Steem-Engine is a smart contract platform where you can create tokens and use those tokens to empower communities. I hope this month a bunch of things go live that are currently in various stages of development with a lot of the work already functioning on the testnet:
The New Dex
P2P Network
NFTs
Opt in KYC
It's a pretty huge list. Progress has been good on all fronts, and I think it's time to share the rough outline of the plan.
The New Dex
@beggars has been leading an effort to revamp the website with @lion200 and @bait002. You can see the dex at next.steem-engine.com. It's pretty fast, works currently, and we're getting ready to take it fully live. You can see normal things like candlesticks there, and the design for the services while not perfect is less wonky than we had it before.
This should really upgrade the visual aspect of what we're doing by an order of magnitude and as we flesh out more pieces make it easier than ever to create and trade tokens and build your community (tribe).
P2P
@harpagon is leading the effort with a team full of Steem Engine witnesses to decentralize Steem-Engine. The general decentralized community doesn't have a singular spot where we all agree on terms that are being used. The US government has it's own set, and other governments have their own set. So, let me try to talk through what we're doing and why.
Currently the dex is decentralized enough for the lawyers to think we meet the definitions required by law to be a dex. This is mainly due to the data being stored on chain and the steem-engine.com website having zero ability to centrally adjust balances. The ledger is maintained by the secondary node and the data is maintained and verified by the blockchain itself. Being a centralized exchange in the US is a pretty shitty place to be. Being a dex actually has some nice carve outs. Either way, we've been functioning as a DEX under the standards that the USG seems to abide by (though they're not the most reliable people so who knows how this changes over time).
That said, it's not the perfect definition of decentralized. There's still a lot of control that @harpagon has by running the one real node that's used for the system to make changes that can effect everyone. So, we're looking to decentralize governance, make redundant servers, and improve stability for the system with the P2P layer.
This layer isn't theoretical. It's currently functioning now on the testnet. We're hoping to take it live later this month. With that we'll have a rotating set of witnesses bringing our side chain composed of sub-blocks of the steem chain together. They'll get compensation for this too. It'll mean there's a new inflation source of ENG. Initially that ENG will go to witnesses (200k), steem-eng to run the public site (200k), and the mining pool (100k) for a total of 500k annually. It will also mean we'll stop selling ENG for 1 ENG per STEEM on the site. The market will do it's thing and there will no longer be an upwards range on price of ENG.
NFTs
Already on the testnet is a working smart contract for issuing NFTs. @cryptomancer is leading this project, and he's been nothing short of amazing and incredibly professional to work with. Really exceptional communication skills which I feel the need to highlight!
Anyways, the NFT contract is working and we're now getting the market contract working, and simultaneously starting the build out on the website to create a showroom for NFTs. There will be more details as we get a little closer to market launch, but we've trying to make a uniform system for listing that also allows NFT creators a lot of flexibility with what data/properties they want in their NFTs. I'm going to encourage as much data live off chain as possible, in part by charging for more than 3 properties per NFT. The apps should really be hosting the properties. The NFTs should really be more about ownership. Not everyone agrees with that, and that's ok. We're going to allow it to work differently than what we think is best.
So, if you're an artist, game designer, have a collection, or have a store with unique and distinct items of the same type then I think you're in luck! Please start thinking about how you could utilize NFTs to sell your art, to monetize your community, to store as an in game option (tradable on a secondary market), or represents the keys to certain documents. Whatever! There's tons of possibilities with these. Oh, and because Steem has fast free transactions you don't have to worry about fees being worth more than what the NFT represents!!!
Opt in KYC
I've been working with my attorney for a few months to put in place a company wide plan to allow us to be money transmitters. When we start it'll likely only be in a handful of US states. Don't blame us. Your state governments are ridiculous and this industry has been heavily protected by American Express and Western Union. Anyway, money transmitter license is what the USG requires to legally send money in various forms back and forth. With this we'll be able to start buying/selling tokens for USD, trade restricted securities, and even get into issuing stable coins. We can also conceivably work with tribe token owners to figure out a scheme that works for all parties to have us buy/sell your tokens for USD.
You'll be able to continue trading token to token without KYC on the site (this is why it's opt in), but if you want to interact with us via USD there's gonna be some KYC involved. If you don't like that, which is ok, you don't have to participate on that side of things or use the dex at all.
Overall
It's been a long shitty crypto winter. Development of this open source project has been a lot slower than I had hoped for and more costly in terms of the amount of steem paid than I would have ever believed. That said we've made a ton of progress and I'm pretty certain December is the month that so much of it is going to come alive. It's gonna be crazy. Should be fun.
Oh yeah, and one more thing
There's two options for how to grow this thing. The first option is we make ENG worth a ton of money and then centrally spend a shit ton of money trying to grow the ecosystem. The second is we help other coins rise and allow their communities to attract people here. I prefer the second approach. To this end we have a plan we think will help tribe tokens grow in value. Allow the tribe tokens to pay for NFT issuance.
There will be a set burn of 100 ENG per token, and then there's a cost per token issued. The costs are flexible but currently we're going to charge 0.001 ENG per max token, and we're also going to allow tribe tokens to be used for the cost. So, if you want to create 1M tokens on the platform it will cost you 1000 ENG (~$100).
The first tribe token we'll accept is PAL. The rate is still tbd but likely 0.01-0.001 PAL per max token supply. Here's hoping that if you can burn other tokens to generate NFTs that more people are likely to see value in the tokens and if the price of the tokens start rising I hope to see a lot of activity on chain.
I don't have a set cost for allowing tribe tokens to be used for payment yet. It'll be in the thousands of dollars range or something like 5% of token supply. I might be able to work out a monthly cost if that's something that you're looking for.
There's got to be a glossary for all these 3 letter terms for us crypto newbies YES?
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LOL yeah and a course on how to speak crypto
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So a qustion: you are talking about being a DEX and rewarding Steem-engine witnesses.
It sounds like only the people involved and existing Steem witnesses are going to fire up Steem-engine witnesses when they are launched.
Granted you may allow other people to become full node Steem-engine witnesses but their will already be a bunch online at time of launch that have an early advantage.
My fear would be the existing Steem witnesses that are top 20 will instantly become steem-engine top 20 before anyone else can join
This causing more centralized control over both chains as it is the same small group of people. My view of crypto’s benefits is the decentralized world.
What is your view on this ? Or is Steem-engine not going to use the top 20 model.
It's different witnesses. Principle is the same, witness blocks, but the top 20 on Steem may or may not have any status on the steem-engine side/sub chain.
thank you for the reply.
Are team is wanting to be involved as long as the door is open to grow our community and decentralize it, awesome !!!
You are a good face for the future growth, we are just trying to raise awareness through our work also.
Can't wait for NFT's. We have a whole list of in game items to list and will be launching 2 more games to go along with it.
@simplegame It's mostly different witnesses. I know because I'm testing in testnet 😉
@contrabourdon that is good to hear. My point is this, say their is 20 new witnesses on the testnet and on launch they become the main witness backbone.
The network gets really popular within the 1st week and our goal is to attract more investment.
A new business see’s an opportunity but is already behind the curve, so they don’t invest.
I understand early adopter should benefit but large air drops of tokens during launches have in the past stopped follow on investment.
So take my company we are working on a lot. We see a future in being a node for Steem-engine.
Right now we don’t have resources on the developer side to do the test net.
If the early launch witnesses have to big of an early advantage we may down scale our plans.
Also if we want to join the testnet at this point. (This is not popular) it feels like a closed old boys club, versus the open source things we like to work on.
I could be wrong on this but this is the perception of many not in the crypto world yet.
If we want to bring in outside funds and talent this is a hurdle I encounter with my business dealings on a daily basis.
Once again thanks for the info on different witnesses as that will help calm fears.
Are you testing NFT’s ?
I need to do some testing on them. I need to write up our internal architecture docs about how we are going to implement. We have to decide this next week if this route is valid.
Excellent job @aggroed to yourself and the entire team.
This is the news for 2020. I can see my posts later in the year: remember when there was no NFTs on Steem? Think back to where you have to go to Coinbase to buy STEEM with USD (and go through another currency first).
This truly is a game changer in the evolution of Steem. Steem-engine is truly becoming a legit exchange offering the services of any of them.
It will be a huge milestone when all is completed.
@aggroed @beggars @bait002 @harpagon @cryptomancer You guys are rockstars! Opening up NFT's is fantastic for our gaming community. Ready to bring this all to the next level! 🔥
The opt in KYC would be a game changer. I know all the crypto folks don't like KYC, but the mainstream doesn't give a shit about that, they just want stuff to be easy. Good luck getting everything rolling.
What is NFT??
!invest_vote and !BEER
Non Fungible Tokens
Here is a great post by taskmaster4450 talking more in detail about the new upgrades
https://www.palnet.io/steemengine/@taskmaster4450/steem-engine-giving-steem-a-big-time-exchange
thanks!
Congratulations @aggroed!
Your post was mentioned in the Steem Hit Parade in the following category:
But no dark mode?
i agree...dark mode cmon hehe
I ask lame questions like that.
Awesome upgrade and update.
Great news and new look with candles and monthly history looks awesome!
Keep up the good work!
oh yes beautiful - I have long been waiting for candles - great times await us
Spectacular upgrade! Thanks!
What was the rationale behind going with Pal instead of say, Neoxian?
Yeah, tell me about it! USA have so many freaking restrictions and laws for exchanges that is suffocating! It will be interesting to see all the changes! Great job!!!
Another home run! Personally I can't wait for KYC.
Good job. Glad to see your development.
@aggroed, These Developments and Efforts are really appreciable team and looks like going forward Tokenization on Steem Blockchain will Transform more effectively. Stay blessed team.
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Thanks for the update guys. great work.
This is awesome. Been looking forward to NFTs. This is a game changer.
Awesome update and great work as always, thank you guys!
When you say you will no longer sell ENG for 1 STEEM, do you mean that only the inflation will determine the price (supply and demand)? Im assuming you are going to "un-peg" it from the 1 STEEM price and allow the price to find its own equilibrium. I noticed that many of the ENG on the market has been selling at 0.75-0.8 STEEM each, is this from the ENG miner supply hitting the market?
Some months back, @aggroed had hinted to hoard ENG as NFTs were coming soon. Now all the advantage for NFT issuance is being given to tribe tokens instead. Only 100 ENG per token will be burned while there will be an inflation of 500K p.a.! I guess ENG prices are doomed to fall now.
Amazing progress!!
Would it be possible for someone to do an "idiots guide" to what it all means. It's a very technical post but I think non-techies would get very excited if they knew what this means in terms of the experience they can expect.
Thanks for all the hard work team!!
You all deserve a !BEER
View or trade
BEER.Hey @aggroed, here is a little bit of
BEERfrom @atomcollector for you. Enjoy it!Pretty sweet upgrade considering what a horrid winter its been I've seen many projects fall by the way side over the past year and you're pushing out major deploys, well done. Keen to see the next phase of your project
Hi, @aggroed!
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It is true what they say.. Steem's cosmos is expanding.
Sorry, you don't have enough staked BEER in your account. You need 6 BEER in your virtual fridge to give some of your BEER to others. To view or trade BEER go to steem-engine.com
Looking good @aggroed and team!
What an awesome update! I love your option number 2 "is we help other coins rise and allow their communities to attract people here.To this end we have a plan we think will help tribe tokens grow in value. Allow the tribe tokens to pay for NFT issuance." Very exciting times ahead indeed @aggroed , So glad to be a part of it all!!👍❤ Upped 💯 And Resteemed! 🙋😘
