Announcement: APPICS' Dual Blockchain Solution
Finally a destination in sight!
After a long crypto winter and several unexpected turbulences we are happy and proud to present the following statement to our community, token holders, partners and all supporters of the APPICS movement.
APPICS‘ initial plan was to launch as an SMT by Steemit Inc. and was set to launch late 2018 according to the company's official post.
Until this day the SMT has not been released, which is why we decided to take matters into our own hands.
For the past months we have been presented with several possibilities and while our first priority is and has always been to make sure we launch the project in a timely manner, we also were not willing to compromise and make sure we keep promises to token holders and the community.
Because we believe in the power of collaboration, we decided to found an alliance with SteemEngine and Phenom team, bringing together some of the brightest minds of both blockchains, steem and eos.
This dual blockchain solution will be introduced through the APPICS application.
Combining the best of both worlds: EOS & Steem
The combination of the Steem and EOS blockchains allows having the proven posting and reward distribution mechanics from Steem, backed by the EOS blockchain's infrastructure.
APPICS with its revolutionizing concept to bridge the gap between mainstream social media and blockchain technology, now joins this ecosystem and will create an EOS-based token that is pegged to a token on the Steem blockchain.
Part 1: EOS Functionality
EOS is one of the most scalable blockchains, having a fast-growing ecosystem with numerous dAPPs such as decentralized exchanges, games, and social networks.
Interaction with the EOS platform opens up great opportunities for APPICS:
- Simplified Listing: APPICS tokens will be easier to list on decentralized exchanges, particularly those with existing EOS tokens being traded on the platform.
This is due to the interaction with the APPICS token contract performed through existing EOS nodes (no need to deploy additional nodes and allocate new resources and hardware).
- Liquidity: The token will be traded on existing liquid decentralized exchanges (which enables the ability to buy and sell APPICS tokens directly from the mobile app).
- Extended Ecosystem: APPICS tokens can be used by other applications within the EOS ecosystem, which ultimately provides more liquidity and dramatically increases the growth rate of new users using the APPICS dAPP, which in turn opens new opportunities to existing users such as enabling and expanding new dAPP features.
- Long-term Strategy: The EOS ecosystem is developed rapidly and having an EOS-based token, comes with the ability to completely move to the EOS blockchain in the future, once there is a proven code base and social framework that might be released by Block.One or developed by APPICS and other ecosystem participants.
All EOS smart contracts will be developed by the APPICS team in collaboration with @Phenom - a company that specializes in the development of blockchain-connected solutions and DAPPs.
The token conversion between Steem and EOS-based tokens will be performed seamlessly through the gateway, therefore users don’t even necessarily have to possess an EOS account and are able to transfer tokens directly from their Steem wallet to an exchange where EOS tokens are traded.
Token conversion mechanics
APPICS will support the automatic transition of its tokens in both ways - from and to the EOS blockchain. The conversion is performed through a gateway whose structure is described in the graphic above.
In order to transfer the tokens to a specific EOS account, the user just transfers them to the APPICS gateway account on the Steem blockchain and specifies the memo and account name in EOS where he wants to receive the same amount of tokens.
Once the transaction is confirmed, three independent servers validate this transaction and invoke the “issue token” method of the EOS gateway smart contract passing the txid of Steem transactions, for which EOS-based tokens are issued.
The reverse conversion works similarly: If the user wants to transfer tokens back from EOS to the Steem blockchain, he transfers tokens to the EOS gateway smart contract and specifies the memo and account name of the Steem account, where tokens are to be transferred.
The tokens are locked in the contract and once the transaction is validated, the Steem-based tokens are transferred from the gateway account to the specified user account using the crypto-converter built by Privex. The txid of this transfer is passed on to the EOS gateway smart contract that burns the locked tokens.
As a result, the APPICS token ecosystem will be live for the first time, enabling users to activate their APPICS power as voting weight inside the APPICS App!
Part 2: Steem Functionality
With this partnership between APPICS and SteemEngine, token holders will be able to utilize the APPICS application to vote, post and earn entirely in the Appics token!
In the following statement, @aggroed from the SteemEngine team will be explaining how the APPICS token functions utilizing the steem blockchain.
Step 1: Get a Steem Account
The APPICS team has a database that knows the ethereum addresses and amount held by token holders. APPICS token holders on ethereum will be able to register their Steem account name to receive tokens to a steem address.
The customer dashboard will be re-launched in the coming week, together with the bounty program.
In case having a token on Steem is a surprise you’ll be happy to know the Steem community now has the ability to create something akin to ERC20s on a layer 2 solution using the Steem Smart Contract platform.
Steem-engine.com is a layer two solution that is a friendly UI for the Smart Contract Platform and makes it easy to see, receive, and trade your APPICS tokens and/or issue and trade new tokens you may not be familiar with.
What if I don’t have an account?
If a user doesn’t have a Steem account they have some time to register for one on their own. You can apply for a free account at signup.steemit.com, purchase an account in fiat at steem.ninja, purchase an account in crypto at anonsteem.network, or use either fiat or crypto to create an account while joining a fun game at splinterlands.io.
For any questions, please email [email protected]
Step 2: The fun starts!
The APPICS app is currently powered entirely by Steem rewards.
After a successful token swap, the APPICS platform will start displaying and rewarding posts in Appics tokens.
When you make a post and give or receive upvotes you’ll earn Appics tokens for your efforts! You’ll also receive Steem in addition to earning APPICS, so it’s a 2 for 1 deal!
When you get your Appics tokens they’ll be staked into the platform as voting power. Appics power is what determines how many APPICS tokens a post receives when you vote on it.
The more power you have, the more you can upvote posts. Power will decline a little bit every time it’s used and regenerate if the account pauses voting for a bit.
If you ever decide you’re done using the APPICS power you can “power down” to receive liquid APPICS tokens again and you can trade them on various exchanges. You can always trade them on steem-engine.com, and we’re adding them to additional platforms and exchanges.
The first notable pathway available is to convert your APPICS tokens on the steem-engine platform to tokens on EOS using the crypto-converter built by Privex. From there it’s easy to exchange your tokens on the EOS platform.
We are more than thankful for the continued support and trust of the APPICS community and glad we finally created a long-term solution that on the one hand gives us the ability to launch on Steem and on the other hand lets us join the EOS ecosystem.
It has been a tough journey - but the most difficult roads always lead to the greatest destinations.
A special thanks to our advisors such as @lukestokes and technical partners at SteemEngine (@aggroed & @yabapmatt) and @phenom for working out such a unique solution.
And of course, this was only possible through the amazing support and help of our global APPICS community!