STEEM Token Protocol?

in Steem Dev • 2 years ago

Now I dive into creating a STEEM Token Protocol to create a token on the STEEM blockchain.

In the past, it was considered impossible to create a token on the Bitcon network but there are several protocols to do that:

  • Ordinals Protocol
  • BRC-20
  • Rune Protocol

At this moment, I am not sure that the same thing is possible on the STEEM blockchain but I will try to find a proper protocol or solution.

I know that the STEEM blockchain is more flexible than the Bitcoin network.

It will be very interesting to create a meme token on the STEEM blockchain.

If you have any ideas and thought, please share.



Posted through the ECblog app (https://blog.etain.club)

#steem #bitcoin #token #protocol #meme #ecblog
2 years ago in Steem Dev by
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     2 years ago 

    It's definitely possible as some sort of side chain, as proven by steemengine, but AFAIK that was not open source. Prior to that, a simpler open source version was done as a proof of concept "subchain" with the "POCKET" token. Some links are below, and you may wish to scan through @biophil's posts for others.

    Everything you think you like about other blockchain platforms can be implemented as a Steem Subchain. These subchains would almost certainly be faster, easier to use, and cheaper than anything else out there.

    POCKET (the Proof Of Concept Electronic Token) is an experimental subtoken system which operates on the Steem blockchain; see my article on subchains for higher-level ideas. In the interest of starting out small to learn as much as I can as cheaply as possible, Pocket only does a couple things:

    1. Tracks ownership of a new token, the POCKET, which can be transferred between registered Steem accounts.
    2. Provides a very simple incentive system to encourage distributed storage of the Pocket database, by paying people to publicly confirm transfers of POCKET tokens.
    3. Allows users to interact with the Pocket protocol via existing interfaces such as Steemit.com, Busy.org, and Chainbb.com.
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     2 years ago 

    Thank you for sharing your thoughts and providing the links.

    I will look into it. By the way, what I want for now is to create a token without a side-chain strategy if possible.

    It seems possible but there are some security issues such as delegation of a private posting key.

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     2 years ago 

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