Steem Engine: Becoming A Central Hub For Steem?
Source
The world of cryptocurrency is really starting to take off. We see development all over the place which is going to attract mainstream businesses. At some point, probably very soon, we will see some major entities entering the realm with the idea of transitioning a part of their business model over.
Steem is growing along with the whole. Over the past year, we saw a massive increase in the number of applications. Many of these are getting use rates that exceed the industry norm.
One of the projects I am very excited about is Steem Engine. This is an exchange that was developed by @aggroed and @yabapmatt. It provides Steem with the ability to create tokens via smart contract technology. Since their introduction, there are a number of tokens created, an IEO, and the first airdrop.
This is quite an achievement for something that is only a couple months old.
Aggroed stated that he wants to become the "NASDAQ" of the cryptocurrency world. This is a big vision, one that would really help Steem. Even if the success rate is a bit lower than that, this could lead to a massive explosion of Steem usage.
Another trailblazing activity for Steem Engine is the complete of the first Security Token Offering. This is a way to raise money by selling an asset for tokens. The tokens denote ownership in the asset with the expectation of a return.
Something like this, if it takes off, could be massive. The only problem is it puts one in the crosshairs of the regulators, most notably the SEC. This is certainly a security meaning there are a number of legal pitfalls that could arise.
Security Tokens are expected to see massive adoption in the next couple years. Unlike ICOs, STOs are going to be regulated according to existing standards. This, in theory at least, provides investors with a safer option. ICOs got a bad name since there were so many scams and projects that ended up simply taking people's money.
To help individuals and companies navigate these waters, Steem Engine put together legal services for those who are interested. Typically, taking a company public to raise money is a multi-million dollar endeavor. There are a lot of regulations that need to be met and, basically, it is not a viable option for most companies.
Steem Engine could be offering a package that is attractive to smaller businesses. Instead of spending that sum, a company could set out to raise millions with a few thousand dollars. From a rough calculation, the entire process could be completed for under $25,000, a fair portion which is paid with money raised.
This is certain to be a viable option for many businesses. Crowdsourcing and other non-traditional fund raising methods are becoming popular. Cryptocurrency is adding another layer to it.
I foresee this having the potential to being huge for Steem. To start, individuals should be offered the opportunity to buy these tokens. Being on Steem Engine, I imagine that one will be able to use whatever token that platform supports. Even if there are only specific ones, the ability to swap AFIT or ENG to BTC is simple.
The second benefit to this for Steem could be similar to what propelled Ethereum. The ICO market was mostly done using the ERC20 protocol. Ethereum became the de facto blockchain for ICOs.
If Steem Engine can gain some momentum as a place to stage STOs, this could really explode. While Steem Engine is a separate chain, it is tied to Steem in that all transactions are imprinted on Steem using JSON.
Ultimately, the scope of this exchange could be stretched to go beyond fund raising. There is no reason why we cannot see a market similar to what Wall Street has. Steem Engine could provide a host of products that people can purchase. This would help to break up the Wall Street monopoly on financial products.
A full write up detailing the latest announcement is found at this link.
https://steempeak.com/steem-engine/@aggroed/breaking-news-steem-engine-now-offering-legal-services
Could Steem Engine becoming a thriving marketplace for all kinds of digital assets?
We can only hope so. This is one to watch.
If you found this article informative, please give an upvote and resteem.
You are delusional, where, what massive?
What part are you referring to?
To listen to the audio version of this article click on the play image.
![](https://steemitimages.com/640x0/https://s18.postimg.org/51o0kpijd/play200x46.png)
Brought to you by @tts. If you find it useful please consider upvoting this reply.
I think that embracing the reality of dealing with a regulatory framework is a great idea to promote some new projects with promising initiatives. Considering that it could be powered by Steem is an awesome catalyst for adding value to the ecosystem!
Posted using Partiko iOS
Regards Steem Engine, I absolutely agree with your positivity. It has the potential to be huge. I would love to see the users buying and selling a few tokens just to generate a little game play liquidity but I am very happy the likes of Kryptogames have taken their token issuance there.
Now if we could only get @dlike to change their erc-20 plans!
@actifit went ERC20 for their outside IEO. They also created one on Steem-Engine which they used for the internal IEO.
@mcfarhat said he is able to combine them when all goes live. For now, he has a couple databases with different tokens in them.
So it isnt that big a deal, from what I understand, to take advantage of both.
Well thats something new for me. Thank you
Posted using Partiko Android
Security Tokens would be the next mature step in the industry and will prove there is no way back, but only forward. Steems is there, keeps the line, but will need to make an effort if it is to remain one of the big players. It suffered some drawbacks with downsizing the team, but hopefully after some measures it will grow again. And than the only way is up up up and high high high...
![](https://steemitimages.com/640x0/https://quotefancy.com/media/wallpaper/3840x2160/87921-Cheryl-Strayed-Quote-Jump-high-and-hard-with-intention-and-heart.jpg)
Thanks for the explannation!
Helped to get a picture of what Steem-Engine just did!
This post has been included in the latest edition of The Steem News in 10 posts - a compilation of the key news stories on the Steem blockchain.
Great article @taskmaster4450, this is indeed huge, and if these STO is the future mature standard that is here to stay then Steem-engine just captured the market.
Posted using Partiko Android