#steem-engine

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

Comments · 61

@luegenbaron(65)· 2580d
Now do it as dex.

Posted using Partiko Android
@jaydanger(42)· 2689d
I am so pumped right now... :-)
@pnc(65)· 2696d
Steem-Engine has eveything to become the launchpad for start-up and local businesses. kickstarter & sto products are great and can easily be done legally in so many juridictions around the world. Have you taught on offering a membership style token? kind of what bishares has. I see Steem-Engine become the real STM project, good thing for the Steem Community.
@scottcbusiness(75)· 2697d
That's some serious dedication and amazing work!
@nuancedthought(42)· 2697d
SO MUCH EMPTY

Should have put some of those 100hrs into a plan to actually get the product used.
@caseysims(38)· 2698d
Nice

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@karenmckersie(74)· 2698d
These are very exciting times indeed @aggroed , great post ! I am now voting for @someguy123 he definitely is a machine , way to go to get Crypto trading out to the masses ! I do have an account on Steem Engine and am using Steem Keychain for some time now , I dont have other cryptos to move and trade yet but I am saving up different tokens im getting in my wallet, and I have sent some SMPT to crystalhuman . The best is yet to come my friend , keep up the great work !👍👍👍❤🙋 I am also pumped!! upped and resteemed!
@rishi556(72)· 2698d
Hey, my doge withdraw hasn't processed in a few hours, could you check up on that?
@azizbd(73)· 2699d
This is such a great news. I will be using it soon to test how trading works for me . :)

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@steemingmark(56)· 2699d
Wish I could code!

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@prameshtyagi(71)· 2699d
Most markets on steem-engine are illiquid. You will have to incentivize market makers to provide liquidity. Also get the price feeds from established exchanges.

In addition to that - In the beginning -fetch order books of standard exchanges, display them here on your exchange. If somebody submits an order then execute them on those exchanges for user and relay it onto the steem blockchain.
@stayoutoftherz(80)· 2699d
But why is there no volume on BTCP yet? Is nobody interested? I guess it was not just an exercise in what is theoretically possible.
@lichtblick(77)· 2699d
Awesome and resteemed :-)
@steemengines(62)· 2699d
I agree, the whole time reading that post I was thinking my coins would be converted and held in Bitcoin Private. I haven’t checked out the changes to the site yet, so maybe it will become more clear.

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@kingscrown(82)· 2700d
woot, this is sick!

LTC <3
@princewahaj(69)· 2700d
It's so great to see that Steemians started to take the stand and following the "let's do this" technique. The pace at which you guys are developing these awesome things is just amazing. Until the release of SMT, Steem-Engine is the best choice for the projects.
@anakcoin01(29)· 2700d
Baguslah . Dengan adanya program ini saya jadi lebih mudah untuk mengakses dan bermain Coin crypto . Tingkatkan layanan
@anakcoin01(29)· 2700d
Baguslah . Dengan adanya program ini saya jadi lebih mudah untuk mengakses dan bermain Coin crypto . Tingkatkan layanan
@kgbinternational(67)· 2700d
Then, is steem-engine a cryptos Exchange?
@grintsch(54)· 2700d
This sounds great. You guys are amazing!

I'm a bit skeptical regarding the security tokens thing, though. There's a bunch of things you won't get around even if you're a decentralized exchange, and I'd rather not see steem-engine be shut down by the SEC or another regulator.
1. If you trade actual securities, meaning the security tokens themselves, you're likely to be considered an MTF and be regulated like one. This would impose a lot of reporting duties as well as processes against market manipulation etc
2. If you plan to trade pegged security tokens, you'll need a regulated custodian to keep the actual ones.
3. You will have to perform KYC on all your traders, and probably need to filter out traders who aren't eligible to trade a particular asset.
And some more similar stuff.

Not saying "don't do it", just saying "be careful". Being "decentralized" doesn't mean there's no owner or accountable (and prosecutable) person.

If you're aware of the stuff I wrote and you got it under control already, even better :-)

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@alikhans(41)· 2700d
This really great and interesting blog thanks @aggroed for this kind of information..👍👍...steem is very strong 💪 project it can change your life 💥🏄

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@msowner2(47)· 2700d
congratulation on the milestone achieve ! steem on will there be plan for fiat / cc purchase in future too ?

🚀 🌕

Moon your steem everyday ! Instant Dividend payout after every game.WIN 476+ STEEM every round. FREE Player Upvote worth $1.38 every 2.5hr moonSTEEM.com
@tammyp(51)· 2700d
Thanks for the information and love it - but only have Steem. How can I help ? My goal is to support the community and grow as a writer/contributor. Oh yeah and make a living as a writer (not just on Steem), but this interests me and thanks ... now I’m going to go read it again! ❤️❤️❤️☕️

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@arcange(79)· 2700d
Congratulations @aggroed! Your post was mentioned in the Steem Hit Parade in the following category:
- Pending payout - Ranked 3 with $ 250,23
@threejay(66)· 2700d
DOGE will never die lol.
@steem-plus(74)· 2700d
Hi, @aggroed!

You just got a 0.15% upvote from SteemPlus! To get higher upvotes, earn more SteemPlus Points (SPP). On your Steemit wallet, check your SPP balance and click on "How to earn SPP?" to find out all the ways to earn. If you're not using SteemPlus yet, please check our last posts in here to see the many ways in which SteemPlus can improve your Steem experience on Steemit and Busy.
@chrislyr(63)· 2700d
that's a lot of improvement in mere months of operation. looking forward to more future updates.
@stayoutoftherz(80)· 2700d
Totally awesome!
@elamental(72)· 2700d
Awesome @Aggroed! It was a pleasure to meet you at Anarchapulco, (I was pretty busy the whole time, sorry we didn't have more time to chat), and its projects like yours like keep my faith in this platform strong. I will get some coin over to the SteemEngine Exchange as soon as I get a chance. Stay blessed brother!
@theguruasia(69)· 2700d
@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~
@ocupation(71)· 2700d
If you only had means like stinc... You guys fucking rock!
@gregm(68)· 2700d
Wow the speed at what you all put out projects/updates is amazing! This is going to be HUGE!
@ssjsasha(74)· 2700d
How will you guys market this?

You do realize that if you market this right and bring on users and high enough revenue then steem could moon right? I just wonder what price “moon” actually is
@ronel(61)· 2700d
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.
@eastmael(69)· 2700d
Congratulations. Good progress. Thanks for the update.
@gnojgnoj(41)· 2701d
this is great! 👍🏼

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@videosteemit(62)· 2701d
Amazing how much you guys have accomplished in so little time

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@lordbutterfly(80)· 2701d
Blocktrades is going to get so pissed at you guys. lol
@toolanm(55)· 2701d
wow this is so exciting. massive well done to you! I will be trying this out for sure.
@marki99(62)· 2701d
Great work guys. What benefit do we get from holding steem engine tokens? Also, if someone deposits large amounts of crypto, does he still have to pay a 1% fee? I think a maximum fee would encourage whales to deposit.

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@pandaparker(59)· 2701d
This is awesome!!¡¡ #Steem and steemians are the best in the crypto world.

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@discernente(77)· 2701d
This is wonderful

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@nealmcspadden(74)· 2701d
Wait, does this mean I can deposit BTC, convert to STEEM and withdraw STEEM to my account for 2% round trip?
@walnut1(63)· 2701d
awesome! Would be good to add ETH in there too
@cattleofra(38)· 2701d
Honestly speaking would be good to see other crypto-currecies such as ETH and XLM. I'm pretty sure other people will have other suggestions what cryptos to add. I particularly trade ETH a lot so I would really love to see that added to the platform. Would definitely use it. Anyway, overall this is a pretty good feature and great work by @someguy123 and the team, but also need to make sure we all continue to focus on the main development which is the social aspect, that includes fixing some of the existing bugs and also continuing to improve user experience.

Keep it up guys.
@sames(66)· 2701d
Interesting... Would be even cooler if LN deposits were added :P
@apshamilton(73)· 2701d
How does one code for 100 hours in a week!!??? That's 7 x 14 hour days! Crazy!
@apshamilton(73)· 2701d
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.
@guysellars(66)· 2701d
Is there a distinction between security and utility tokens?
@drtarts(61)· 2701d
This is big if its legit and safe. When can USD be used to straight up buy #Steem / #SBD?
@greencross(70)· 2701d
great news indeed thanks for this.

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@technium(59)· 2701d
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.
@dramatoken(62)· 2701d

You've got DRAMA!

^{To view or trade DRAMA go to steem-engine.com.}
@whatsup(76)· 2701d
This is exciting! Nice job guys! This is a dramatic announcement

!dramatoken
@teamhumble(74)· 2701d
congratulations, incredible progress in one month! wow.
@balte(71)· 2701d
Steemengine ist great- best regards!
@soyrosa(75)· 2701d
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.

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.

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!
@petertag(63)· 2701d
Wow that was quick! Great job guys, can't believe @someguy123 got a matching engine together that quickly, and free trades is awesome!

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@ivansnz(73)· 2701d
this is big news!!! this i really a cornerstone moment and i am proud to witness it. youg guys rock!
@informatio(42)· 2701d
steem project is becoming more powerfull
@ivansnz(73)· 2701d
$rewarding 100% 11min