Steem-Engine Breakthrough: BTC/LTC/BCH/DOGE trading now live!
Wow, it's only a month ago I was saying how pumped I was to have the smart contract platform go live. Since then around 150,000 Steem has been deposited into the exchange! We're over 160 tokens now that have been created. We're just getting started!!!
What just changed?
We've been working on getting tradable cryptos onto the platform. Tuesday was the breakthrough and we let it exist for a day or two live before fully announcing the change.
You are now able to trade Bitcoin, Litcoin, Doge, and Bitcoin Cash on Steem-Engine.com!
Thanks to @someguy123 and @privex
Yep, @someguy123 is a machine and again showing why he's one of the best top 20 witnesses Steem has to offer. It took him about 100 hours of code in a single week, and he coded up a crypto exchanger that can run on the Steem-Engine platform. It's opensource so others can add to this, and it helps get trading of cryptos in general out to the masses faster and cheaper than anything that's come before it.
Wait what?
In addition to being a smart contract platform where you can issue and trade your own tokens we leveled up as an exchange. You can now trade Bitcoin, Doge, Litecoin, and Bitcoin Cash here. We'll be adding more cryptos as well!
How does it work?
Steem and BTC are two separate blockchains. Steem doesn't exist on BTC and BTC doesn't exist on Steem. So, that makes it impossible to trade the tokens directly on the same platform using the native tokens. You could find a buddy in the real world and just swap tokens, but if you want to swap them with someone you don't know or don't perfectly trust things get tricky.
The work around to trading with strangers is going through an exchange (which you may or may not trust). Exchanges make tokens that represent the crypto for you to trade back and forth and then send or recieve the real thing only when you're depositing or withdrawing them from the exchange. This can be done in a centralized fashion on exchanges like Bittrex or decentralized with all trades on the blockchain like Bitshares.
What we've done is effectively add Bitshares like decentralized trading of cryptos onto the Steem Platform through Steem Engine.
Steps
When we receive other cryptos we accecpt for trading we will mint what we call pegged tokens. For every Bitcoin, Steem, Litecoin, or Doge that we hold we'll issue one BTCP, LTCP, DOGEP, or BCHP. We charge a 1% fee for depositing other cryptos onto the exchange.
As a user you can then trade it back and forth as many times as you would like for FREE! So, if you're an active trader you no longer have to get dinged by .25% trading fees on every single trade you make.
If you make a lot of money through Steem Engine tokens, or Pegged Steem Engine tokens and want to withdraw the money you can do that at any time. You'll click the withraw button. You'll send the pegged token back to the steem-engine exchange so it's no longer trading in the wild, and we'll send you the real crytpo currency back. There's a 1% fee when you withdraw tokens from the exchange.
What makes this so special?
Well, in many ways we're completing steps here that have already been in place on other chains. So, we're adding functionality to Steem and Steem-Engine in particular, but there's more to this vision than what the other chains and groups have done!
We want to be the number one place that businesses go to launch LEGAL Security Token Offerings in the United States. We want Steem-Engine to be the Nasdaq of crypto businesses. We'll be combining a few things you can't find anywhere else in one convenient place: legal services, a place to host an ICO/STO, and a dex to trade the tokens.
The dex is live. We just added other cryptos to it. Next up we'll be launching the pricing to make legal US Securities here on Steem-Engine (in the next week or two). Then we'll get to work on a kickstarter/startengine style website to let businesses get their STO out to the world.
We're going to make Steem the premiere desination to launch your STO in the next bull run!
How can you help?
Deposit and trade your crypto here! If you use other exchanges pull some or all of your bitcoin, litecoin, doge, and bitcoin cash and move them here.
Why move your crypto to Steem-Engine?
There's no fee per trade. Just one when you deposit and one when you withdraw.
You can see all your balances on the Steem-Engine and Steem Keychain wallet.
It helps grow the home town exchange.
It helps provide liquidity to all the new businesses that launch here on Steem!
Get started today
woot, this is sick!
LTC <3
How does one code for 100 hours in a week!!???
That's 7 x 14 hour days! Crazy!
As Aggroed said, @someguy123 is a machine.
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I am astounded at how quickly you guys have delivered amazing, user friendly functionality on the beloved Steem platform!
While you are correct that similar functionality has existed for a while on other blockchains, its has never been as easy to use. You are leveraging the advantages of Steem's fast, fee free transactions and established infrastructure to create something great.
I just tried to sell some BTC on my Ledger and it took me 30 minutes of mucking around, having to re-install Ledger Live (which I had only installed 2 months ago) entering my PIN 6 times into the device and generally it being a complete pain in the ass.
In contrast, Steem Engine with Steem Keychain is a pleasure to use.
hey @aggroed your graphic designer is really confused and thinks your talking about fucking Bitcoin private LOL
Youre making it look when we deposit Bitcoin ur gonna give us bitcoin private in return, hahaha, no thanks. please fix this ASAP This project is too cool to have a F up like this! BitcoiN private is a huge scam cin u need to get rid of that visual typo!!!
LOL See u cant call it BTCP thats Bitcoin private, u need to call it PBTC ORRRR do a LOW CASE P like BTCp or BTC-P
I second that @aggroed BTCP is already a well known fork of a fork. I was so confused thinking Litecoin Private? Bitcoin cash private??
Who's making all these forking forks!?
(great progress BTW!)
There is no FORK!
It's a spoon.
A fork in beta.
With BTCP we decided to fork both the bitcoin chain And the Z classic chain!
This is the first of its kind and we will call it..
a sporkPosted using Partiko Android
Knifey spoony.
End of Thread
This is wonderful
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You got a 29.22% upvote from @redlambo courtesy of @discernente! Make sure to use tag #redlambo to be considered for the curation post!
Is there a distinction between security and utility tokens?
https://www.sec.gov/files/dlt-framework.pdf
Wait, does this mean I can deposit BTC, convert to STEEM and withdraw STEEM to my account for 2% round trip?
Only 1%
Withdrawal fee only apply when you withdraw to other blockchains that aren't STEEM
False, you can't trade STEEM on steem-engine, only STEEMP, which you must withdraw to STEEM for a 1% fee.
Yes, i have realized my mistake a few minutes after writing that comment lol
#sbi-skip
You just planted 0.11 tree(s)!
Thanks to @ucukertz
We have planted already
8760.09 trees
out of 1,000,000
Let's save and restore Abongphen Highland Forest
in Cameroonian village Kedjom-Keku!
Plant trees with @treeplanter and get paid for it!
My Steem Power = 24749.12
Thanks a lot!
@martin.mikes coordinator of @kedjom-keku
Yes, it's a total 2% fee (well, technically, 1.99% fee). @fuadsm is incorrect as you cannot trade STEEM directly, only STEEMP (steem pegged), STEEM withdrawal still has a fee.
@aggroed,
Honestly I like the idea, but I want to know how you mitigate the risk of DDOS and etc. Coz security of the exchanger is highly concern in these days! That's why I am asking!
Anyway I am highly optimistic with this update!
Cheers~
Wow. Mind. Is. Blown.
It's crazy how this just had popped into our Steem realities without much fuss or whatever. Just a 'Let's do this' mentality. Can't say how much I appreciate this.
I have total faith from what I've seen the past few weeks you'll be able to make this happen.
#getpumped indeed! Thanks @someguy123 and the whole Steem-Engine team!
This all sounds great but its a lie that this is anything like a true decentralized exchange. Just like with any Bitshares exchange, like Crypto-Bridge, you deposit your coins to a centralized custodian, and then you credit our account with whatever coin we deposit. The custodian, in this case, steem-engine, has full control of the private keys of the cryptos they are backing with tokens, and can freeze, steal, or otherwise intervene in the operation and ownership of the coins. The only thing decentralized is the actual trading of fake versions of real coins. This also means, like with Crypto-Bridge, that this exchange MUST KYC/AML all US citizens or be at threat of total shutdown.
Thank you. Yes, steem-engine is a very well marketed exchange and it's never very clear why it is not a decentralized exchange. So more people should be aware about what they are dealing with.
Although the business model de-incentivizes withdrawing coin it is interesting: no trading fees but high fees for coins in/out. Why not going further in that direction and making it 0% coins in and 2% coins out?
yep, the top part is true like just about every exchange in the world.
I don't believe the last line to be true because of the way the smart contract platform works and is distributed. Others can create their own exchange like services here as well. The software is opensource.
So, if you don't trust this team you can work with another or run your own. We'll work on an entirely smart contract way of doing this down the road, but this is what can be offered here now. Though even with smart contracts they can be rewritten. I'm not sure there's a perfect solution. Especially one that's less than a month old.
Like the concept @aggroed, going to check it out.
The last part is certainly true, see Crypto-Bridge's announcement of KYC requirements for USA and Canadian citizens that they put out a month or so ago: https://crypto-bridge.org/2019/02/26/urgent-announcement-terms-of-service-identity-verification-requirements/
They told users on twitter they had to or the entire exchange would be shut down and funds likely would be seized by US officials
The best solution is one that would also require the exchange creators to make 0 profits. You create a wallet that has multiple wallets integrated into the same wallet, and allow for transaction fees to be the exchange fees, and thats all it would take to make a true dex, one that users hold their private keys - but, it would give no profits to the creators and thus has been no incentive to create it.
Also, DEX maintainers are still responsible and liable, as can be seen from ETH's DEX owner who was arrested recently
What if fees will be called donation fees?
This would be a true service for the common good.
We could donate how much we would give on using the exchange or no donation at all.
I guess we could change the name of the exchange:
Steem-Charity Exchange.
Any exchange is crypto space that takes deposits either in crypto or Fiat is vulnerable to a lot of possibile security and breach of trust threats. This Dex could have been built without having a deposits mechanism since the Pegged coins are nothing but Tokens that aren't visible on their tokens page, not any pegging smart contract I am afraid to say.
Just my 2 SATOSHIP.
This is exciting! Nice job guys! This is a dramatic announcement
!dramatoken
It's not a dex though
It's a dex if you are only trading steem-engine tokens. (not steem)