Steem-Engine - What it means for me

in #steem-engine3 years ago

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Hey there steemians!

If you are not already aware of, Steem-Engine is a steem based sidechain that enables execution of smart contracts on the steem blockchain.

Why Steem-Engine is gonna be huge

In my opinion, smart contracts will make steem a go to blockchain for many use cases due to the degree of decentralization and transparency they bring to the community oriented platform we already have.
Smart contracts enable automation without having to trust a centralized authority and can't be manipulated once deployed, not even by the owner of the smart contract. This helps automation of existing applications on steem as well as opens doors for new applications with different use cases.
For instance, You can build a bid bot that guarantees votes without a downtime or build a gambling platform that can not manipulate and influence your payouts etc.

What you can do with Steem-Engine

Right now, Steem-Engine is still in it's early phase of development, however you can already deploy some basic smart contracts on Steem-Engine including token and market contracts.
Recently, they have introduced staking and Distribution of tokens based on stake to posts targeted to a specific community, which essentially means you can earn tokens along with regular steem/SBD payouts for posting on the steem blockchain.

Tokens to watch for

The most important use case of Steem-Engine is to create tokens that live on the steem blockchain without having to wait for SMTs which have been delayed indefinitely. You can monetize your already existing community or create a new one from scratch. There are already 225+ tokens already created on Steem-Engine and I personally think the list will cross 1000 tokens by the end of this year.
Out of existing tokens, there are a few which already have a community or in the process of getting one kickstarted. Some of the tokens that I am interested in and have great potential are listed below :

  • ENG - ENG is the native token for the Steem-Engine platform which is used as a fee payment mechanism for using the sidechain. With ENG, you can create tokens on the sidechain, enable SCOT( custom distribution of tokens based on staked voting) and use their other services including legal and promotional services.

  • SWEET - SWEET is the native token for Swapsteem, a project offering multiple services on steem including a peer to peer exchange, tipping services on multiple social network and a few projects in incubation. I am the founder of swapsteem, so obviously I will recommend buying and hodlin SWEET tokens to enjoy holdler perks offered by their projects.

  • WEED - WEED is the native token for weedcash community, the first Steem-Engine based community that enables stake based distribution of tokens using SCOT. They already have a custom front end for their community where you can explore the community posts and upvote them using your staked token power. This is being beta tested heavily I am looking forward to see the potential unlocked by coupling Steem-Engine and communities together.

More token reviews

I will be posting reviews of other promising ( and even shit tokens ) to help the community understand the Steem-Engine platform better.
Stay tuned for updates.

Disclaimer

This post is for informational purpose and should not be considered a financial advice at all. Please do your due diligence before investing in any money into any of the tokens discussed above.

Steem on!
Patel.

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Thanks for putting this together. Looking forward to the reviews as we are doing the same thing soon. Very good!

You should take a look at the SUFB token which represents a stake in forthcoming legal class action against Facebook and Google for anti competitive behaviour.

More details here on my latest post about this.

Also follow @jpbliberty here on Steem.

SUFB token has already registered for a listing in our Token Market!

Posted using Partiko Android

Great post! I am looking forward to more reviews including the shit tokens, and learning more about steem-engine . I would really like to start a FOODIE token about sharing all things and photos about food etc but I'm a dummy at this type of stuff that I find complicated and have no idea how to go about creating a token or how I would I distribute the FOODIE token etc, so a post that explains this in layman's terms would really be beneficial! Thanks 😄👍👌🙋Upped and resteemed 👍

Posted using Partiko Android

Thanks for using eSteem!
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I can’t wait for your next post!

Posted using Partiko iOS

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