| json_metadata | "{"app":"musing/1.1","appTags":["steemengine"],"appCategory":"steemengine","appTitle":"What are your thoughts on Steem Engine?","appBody":"<p>Steem Engine is a great addition to the Steem Blockchain to help keep it growing and moving forward. It has essentially brought tokenization and smart contracts accessible to all Steemians, something which Steemit Inc. has promised and failed to deliver on for some time now with the highly anticipated Smart Media Tokens (SMTs). </p>\n<p>Let me be clear that I haven't used Steem Engine, yet. Although someone did send me 10 Dragons, which I have no idea about. So, my thoughts are just based on what I think this can do for the Blockchain and the STEEM price. </p>\n<p><strong>As a Steemian, I'm very excited about Steem Engine. </strong></p>\n<p>First, it's headed by the same team behind Steem Monsters ,so, you know there's a solid team behind it. Granted, Steem Monsters are having some issues with their declining user base at the moment. But despite these issues, it's clear that the development team behind it are very active in improving the game's features at every turn. They are also responsive when it comes to addressing their users' concerns, which is always a good thing. </p>\n<p>Second, Steem Engine is basically taking the place of the \"mythical\" SMTs, which we have all been waiting for. SMTs are supposed to be a revolutionary development for the Steem Blockchain. Steemians, including myself, have always believed that the launch of SMTs could be the catapult that will take STEEM to the moon and bring it back among the Top 10 Cryptocurrencies. It still could, when it launches. Too bad we just don't know if it ever will. So, with Steem Engine basically doing what SMTs are supposed to do, which is to allow tokenization, then maybe it will be Steem Engine (because they're here, now) that will take STEEM to the moon and make it a Top 10 Cryptocurrency. </p>\n<p>Third, with the launch of the Steem Engine Decentralized Exchange (DEX), anyone can now buy and sell their own tokens easily. So, those 10 Dragons i received for no reason might have some value that I can easily exchange. Like I said, I haven't tried the platform, yet. But, according to one of its developers, the DEX will not be imposing fees for buying and selling tokens, so that's great. There will be a 1% fee when depositing and withdrawing STEEM into the platform, but since this is done on other exchanges, I don't think it's that big a deal. </p>\n<p>I also like the idea of tokenization because it could give DApps and other Steem-based platforms alternative ways to generate funds through a security token offering. Of course, this is still under development and we have yet to see how this will actually be done and how compliant the process will be. Nonetheless, as long as DApps don't start abusing token sales for the sake of turning a quick profit., this is definitely good news.</p>\n<p>And finally, although it's not yet implemented, Steem Engine has promised allowing Steemians to create smart contracts through the platform in the future. This is another great news for me because while tokenization is nice and good, it's not enough if we want STEEM to be a top cryptocurrency. It needs to be able to introduce smart contracts like in Ethereum or EOS. </p>\n<p>So, I'm excited about the possibilities that Steem Engine can bring to the blockchain. As far as development is concerned, it has to be one of the biggest improvements in functionality for the blockchain. And it didn't need a Hardfork to make it possible. </p>\n<p><strong>I have one question: Will DApps jump on the Steem Engine? </strong></p>\n<p>Like everything else on the blockchain, their success will depend on how well the community adopts it. So, for Steem Engine to be successful, it will need the various Steem DApps, communities, and users to actually use it to create tokens and buy and sell those tokens. Right now, I'm guessing that Steem Monsters' Dark Energy Crystals (DEC) will be created and traded here, so there's one big DApp and community there. But will there be others? </p>\n<p>This looks like a wait and see situation at the moment. I mean, if it were SMTs, the DApps that already have plans to tokenize will definitely be on board since those are native on the blockchain. But, for a platform that is built on a side chain on top of the Steem Blockchain, who knows if the DApps will be receptive?</p>\n<p><strong>TL;DR: </strong></p>\n<p>I'm excited about Steem Engine and all it can bring to the blockchain--tokenization, smart contracts, and the DEX. They are all \"innovations\" that the Steem Blockchain should have been enjoying a while back. With Steem Engine, SMTs have not only become redundant, but maybe even unnecessary because Steem Engine looks like it can do more. </p>\n<p>Nonetheless, it will all depend on how well the community responds to it. DApps and everyone else looking to tokenize and create smart contracts will have to trust it enough to use it for Steem Engine to make real headway. But, given the trust and respect the Steem community has given to the team behind it, that may not be a big issue. </p>\n<p>Hope this helps!</p>\n<p>Sources:</p>\n<ol>\n <li>Introducing Steem-Engine.com (smart contracts and token creation on Steem). https://steemit.com/steemengine/@aggroed/introducing-steem-engine-com</li>\n</ol>","appDepth":2,"appParentPermlink":"pk948xugw","appParentAuthor":"jonching","musingAppId":"aU2p3C3a8N","musingAppVersion":"1.1","musingPostType":"answer"}" |
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