Steem Passing Ethereum

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Perhaps not yet but the foundation is being laid.

Ethereum got a great deal of recognition for the ability to incorporate smart contracts into blockchain. This made Ethereum a token factory which worked out well in the ICO craze. With the pullback in that market due to increased scrutiny from regulators, Ethereum saw a decline in that aspect.

We all know the issues that blockchain is facing. They have scaling issues which, thus far, have not been worked out. Steem faces no such issues, at least to the degree that Ethereum does. Also, unlike Ethereum, Steem does not have a direct charge for each transaction. These are two major advantages.

What Steem was lacking is the ability to create tokens. Nor was the blockchain designed with smart contract capabilities. Both these issues are being addressed.

@shredz7 is working on solutions to all that. A few weeks ago, it was announced that a token was created using the code set out.

https://steempeak.com/utopian-io/@shredz7/the-first-token-on-the-steem-blockchain

https://steempeak.com/utopian-io/@shredz7/how-to-create-an-smt-and-more-on-steem

This gives anyone the ability to create a token just like can be done on Etihereum. I must state this is outside Steemit Inc's development of the SMT protocol. This is a separate project.

One of the biggest issues is that there are not of blockchain developers on Steem. Steemit's woes are well known with the layoffs. It is also unrealistic to believe that outside developers would work with Steemit (if Steemit even wanted them). Nevertheless, now is the time we need development.

Enter Engine.

This is a project that @shredz7 put together for developers. It is a DApp that is running on Steem-state which is presently a testnet.

https://steempeak.com/utopian-io/@shredz7/announcing-steem-state-build-any-dapp-on-steem

What is being created is a secondary layer that allows developers to collaborate. The goal is to provide the ability to create the features that Steem needs without having to wait around for Steemit, Inc. This layer means all developments are done without being coded directly into the blockchain. The base layer is completely unaffected.

There is a token being created with this called ENGN which will be used to convert to STEEM. In the plans, probably before going to mainnet, is to set up a DEX. This gives the ability to convert tokens created using this application.

Here is a list of some of the future plans.

https://steempeak.com/steem/@shredz7/announcing-engine-bring-agility-to-steem-development

I find the collateral backed ENGN loans to be of extreme interest. This could be a way to foster development at a faster pace while also answered one of the questions often brought up about the crypto-based economy: the lack of debt to foster growth. This could well provide an answer to that.

Does this mean Steem is instantly surpassing Ethereum? Not yet.

There still needs to be more testing of the code although a developer did tell me it is looking good so far. Also, we would need a lot more nodes running to handle any type of traffic using this code. I surmise one of the uses of the token would be to reward those who do end up running nodes.

Source

This project is already being used by @dlux-io to create their token. I would expect a few of the other Steem based projects are watching this very closely with the delay in SMTs.

The creation of this project also addresses one of the major issues with Steem. Our lack of developers is starting to hold us back. The fact that this blockchain offers so much is offset by the fact that many are running to Ethereum and EOS to build their projects. ENGN could change that by offering a place for developers to come to create projects that tie into this community here.

As we found out at the end of 2018, the resolve of this community is very strong, something that should appeal to developers.

We are also seeing the advancement of the possibilities that Steem offers. Most of us know what the potential was, we just operated with a large bottleneck. That is being removed. As with anything, more options are always desirable. This project is going to offer that to the development community.

Overall, this is off to a promising start and a good way to start the New Year.

2019 is going to be a blast for Steemians.

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