Introducing (smart contracts and token creation on Steem)

in #steemengine5 years ago (edited)

Steem Engine Logo

@yabapmatt and I, in partnership with @harpagon, are launching a platform and accompanying website called Steem Engine ( with an initial focus of allowing the creation of custom tokens on the Steem Blockchain.

Smart Contracts on a Steem Sidechain

Steem Engine uses the Steem Smart Contracts software, built by @harpagon, which is a smart contract enabled sidechain platform built on top of the Steem blockchain. Initially we're launching with a limited set of smart contracts enabled which allow anyone to easily make custom, simple tokens on the Steem blockchain.

Make a token now

It will also "soon" include an internal market, very similar to the existing STEEM/SBD market, to allow all tokens created on the platform to be traded against STEEM. Special thanks to @asgarth for help on the market user interface design and development shown below. Testing on the market has already begun.

We hope that the ability for apps to use Steem for their token sales rather than Ethereum or other similar platforms will drive demand for the STEEM token and allow many apps and dapps to migrate and raise money here before the SMT platform is ready.

Standardizing Tokens on Steem

Currently many Steem projects are setting up their own temporary tokens using various different methods, while waiting for the mythical SMTs. We think it will be very beneficial for both token creators and token holders to have all of that be in one place, working in a standardized way, with a robust toolset.

One of the biggest benefits to token standards like ERC-20 is that any app, wallet, exchange, etc, only has to do one integration and then they can support any token using the standard. We would like to do the same thing for Steem tokens. Once any app, wallet, exchange, etc integrates with Steem Engine, they can instantly work with and support any of the tokens created on the platform.

Currently with Steem Engine, users can easily see what tokens are available, view balances, and make transfers right from the Steem Engine website] as well as the Steem Keychain and very soon the Steem Plus browser extensions.

Steem Engine tokens vs SMTs

We want to clarify that Steem Engine Tokens are different than Smart Media Tokens (SMTs) currently(?) being developed by Steemit, Inc. SMTs will be tokens that are native to the Steem platform and their transactions will be validated by the same software which currently runs the Steem blockchain.

Steem Engine, on the other hand, will have all transactions posted to the Steem blockchain, so that they will all be available on a public, immutable ledger with deterministic, consensus-based transaction ordering and finality, however the validation of the transactions will be done by a separate piece of software (the Steem Smart Contracts software created by @harpagon).

Just as with the Steem software, the Steem Smart Contracts (SSC) software is free and open source and anyone may run their own SSC node and independently verify the transactions and query the current state of the system.

Advantages of Steem Engine vs SMTs

SMTs are planned to have a certain, fixed set of smart contracts implemented which are very similar to the ones currently in place for the native Steem blockchain tokens revolving primarily around content publishing and reward distribution.

On the other hand the Steem Smart Contracts platform, on which Steem Engine is built, will allow arbitrary, custom smart contracts to be published, similar to platforms like Ethereum and EOS.

While it is our ultimate goal to allow anyone to publish their own smart contracts to the platform, in the meantime the software is set up such that only the @steemsc account, controlled jointly by @harpagon, @yabapmatt, and myself, is able to publish new smart contracts.

The point being that it is possible to publish custom smart contracts to the platform to allow token and dapp creators to build things that will not be possible with SMTs. If you would like to create a custom smart contract on the platform, please get in touch with us on the Steem Engine Discord and we'll work with you to get it up and running!


We can provide more detail in the coming weeks, but right now we're focused on:

  1. Improving the Steem Smart Contracts platform
  2. Launching the DEX for trading tokens against STEEM
  3. Building tools and interfaces to support common types of token distributions
  4. Putting in place a legal services division which enables dapps to incorpate and register a Reg. D security token offering in the US which allows up to $5M/yr to be raised, including from a limited number of non-accredited investors, in a fully legal and compliant manner. Some restrictions apply.

We expect major progress on all fronts in February and through the end of March.

We’re ready for you NOW!

We’re executing our soft launch right now! If you run an app it’s time to create your token on the platform! This starts immediately!!

Make your coin right now

We have a full public launch planned in the next few months, which will include a PR campaign to get the word out inside and beyond the Steem community.

If you have a token for a Steem-based project, or are considering creating a token in the near future, please get in touch with us about launching on the Steem Engine platform. We can coordinate marketing efforts and get the word out together!

Let’s get started tokenizing the internet TODAY through the Steem Engine platform, built on top of Steem, and supported by websites and apps you run.

Happy to answer questions on getting started.

Join us in Discord and be sure to follow the @steem-eng account for future updates!


Holy sweet merciful crap. You guys did it. This is sick. I am still laughing at the innuendo on the Steem SMTs.

Excellent spam. Well worth $1.21! The blockchain rejoices.

Show me where else I've posted this same gif!

Who said anything about posting the same gif?
You're a spammer and you know it. Waste of blockchain resources. Muted!


i agree but imagine when the Ai executes people in the future "You are a inefficient allocation of the blockchain resources, executed" lol so cold man

Imagine all the SteemMonsters cards he can buy off that!!!

This is potentially very exciting for steem. I wish you guys the best of luck with this!

Thanks for you guys hard work providing an option for Steem dApps :)

I have two questions.

Firstly, on the steemsmartcontracts repository, it says

  • implement the P2P layer
  • implement the Consensus layer (PoS? DPoS? other?)

features are on the roadmap.

Does that mean only Steem-engine team (a central server) is able to create blocks on the side chain and others can only verify them at the moment? How is the timeframe for P2P / Consensus features get implemented?

Secondly, is it possible for Steem-engine tokens to be listed on major exchanges in the future? I guess that's only possible after P2P / Consensus layer gets implemented, and the consensus (maybe using ENG token staking) should be distributed enough so it won't get 51% attacks?

Some notes from @harpagon

"we are not the only to be able to run a node, but without the consensus layer, we are, I guess, the most trustable one
the tokens can be listed a conventional exchange, as long as this exchange has a Steem account
the tokens will be held by the Steem account (and then the exchange will have it's own ledger, trade history on it's side, like binance does with Steem/SBD for example)
but yes, all that requires to have a trusted network of nodes"

We're tentatively expecting the p2p/consensus layer to be done in the march/april timeframe (crystal ball is brand new here)

i had no idea we were ok to use witchcraft in steem!

i had no idea the business world was this cooky and silly lol

i love this idea tho and a crystal ball isnt witchcraft, atlanteans were using crytal spheres i mean its justa a sphere

hey 9 months later you did pretty good aggroed!

9 months in can you give me a 3 sentence assessment of how well you think you did? and what you wish you had now?

I feel liek we are still needing a network of ENg nodes? We can have that with eosdac eos eng :)

i also wanna have some system of ENg nodes im sure you guys have that planned, like steem based ENG nodes that you can stake like 1000 or 10,000 nodes

wait is ENG miner that?

hehe im so stuck in POW world sometimes :D I forgot you have Engine Miner and EM4...

I guess what I really want is for @vessel or my fork @fireboxwallet to have stem engine in vessel

I join the question - is there also a point to join newcomers ??

The first user has already issued one million STEEM and one million SBD tokens. And there are BTC too. Wouldn't it be advisable to restrict the namespace for newly created tokens?

reminds me why i joined steem and fell in love with this place!

honored to be a part of this amazing community and CAN’T wait for steem engine to set the bar. this is gonna be awesome.

Posted using Partiko iOS

estas en lo cierto amigo para mi esta red steemit es lo mejor que e visto actualmente en este año saludos desde vnzla

Igual yo amigo. Esto es genial. y lo que viene sera mucho mejor

I created 2 coins, issued millions to various community trusted accounts, and never saw a bug the entire time.
@wafrica and @artzone salute you all!
Rock Stars of Steem, TY!

The Steem pioneers have blazed another trail into the future of cryptocurrency. It is truly amazing how a relative few people with
a common cause can accomplish such truly great achievements.

This can only signal the inevetiable increase in the value of Steem.

The future of the INTERNET IS HERE.
I know it when I see it, I been calling it for decades and this is IT>

Its a great development and am happy about it. I created account with Steem Engine and bought 5,000 ENGs for a trial mine of tokens for my Steem-based project to be unveiled soon. THis is one of the best things that is happening to this platform. Thanks to @yabapmatt @Aggroed and @harpagon for this. Posterity will not forget you.

It remains to be seen if ENG will be a good investment but I thought it was worth a try to create tokens.
Great app, bug free in my extensive testing...

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