Steem Engine Breakthrough! Completed my first LTC trade on Steem-Engine.com!!!
There have been a couple of stand out moments for me personally while on Steem: PAL reaching over 1,000 community members very quickly, DJing on MSP-Waves, breaking into the top 50 witnesses, making it to witness one, witness forums being successful, Steem Monsters rapidly taking off, and the introduction of Steem Engine are just a few achievements to mention!
This is one of my favorite moments on Steem to date!
I'm so fucking pumped it's unreal.
Steem-Engine is great and we can mint tokens. Those tokens are immediately liquid because you can trade all of them against Steem. That's a great first step, but it isn't the last step by any means. We have a lot more to do.
I want to make Steem-Engine the place where everyone comes to do their security token offerings in the next crypto bull market. We've gotten prices from the law firm to incorporate and setup a legally tradeable Security Tokens and legally raise money through Security Tokens Offerings (STOs). We'll get those out publicly soon.
You can already make tokens and trade them against Steem. Next up is trading against other cryptos. Not only will your token be made instantly liquid against steem, but it'll be easily traded against btc, ltc, etc. THAT'S THE DREAM AS A NEW BLOCKCHAIN BUSINESS!!!
Last, we're planning to help setup the STOs and managing the crowdfunding and distribution of the tokens!
Make Steem the number one place to launch legal STOs
What just happened?
I reached out to my network to try to find a developer to help us turn Steem-Engine from just it's own world into the larger crypto sphere. We want a full decentralized exchange. I've been working with Privex and Someguy123 for a few years now so he was one of the first places I turned. He already has a lot of knowledge of the other tokens and he had a lot of off the shelf code to accept payments from bitcoin-esque tokens because he needed it all for anonsteem and privex.
So, he took the last week or two and wrote up an open source coin exchanger! We coupled that with the Smart Contract platform and we've been able to successfully convert 1.84 LTC into into 1.83 LTCP (p stands for pegged because that token is pegged 1 to 1 with LTC). And then convert some back into LTC!
THIS IS HUGE!
This is the first step to getting a complete DEX built on top of Steem with Steem as the main trading pair using Steem Engine! If you don't think this is bad ass then you're missing the fucking point! The dream is to make sure that our home is the central place for new STOs to launch and to do that we have to trade against more than just Steem. We need the other cryptos here, and we just got the first one working!!!
Previously, Steemit has had to run around getting us listed in a million places and we're relying on them to keep us going and trading. Here it's the oppostite. WE RUN THE EXCHANGE. WE ARE THE TRADING PAIR! We'll run nodes of other coins on Privex servers and we'll trade our tokens against all the other ones!
This is the hometown exchange for all of Steem and it's utility is going up 10x as we finalize the UI for this!
ERC20, TRON20, EOS20, BTS
There are pretty standard protocols out there for tokens created on other blockchains. Once we get these other cryptos up and running we'll also be able to host their token networks too. Have a token on Tron and want it traded on Steem-Engine? Create a token here and we'll load that into the token converter too. Every business can bring their token here and run on our exchange traded against every other crypto this community sees fit to run FROM ANY BLOCKCHAIN OUT THERE!
THIS IS FUCKING HUGE!
Part of what I hope to host soon through Steem-Engine is us providing a service to handle KYC. This is a giant pain in the ass for everyone and a complete invasion of our liberty. It makes raising funds harder for everyone too. It's argued it's all about stopping criminals, but I'd argue it's about ensuring the criminal elite maintain control. THINK OF THE CHILDREN if people can invest their money how they see fit without government oversight and intervention!!!!
But I digress... I want to create a central database of people looking to invest, and clear them for KYC centrally and let all the people making STOs get access, and let all the people offering STOs get their info to potential KYC cleared investors! It'll be a voluntary action of course, but if an investor wants to share their KYC info with a customer we'll facilitate it! The investor fills out the form once and can apply it to 100s of new STOs without going through the process 100s of times. And the small startup business who doesn't have the full reach of an exchange can get access to the network we all collectively build.
THIS HELPS NEW BUSINESSES FORM HERE!!! Can you see the potential! Can you see how it all trading against Steem is going to help us all?!?
If that's not enough the plan is to make a full decentralized tool like shapeshift. Deposit one token/crypto , leave it on the exchange and/or get a different one out. We'll be able to do that for things like Steem-Engine tokens or Crypto20 tokens or other cryptos.
Decentralized convenience that isn't possible anywhere else on this scale.
If you're not pumped for Steem get pumped for Steem
The backend works. We're down to some of the last steps of making a UI. Sometime in early April this whole community can start trading some of the major cryptos on Steem-Engine. Then we'll work on the ability to issue their crypto20s here too. This is gonna be awesome! Get some Steem handy, free up your other coins, and get ready to trade here at home!
PS If you don't vote my witness or stopped voting my witness please consider the value I add to the community and to the Steem you hold and Vote for Aggroed! Be sure to include @yabapmatt, and @someguy123 as none of this is possible without them!