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The airdrop of Hive tokens on the Hive blockchain from Steem-Engine is complete!

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aggroed
78
13 days ago5 min read

Steem-Engine users had a fair amount of Steem in a custodial account called @steem-peg. When you click "deposit" on steem-engine Steem tokens are transferred to @steem-peg and steemp is issued. Many users pulled Steem out of Steem-Engine prior to the Hive hardfork. There were also many users who had a few hundred thousand steem in @steem-peg. Steem-Engine notified @blocktrades that we'd be participating in the Hive airdrop. As I announced last night on the Minnow Mayor Town Hall we started the Steem-Engine airdrop of Hive. It completed roughly 2 hours prior to this post.

So, if you were one of the accounts that had steem on steem-engine prior to the fork you should have received a wallet transfer on the HIVE blockchain containing your airdrop of Hive tokens. You can check your own balance on peakd.com. If I want to check my history I'd go to https://peakd.com/@aggroed/transfers.

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You've been credited for steem you held simply as Steemp and also for Steem you held as orders on the steem-engine exchange.

Note since there is no hive-engine at this time you've received HIVE tokens on the Hive blockchain as opposed to any type of steem-engine pegged token.

Why is Steem-Engine doing this airdrop but not other airdrops

Steem-Engine exists as a layer 2 solution. The base layer of Steem-Engine is the Steem blockchain. The secondary layer is Steem-Engine. When Steem forked to Hive there became 2 base layers, but still only one secondary layer. We're honoring the airdrop of Hive tokens onto Steem holders because the base layer split in two and a new base layer token was created. We held it on your behalf. We're returning what's yours.

We're not duplicating Steem-Engine balances on Hive. Beyond the legal considerations I've discussed before please consider the practicality. On Steem-Engine are tokens like BTCP. This is a pegged version of bitcoin. There's 1 bitcoin held for each BTCP that's issued. When the base layer chain of Steem forked there wasn't an additional fork of bitcoin. There's still just one bitcoin. So, what's a hive based btcp worth? Absolutely nothing! It has no bearing on reality because layer 2 stuff doesn't fork just because the layer 1 does.

So,to hopefully clear up some confusion-

Steem-Engine through this post and through the Hive airdrop we just completed have honored our commitment to send Hive tokens to accounts that left Steem on steem-engine via @steem-peg prior to the fork.

Steem-Engine will not be aidropping any layer 2 tokens as the layer 2 didn't fork.

If you have questions please go to https://discord.steem-engine.com and ask them there.

Hive-Engine

We're currently developing the necessary changes to the base layer of Steem-Engine to function on Hive. It's fairly straightforward and there's a small chance it's ready in March. It's more likely to be ready in April, and if other crazy shit happens in 2020 it may fall back to May. To get operational on Hive as quickly as possible we plan to copy steem-engine.com functionality onto a new website (most likely hive-engine.com with thanks to @wehmoen for claiming it and passing it over).

Hive-Engine will start with a new base token and otherwise be a clean install starting from scratch. People that own token names on steem-engine will have a short period of time where the name is reserved. They can get the token or choose not to at which point (I believe 1 month) the names will go back into public domain.

This then paves the way for games that were previously built on Steem-Engine to migrate to Hive-Engine. It also allows for new NFT based games to form on Hive.

Road map and timeline

One of the biggest problems plaguing steem-engine tokens has been utility. There hasn't been much you can do with steem-engine tokens other than try to gather more of the tokens. Honestly, that's one of the same problems that has worked against Steem and many other crypto projects. There are notable exceptions like Dark Energy Crystals that can be used to purchase goods and services in a game ecosystem, but most of the tokens have struggled beyond that. There are some successful tokens that can be used to trade here and there, but ultimately the question of "What good are these tokens?" Is still a major concern.

The team has been working for a few months and getting a robust market established where people can buy/sell/trade/rent using steem-engine tokens for services, digital goods, and physical goods. You'll have your own digital store just by having a Hive account.

We're making good progress, but there's still a lot of work to be done to have a site with a good user experience.

So, if things go smoothly I expect a timeline something like this:

April hive-engine.com is functional
April/May market functionality is available so you can buy/sell/trade/rent and provide services through the site. ie you can have your own store and sell a used tennis racket on the site and accept tokens as you see fit for them.
Summer - The website is rebranded and multiple crypto trading markets are included on the same site. We are registered with FINCEN as a federal money transmitter and look to open USD backed trading pairs in a limited number states.

In parallel with these efforts we hope to incorporate simpleswap, which would allow people to transact with other cryptocurrencies without having to do all the work manually of pegging/trading.

Ultimately, the goal is to be able to purchase Hive for USD! We'll get there.

Thanks for your patience

Anyway(s), it's been crazy to try to navigate and plan around timelines provided. Much gratitude for the team of devs working to create hive-engine as quickly as we can. We look forward to working with you soon on the Hive blockchain, and can't wait to see all the creations you bring to life.

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