"SMT's" Finally Here But They Are Not Made By Stinc!
Everyone that has been here for a while knows that Stinc has quite a long track record of over promising and under delivering. This negative trait is of theirs is ever present on this chain of blocks and it is especially visible in the inability to deliver SMT's which is halting the development of many projects that relied on their promise to deliver which of course, they haven't. While many of us are frustrated about their complete lack of competence and outright abysmal chances of Stinc delivering "SMT's" in 2019, some users took matters into their own hands and decided create SMT's on their own, and they did it!
I'm more than proud to present to you the work of @yabapmatt, @harpagon and @aggroed called STEEM ENGINE.
STEEM ENGINE
Steem Engine is a smart contracts side-chain platform for the Steem blockchain. This means that it can execute custom smart contracts based on data published to the Steem blockchain. This allows us to do things that are not currently supported by the Steem blockchain, such as creating custom tokens, or literally anything else achievable with a smart contract.
Steem Engine uses the Steem Smart Contracts software created by @harpagon. The software scans all blocks added to the Steem blockchain for transfers, custom_json, or even comment operations that contain a certain sidechain ID. It then executes the smart contract function specified in the operation data and packages it into a block which is added to the sidechain. It also maintains the current state of the sidechain and all smart contracts running on it which can be queried using a familiar RPC API.
No, you aren't daydreaming, this is real life!
For a "small" fee of just 100 STEEM (to prevent creating worthless coins which will be used for nothing) anyone can now create their own STEEM-based token!
The fee is meant to be large enough to prevent people from creating tokens they don't plan to actually use, but small enough to not be a barrier for any serious projects.
Don't let the fee discourage you though, because if you have a good project and you cannot afford to pay the fee, you can contact them on Discord and they might be willing to cover the costs for you.
Additionally you can play around with issuing your own token on their testnet website, for free!
Another point of excitement I would like to share with you today is the fact that as you are reading this, an exchange is being build to work together with Steem Engine and the devs behind it are currently in the talks with Netcoins to create fiat entry points.
https://freedomex.io/
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.
I'm out of words to describe how happy and enthusiastic this makes me feel. After hearing nothing but FUDnews about the Steem blockchain for the past couple of months, this beacon of light should serve as an extreme point of optimism for even the most pessimistic of STEEM HODLERs.
Now go out there and create your own coin!
Just kidding, don't do that. We don't need a whole bunch of worthless shitcoins on the block. What we really need though, is to get projects like @steemhunt, @actifit, @dtube and all of the many others that were frustrated about Stinc not being able to deliver on their empty promises, to make their own coins now and start creating value for them!
2.2.2019 is a great day to be a Steemain and I feel like we are going to get many such days in the future. Let's mark this day as one when the FUD finally diminished, or at least lessened in intensity and nothing but good news, fast-paced development and optimism, followed. Buckle up because we are in for a one hell of a ride.
I hope this venture is a boon to those who know how to navigate the minefield of ICO and SEC. I have read since joining this would be huge for Steem, although I lean more towards the idea that we need outside businesses utilizing Steem itself into their structure as an enhancement to what they already do. Especially given the scrutiny ICO's have been under and will be under going forward.
Congrats to the developers involved in making this happen.
Will there be some kind of SP minimum per token to have enough resource credits to utilize them?
Likewise, the titans grip of regulation is tighter by the day and the projects which want to launch an ICO to fund their development will have a really tough time with regulators.
I'm not sure about the SP minimum. Haven't seen any such info on their website but if you want to make sure you can jump in their discord and ask them.
I SAID IT! That the stone that the builders rejected will surely become the chief cornerstone!
This is a new dawn in our Steem world and my heart could rest in hope seeing that we didn’t dream in vain!
Huge thanks to @yabapmatt, @harpagon and @aggroed! Hugs to beloved Steemians who didn’t give up in this fight to finish!
Thanks @runicar for sharing this.
Well said @maxdevalue!
This is definitely a move in the right direction. This last week I have met more than a few people who are taking matters into their own hands and taking the dependence off of Stinc. I for one truly appreciate their efforts. Even though my upvote doesn't pack much of a punch yet it still shows that I believe in these people and these projects.
It sure is! One that I have been waiting for ages for someone to code out. Glad to finally see it done and ready to embrace the positive effects it will inevitably bring to our chain of blocks.
Posts like this always ignites a feel good record in my veins. Im really excited about the arrival of SMT's can't wait for good things to start happening. Cheers!
That is exactly why I wanted to write it up! Glad the message of pure optimism got through to you.
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That is very good.
Good work
2 in one combo!
One word; Amazing!
Thanks to the team of developers and everyone else behind this project for pulling through. Marvellous work! Let's get people excited about this chain once again!
Question; How different is this from STINC's SMTs? Can they work together?
From what I know Stinc want's to add functionality to SMT's in a way that one will easily be able to include parameters such as inflation and additional variables which I'm not sure how one would implement using Steem Engine.
Alright, thanks.
Thank you so much for participating the Partiko Delegation Plan Round 1! We really appreciate your support! As part of the delegation benefits, we just gave you a 3.00% upvote! Together, let’s change the world!
would like to say i care, but too disillusioned by Steemit bs to really care ..
I get where you are coming from as I was there myself for a while, but I can't disregard positive development and hope that things will change for the better, even with Stinc.
Great, now will someone explain how these SMTs will acquire value independently of Steem?
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That's something each project will have to figure out for themselves. It's all about creating demand for the token. What drives the demand depends on the utility/supply of the token. Again, that's all on the projects to figure out and each one will have a different way of going about it.
Will be interesting to see what they make of it and how much their tokens will be worth after a year or two because in the beginning I bet they will all be worth not much more than 0.
I think it is depend on the project. Like example we have now the magic dice. Which is defenetly that kind of project that they token will worth a good amount.
I am not sure how much it will worth, but the gambling always click. So i think they have a good chance for 0.5 or 1 dollar. But this is just my own opinion and hope it will happen😁
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0.5-1$ for a token that has a supply of 7 billion is highly unlikely at this point of time. Even for magic dice. Just because of the sheer amount of tokens in circulation, imho the price will be somewhere at around 5-10 cents.
maybe. Lets see. I think it will really depend on they marketing. Now just the steem users are playing. If they can make it popular and easy to buy in, than i think everything is possible. But this is just my opinion😊 And i wish the best😁
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