has been deposited into the exchange! We're over 160 tokens now that have been created. We're just getting started!!!
What just changed?
We've been working on getting tradable cryptos onto the platform. Tuesday was the breakthrough and we let it exist for a day or two live before fully announcing the change.
You are now able to trade Bitcoin, Litcoin, Doge, and Bitcoin Cash on Steem-Engine.com!
Thanks to @someguy123 and @privex
Yep, @someguy123 is a machine and again showing why he's one of the best top 20 witnesses Steem has to offer. It took him about 100 hours of code in a single week, and he coded up a crypto exchanger that can run on the Steem-Engine platform. It's opensource so others can add to this, and it helps get trading of cryptos in general out to the masses faster and cheaper than anything that's come before it.
Wait what?
In addition to being a smart contract platform where you can issue and trade your own tokens we leveled up as an exchange. You can now trade Bitcoin, Doge, Litecoin, and Bitcoin Cash here. We'll be adding more cryptos as well!
How does it work?
Steem and BTC are two separate blockchains. Steem doesn't exist on BTC and BTC doesn't exist on Steem. So, that makes it impossible to trade the tokens directly on the same platform using the native tokens. You could find a buddy in the real world and just swap tokens, but if you want to swap them with someone you don't know or don't perfectly trust things get tricky.
The work around to trading with strangers is going through an exchange (which you may or may not trust). Exchanges make tokens that represent the crypto for you to trade back and forth and then send or recieve the real thing only when you're depositing or withdrawing them from the exchange. This can be done in a centralized fashion on exchanges like Bittrex or decentralized with all trades on the blockchain like Bitshares.
What we've done is effectively add Bitshares like decentralized trading of cryptos onto the Steem Platform through Steem Engine.
Steps
When we receive other cryptos we accecpt for trading we will mint what we call pegged tokens. For every Bitcoin, Steem, Litecoin, or Doge that we hold we'll issue one BTCP, LTCP, DOGEP, or BCHP. We charge a 1% fee for depositing other cryptos onto the exchange.
As a user you can then trade it back and forth as many times as you would like for FREE! So, if you're an active trader you no longer have to get dinged by .25% trading fees on every single trade you make.
If you make a lot of money through Steem Engine tokens, or Pegged Steem Engine tokens and want to withdraw the money you can do that at any time. You'll click the withraw button. You'll send the pegged token back to the steem-engine exchange so it's no longer trading in the wild, and we'll send you the real crytpo currency back. There's a 1% fee when you withdraw tokens from the exchange.
What makes this so special?
Well, in many ways we're completing steps here that have already been in place on other chains. So, we're adding functionality to Steem and Steem-Engine in particular, but there's more to this vision than what the other chains and groups have done!
We want to be the number one place that businesses go to launch LEGAL Security Token Offerings in the United States. We want Steem-Engine to be the Nasdaq of crypto businesses. We'll be combining a few things you can't find anywhere else in one convenient place: legal services, a place to host an ICO/STO, and a dex to trade the tokens.
The dex is live. We just added other cryptos to it. Next up we'll be launching the pricing to make legal US Securities here on Steem-Engine (in the next week or two). Then we'll get to work on a kickstarter/startengine style website to let businesses get their STO out to the world.
We're going to make Steem the premiere desination to launch your STO in the next bull run!
How can you help?
Deposit and trade your crypto here! If you use other exchanges pull some or all of your bitcoin, litecoin, doge, and bitcoin cash and move them here.
Why move your crypto to Steem-Engine?
There's no fee per trade. Just one when you deposit and one when you withdraw.
You can see all your balances on the Steem-Engine and Steem Keychain wallet.
It helps grow the home town exchange.
It helps provide liquidity to all the new businesses that launch here on Steem!
Get started today
woot, this is sick!
LTC <3
How does one code for 100 hours in a week!!???
That's 7 x 14 hour days! Crazy!
As Aggroed said, @someguy123 is a machine.
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I am astounded at how quickly you guys have delivered amazing, user friendly functionality on the beloved Steem platform!
While you are correct that similar functionality has existed for a while on other blockchains, its has never been as easy to use. You are leveraging the advantages of Steem's fast, fee free transactions and established infrastructure to create something great.
I just tried to sell some BTC on my Ledger and it took me 30 minutes of mucking around, having to re-install Ledger Live (which I had only installed 2 months ago) entering my PIN 6 times into the device and generally it being a complete pain in the ass.
In contrast, Steem Engine with Steem Keychain is a pleasure to use.
hey @aggroed your graphic designer is really confused and thinks your talking about fucking Bitcoin private LOL
Youre making it look when we deposit Bitcoin ur gonna give us bitcoin private in return, hahaha, no thanks. please fix this ASAP This project is too cool to have a F up like this! BitcoiN private is a huge scam cin u need to get rid of that visual typo!!!
LOL See u cant call it BTCP thats Bitcoin private, u need to call it PBTC ORRRR do a LOW CASE P like BTCp or BTC-P
My first thought was the same but only people who made money off the zclassic pump fork(or lost money) got to really become familiar with btcp... which I stopped following right before it popped into existence (still alive? Going on coinmarketcap now to check up on it)
I second that @aggroed BTCP is already a well known fork of a fork. I was so confused thinking Litecoin Private? Bitcoin cash private??
Who's making all these forking forks!?
(great progress BTW!)
There is no FORK!
It's a spoon.
A fork in beta.
With BTCP we decided to fork both the bitcoin chain And the Z classic chain!
This is the first of its kind and we will call it..
a sporkPosted using Partiko Android
Knifey spoony.
End of Thread
How will you guys market this?
You do realize that if you market this right and bring on users and high enough revenue then steem could moon right? I just wonder what price “moon” actually is
If you come up with a marketing monthly budget plan for spending $100 a month I can maybe allocate it for you but, by the time is e it i will have stolen the idea, the old knifey spooney, so, tread carefully, but if you maybe show you do teh work for us im sure @aggroed @citimillz @challengedacand @someguy123 would give you upvotes for the post just create a plan for marketing in a steem post,
Heres my plan:
http://steemengine.org i have purchased and i will create a wordpress site like https://ddate.co or https://challengedac.org or https://sandiegocoin.org all mine and @ratzen 's projects and we will have a BEAUTIFUL site showing ALLLL the features of BTCP, BCHP, LTCP EOSP STEEMP TLOSP
STEEMp BTCP and EOSP and TLOSP will be the main stars
we will have teh site explain how it all works how the @privex gateway works etc show all the open source github code etc
well over $100 per steem
That is pretty crazy but welcome
Might seem crazy but not impossible.
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man if that happens I will be making a fuck ton of cash on the daily... at that point it would be very profitable to take a leave of absence from work and just kiiiiillllll it on steem
You'll be a millionaire at that point.
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I hope so
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This is wonderful
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You got a 29.22% upvote from @redlambo courtesy of @discernente! Make sure to use tag #redlambo to be considered for the curation post!
Is there a distinction between security and utility tokens?
https://www.sec.gov/files/dlt-framework.pdf
Wait, does this mean I can deposit BTC, convert to STEEM and withdraw STEEM to my account for 2% round trip?
Only 1%
Withdrawal fee only apply when you withdraw to other blockchains that aren't STEEM
False, you can't trade STEEM on steem-engine, only STEEMP, which you must withdraw to STEEM for a 1% fee.
Yes, i have realized my mistake a few minutes after writing that comment lol
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We have planted already
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out of 1,000,000
Let's save and restore Abongphen Highland Forest
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Plant trees with @treeplanter and get paid for it!
My Steem Power = 24749.12
Thanks a lot!
@martin.mikes coordinator of @kedjom-keku
Yes, it's a total 2% fee (well, technically, 1.99% fee). @fuadsm is incorrect as you cannot trade STEEM directly, only STEEMP (steem pegged), STEEM withdrawal still has a fee.
@aggroed,
Honestly I like the idea, but I want to know how you mitigate the risk of DDOS and etc. Coz security of the exchanger is highly concern in these days! That's why I am asking!
Anyway I am highly optimistic with this update!
Cheers~
Wow. Mind. Is. Blown.
It's crazy how this just had popped into our Steem realities without much fuss or whatever. Just a 'Let's do this' mentality. Can't say how much I appreciate this.
I have total faith from what I've seen the past few weeks you'll be able to make this happen.
#getpumped indeed! Thanks @someguy123 and the whole Steem-Engine team!
This all sounds great but its a lie that this is anything like a true decentralized exchange. Just like with any Bitshares exchange, like Crypto-Bridge, you deposit your coins to a centralized custodian, and then you credit our account with whatever coin we deposit. The custodian, in this case, steem-engine, has full control of the private keys of the cryptos they are backing with tokens, and can freeze, steal, or otherwise intervene in the operation and ownership of the coins. The only thing decentralized is the actual trading of fake versions of real coins. This also means, like with Crypto-Bridge, that this exchange MUST KYC/AML all US citizens or be at threat of total shutdown.
Thank you. Yes, steem-engine is a very well marketed exchange and it's never very clear why it is not a decentralized exchange. So more people should be aware about what they are dealing with.
Although the business model de-incentivizes withdrawing coin it is interesting: no trading fees but high fees for coins in/out. Why not going further in that direction and making it 0% coins in and 2% coins out?
yep, the top part is true like just about every exchange in the world.
I don't believe the last line to be true because of the way the smart contract platform works and is distributed. Others can create their own exchange like services here as well. The software is opensource.
So, if you don't trust this team you can work with another or run your own. We'll work on an entirely smart contract way of doing this down the road, but this is what can be offered here now. Though even with smart contracts they can be rewritten. I'm not sure there's a perfect solution. Especially one that's less than a month old.
Like the concept @aggroed, going to check it out.
The last part is certainly true, see Crypto-Bridge's announcement of KYC requirements for USA and Canadian citizens that they put out a month or so ago: https://crypto-bridge.org/2019/02/26/urgent-announcement-terms-of-service-identity-verification-requirements/
They told users on twitter they had to or the entire exchange would be shut down and funds likely would be seized by US officials
The best solution is one that would also require the exchange creators to make 0 profits. You create a wallet that has multiple wallets integrated into the same wallet, and allow for transaction fees to be the exchange fees, and thats all it would take to make a true dex, one that users hold their private keys - but, it would give no profits to the creators and thus has been no incentive to create it.
Also, DEX maintainers are still responsible and liable, as can be seen from ETH's DEX owner who was arrested recently
What if fees will be called donation fees?
This would be a true service for the common good.
We could donate how much we would give on using the exchange or no donation at all.
I guess we could change the name of the exchange:
Steem-Charity Exchange.
Any exchange is crypto space that takes deposits either in crypto or Fiat is vulnerable to a lot of possibile security and breach of trust threats. This Dex could have been built without having a deposits mechanism since the Pegged coins are nothing but Tokens that aren't visible on their tokens page, not any pegging smart contract I am afraid to say.
Just my 2 SATOSHIP.
This is exciting! Nice job guys! This is a dramatic announcement
!dramatoken
It's not a dex though
It's a dex if you are only trading steem-engine tokens. (not steem)
Most markets on steem-engine are illiquid. You will have to incentivize market makers to provide liquidity. Also get the price feeds from established exchanges.
In addition to that - In the beginning -fetch order books of standard exchanges, display them here on your exchange. If somebody submits an order then execute them on those exchanges for user and relay it onto the steem blockchain.
Steemengine ist great- best regards!
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Great work guys. What benefit do we get from holding steem engine tokens? Also, if someone deposits large amounts of crypto, does he still have to pay a 1% fee? I think a maximum fee would encourage whales to deposit.
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that's a lot of improvement in mere months of operation. looking forward to more future updates.
Blocktrades is going to get so pissed at you guys. lol
That's why they didn't mention them ;)
I agree, the whole time reading that post I was thinking my coins would be converted and held in Bitcoin Private. I haven’t checked out the changes to the site yet, so maybe it will become more clear.
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this is big news!!! this i really a cornerstone moment and i am proud to witness it. youg guys rock!
This is big if its legit and safe. When can USD be used to straight up buy #Steem / #SBD?
Hey, my doge withdraw hasn't processed in a few hours, could you check up on that?
Honestly speaking would be good to see other crypto-currecies such as ETH and XLM. I'm pretty sure other people will have other suggestions what cryptos to add. I particularly trade ETH a lot so I would really love to see that added to the platform. Would definitely use it. Anyway, overall this is a pretty good feature and great work by @someguy123 and the team, but also need to make sure we all continue to focus on the main development which is the social aspect, that includes fixing some of the existing bugs and also continuing to improve user experience.
Keep it up guys.
steem project is becoming more powerfull
congratulations, incredible progress in one month! wow.
$rewarding 100% 11min
Wow that was quick! Great job guys, can't believe @someguy123 got a matching engine together that quickly, and free trades is awesome!
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You've got
DRAMA!To view or trade
DRAMAgo to steem-engine.com.great news indeed thanks for this.
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Interesting...
Would be even cooler if LN deposits were added :P
This is awesome!!¡¡ #Steem and steemians are the best in the crypto world.
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wow this is so exciting. massive well done to you!
I will be trying this out for sure.
Amazing how much you guys have accomplished in so little time
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this is great! 👍🏼
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Congratulations. Good progress. Thanks for the update.
What if fees will be called donation fees?
This would be a true service for the common good.
We could donate how much we would give on using the exchange or no donation at all.
I guess we could change the name of the exchange:
Steem-Charity Exchange.
Wow the speed at what you all put out projects/updates is amazing!
This is going to be HUGE!
If you only had means like stinc...
You guys fucking rock!
Awesome @Aggroed! It was a pleasure to meet you at Anarchapulco, (I was pretty busy the whole time, sorry we didn't have more time to chat), and its projects like yours like keep my faith in this platform strong. I will get some coin over to the SteemEngine Exchange as soon as I get a chance. Stay blessed brother!
Just threw up some Steem to Alpha, Beta, and BTC.... however when I tried to test exporting the BTC, it shows I have a zero balance in the export screen, but it shows in my wallet. Seems odd. Please let me know what I am missing.
Totally awesome!
Hi, @aggroed!
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DOGE will never die lol.
Congratulations @aggroed!
Your post was mentioned in the Steem Hit Parade in the following category:
Thanks for the information and love it - but only have Steem. How can I help ? My goal is to support the community and grow as a writer/contributor. Oh yeah and make a living as a writer (not just on Steem), but this interests me and thanks ... now I’m going to go read it again! ❤️❤️❤️☕️
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congratulation on the milestone achieve ! steem on
will there be plan for fiat / cc purchase in future too ?
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This really great and interesting blog thanks @aggroed for this kind of information..👍👍...steem is very strong 💪 project it can change your life 💥🏄
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This sounds great. You guys are amazing!
I'm a bit skeptical regarding the security tokens thing, though. There's a bunch of things you won't get around even if you're a decentralized exchange, and I'd rather not see steem-engine be shut down by the SEC or another regulator.
If you trade actual securities, meaning the security tokens themselves, you're likely to be considered an MTF and be regulated like one. This would impose a lot of reporting duties as well as processes against market manipulation etc
If you plan to trade pegged security tokens, you'll need a regulated custodian to keep the actual ones.
You will have to perform KYC on all your traders, and probably need to filter out traders who aren't eligible to trade a particular asset.
And some more similar stuff.
Not saying "don't do it", just saying "be careful". Being "decentralized" doesn't mean there's no owner or accountable (and prosecutable) person.
If you're aware of the stuff I wrote and you got it under control already, even better :-)
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Then, is steem-engine a cryptos Exchange?
Baguslah . Dengan adanya program ini saya jadi lebih mudah untuk mengakses dan bermain Coin crypto . Tingkatkan layanan
Baguslah . Dengan adanya program ini saya jadi lebih mudah untuk mengakses dan bermain Coin crypto . Tingkatkan layanan
Awesome and resteemed :-)