Open Proposal to Aggroed regarding ENG (EM, EMFOUR)

retinox (64)in #hive • 4 years ago (edited)

I can imagine how difficult the situation is for you. Concerning ENG, EM and EMFOUR the situation differs from that of the tribes. These three token have been designed to work on steem-engine. And they still do work like promised. In the future, as you have announced, there will be one common front end for steem-engine and hive-engine. So ENG, EM, and EMFOUR will be not abandoned.

But remember, when steem-engine started as a side chain to steem, you told the community that it is a big advantage because we don’t have to worry what will happen with Steem.
And it’s true. We are happy to be on second layer chain. But everybody expected that ENG will always be the native blockchain token on Steem-Engine (which probably will be named just Engine in the future) even if additional services are added.

Now after that HF a really big service had to be added, one for a whole new blockchain. What we had expected was that ENG could be the native token on hive-engine too.
We were happy, but suddenly at least 50%, of the ’need for ENG’ will create ’need of BEE’ instead. So of course ENG will have just 50% of the expected value in the long run.
That simply does not fit with the intention (and ’promise’) to be in a secure situation on a side chain as a second layer.

Probably many of the developers are holding ENG. For them it might not a problem because they will get shares or options of Engine Corp. instead. Many of us just have ENG, and even though we know that this is not a share in the company, we have relied that there will be no such huge dilution.

Proposal 1:
I don’t know what has been to be considered in the US, but I would have expected to receive 1 BEE in addition to 1 ENG I own before the HF. NOT because your company offers an additional service for another blockchain BUT because the original 100% Steem blockchain was ’destroyed’ and it now exists in two parts of 50%. It’s a special situation. With buying ENG, EM and EMFOUR we all supported steem-engine and we all stay behind you since you started with that. We should not left behind when steem-engine grows to Engine and supports more blockchains.

Proposal 2:
Maybe BEE could be substituted with ENG. BEE is not such widely spread so far. 50% of the existing ENG could run the hive blockchain. With Inflation and burn parameters you even could balance the distribution on steem- and hive-engine. One common native token for both chains is special but could be a good solution. Even if you start to support additional blockchains: I would like to see ENG to be the token that powers them all. That’s how I had understand that we don’t have to care about the layer 1.

Probably more practical and better proposals could be found. Please let us know about them as a comment to this post.

I could imagine that If there will be a good-will solution for the ENG holders it probably will have solved the problem for the EM and EMFOUR holders too.

I’m sure no one would give any token back to you even if this would be an option - we all want to keep it, maybe enlarge it and participate in the success of Engine with our stake.

Thank you
@retinox (holding 17553 ENG and 1 EMFOUR)

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