So far roughly a dozen tribes have started the process of transitioning from the Steem blockchain to the Hive blockchain. Two have completely switched already and have begun posting on Hive and also earning tokens on Hive-Engine. It's a good start. A little rocky as we work out the kinks, but seems pretty stable now. Thank you @eonwarped for making that possible and adding some nice speed enhancements along the way.
As mentioned before we're reimbursing up to 100% of the costs of the transition and asking tribe owners to contribute some. The range has been pretty wide. Some tribe owners haven't asked for any reimbursement and some tribe owners have requested 100%.
Steady as she goes
The plan set forth in the Remedy post isn't changing. You still have this weekend to contact me and arrange a transition and be eligible for a 100% reimbursement. After that it'll go down to 50% maximum reimbursement through May 1st. After May 1st the transition period will be over and anyone looking to switch chains will be required to pay in full. If you've started the process and have experienced trouble we'll figure something out. This isn't meant to be punitive, but it is meant to set firm deadlines and incentives to move.
How do I transition my tribe?
- Deposit hive into hive engine
- purchase Bee off the market
- create your token
- issue one to yourself
- in the wallet enable staking/delegation
- contact aggroed in discord to request a reimbursement. Please provide screenshots of your payment(s).
- contact @eonwarped to transition your tribe
EM and EMFOUR
We'll be sun setting EMFOUR. Any holder of EMFOUR will receive an airdrop of 4 EM for every EMFOUR they own and we'll remove EMFOUR from the market.
We had planned to introduce the P2P system sooner, but with the Hive hardfork it's been delayed. Once the airdrop (see below) is done we'll commence on a switch to the witness system. Witness system voting will be based on ownership of EM or WORKER BEEs. So, if you're interested in governance or witnessing of either Engine chain you'll want EM and WORKER BEEs. More details to follow as we get closer to launch.
ie you'll vote for witnesses with your staked EM/WORKER BEE not with your ENG/BEE.
After May 1st
This is what I'm proposing. I'll host another forum on Tuesday at 10am Eastern on April 21st in discord. If you have questions or comments about this plan that's the best time to discuss them.
Many people hold ENG/EM/EMFOUR and are wondering what the future holds for them. I'm currently targeting a series of airdrops that would commence on May 1st. It will require ENG/EM to be staked and not in the unstaking process for it to count towards the airdrop.
At the time of this writing we're targeting those airdrops to DOUBLE the ledger value of holdings of ENG tokens as BEE based on today's, April 18th 2020, values (steem $0.1548, Hive $0.1357, BEE $.1357, ENG .01902, EM $15.48, WORKER BEE $0.1357).
To do this anyone that holds staked ENG will receive 0.12 BEE over the course of the airdrops for each ENG they have staked.
Similarly, for anyone that holds EM staked they'll get 12 WORKER BEEs over the course of the airdrop. (Note WORKER BEEs will cost 1 Hive where as EM cost 100 STEEM).
People will have the option to convert ENG/EM --> BEE/WORKER BEEs (EM equivalent) directly (don't have to sell on the market) at market rates in a one way conversion that will burn any incoming tokens used to do so. This process is open currently and will be until the end of the year. Market rates will be updated manually at intervals reflecting at least moderate changes in market rates.
Please use this tool for now if you're interested in converting from ENG/EM --> BEE/WORKERBEE. Start with small values to test it before using larger amounts.
Costs down, enforcement up
It's taken a while to grasp the cost structure that each Tribe costs to maintain. It turns out each tribe has a set cost to Engine regardless of the chain. There's a set server cost, and roughly 30 minutes of labor attached to each tribe per month. Going forward I'm setting a minimum of $50/month cost to each tribe. Larger tribes may be billed more if we have to upgrade servers or find more time is required for them. If you'd like to not have that cost you have two options. Tribes may host their own tribe on their own server. You're welcome to do that. Contact us for help. The other option is to stake BEE/ENG.
Previously, the pricing had been based on numbers of services used, but we're sun setting that. Going forward it's a much simpler model. For every account holder holding more than a dust amount of tokens for your tribe you need to stake 1 ENG/BEE (ENG for SE tribes and BEE for HE tribes). I'm putting in a cap at 5000 ENG/BEE. So, as long as your tribe has 5000 BEE/ENG staked we'll cover the costs of the server.
For tribes with the minimum number of services this is no different, but now clarifies some options. For tribes with multiple services this is a stake reduction for you. The cap is new and beneficial to tribe owners.
This will go into effect on June 1st for all tribes. We're planning on checking once a month if you have enough ENG/BEE staked. If not you'll receive notice to increase your ENG/BEE amount, pay $50, or run your own server. Failure to pay, change servers, or stake more tokens will result in tribe instance being ceased and your token no longer trading on the market. If you're under financial distress and hardship kindly contact me in Discord to discuss a plan.
Yes, delegated BEE/ENG counts for this.
If you have questions the best time to address them is this Tuesday at 10am Eastern in the Discord meeting.
General Policy Notice
In the event of future hardforks the following will happen:
In a hardfork where the chain is upgraded by the elected witnesses without contention Engine will upgrade anything necessary along with the witnesses.
In a hardfork where split (sister) chains are intentionally formed Engine will make a decision of whether to support the newly formed chain. In the event of a new chain being supported a new Engine will be created with balances starting from zero. No airdrop or benefit is guaranteed to holders in the event of supporting a new chain.
In all likelihood Engine will continue to increase the number of chains supported with this technology. Whenever a new chain is supported a new Engine will be created and balances will be set to zero. No airdrop or other benefit is automatically conveyed to holders of any other token on any other layer 1 or layer 2 chain.
In the event of a chain halt, unintentional fork, or blockchain based obstruction of Engine's ability to function Engine is not responsible for lost access to tokens on a temporary or permanent basis. Efforts may be made to help users by switching balances to other chains where possible.
HIVE/SWAP.STEEM trading now live
Hive/Swap.Steem is now live. If you'd like to deposit steem on hive-engine you may now do so. Similarly, you may deposit hive onto hive-engine to receive swap.hive. Please note that prices are different between hive engine and steem engine. Hive Engine tracks the price of hive/steem (1.2 at today's rate) where as Steem Engine tracks the price as Steem/Hive (0.83 at today's rate). Just be cautious as you're trading.
If you'd like to test other deposits please do so, but start small as we work out the final kinks.
Liquidity Solution - Market Maker Smart Contract
We're working on a smart contract market maker. This will allow users a free and a premium way to passively trade on Engine. Liquidity is essential to the exchange and giving everyone the ability to be their own market maker I think is a step in the right direction. Hopefully we'll have more news to share by the end of May.
Marketplace
Things are still moving along on turning Engine into a marketplace for goods/services/listings/ and rentals. The hardfork has slowed progress somewhat, but development is ongoing. Hopefully we're launched by the start of Q3.
Restricted Stock
As mentioned before we had previously partially paid developers with ENG tokens. We're not going to be doing that going forward (with the rare exception of developers who work for engine that are also building games on the platform and need the BEE/ENG). I'm in the process of creating a restricted security for the developer team, and the team members are voluntarily switching to an equity arrangement going forward.
We're pretty excited to be one of the first tribes to be on Hive-Engine and I have to say, the process was fantastic to move over once we got everything cleared up. Huge thanks to @eonwarped
Appreciate you working with the tribe owners and finding a solution, as a lot of us we're scratching our heads on how to make this move.
So far, it's been great :) Looking forward to more advancements and development of Hive-Engine going forward!
Did a SWAP.STEEM deposit to @graphene-swap on Steem, but used an encrypted memo. Hasn't shown up in balances at https://hive-engine.com/.
Perhaps encrypted memos are not supported? Would encrypted memos break auditability?
The UI also needs some work in the near future to make it faster and more user-friendly. It can be frustrating sometimes trying to trade on Engine.
I second that. Although I understand it was not it's initial purpose.
Yes.
Glad to hear that Hive-Engine is booting up. This fork has made me much more interested in this platform again. Curious to see how it all goes!
@tipu Curate
Great update this sounds good to me
Upvoted 👌 (Mana: 12/18)
This will clean at least a bit of the "nonsense" tokens out there. And hopefully put in place more external investment.
I curious @aggroed, if long term, when and if the HMTs get implemented, you will adapt to HMTs or depending on the public reaction it can happen that at least part of the Engine services become redundant?
I don't believe it will happen that way, unless its planned, but I am building my cautious mind.
Engine brings a lot of value to the chains, and I understand development and services cost, but I have the feeling that this fork really hardened/stressed a lot of relationships which before were at least more positive.
Either way, wish everyone a great future. I will be around as always.
Thanks for the update on this. We are just about done with our transition to Hive.
Please create hive engine discord server
Did I miss something or do you have plans for non-tribe owners, for instance those who have created tokens & NFTs?
I have 2 NFTs ( actually 3, but only 2 I care about ), and 1 token. Is there a plan setup for me to easily transfer these over to hive-engine, or do I have to pay the creation fee again? Non of my tokens have been issued yet, does that make it easier to port over?
go port them over. Today is the last day I'm reimbursing 100%.
How? I don't see a place to create NFTs on Hive-Engine...
if you want to send Hive from SE to HE you have to withdraw to your wallet first? So one must pay fees to get them out and then fees to get them moved over and back in HE? Is there a more efficient way of doing this and if so do you have a link?
Good information
Man! There is a lot going on and to learn! Looking forward to knowing more.
Keep up the good work guys!!
I'm reading this and... really it's like what am I reading. I don't really know.. what happens with the money invested and 100 steem worth of em4 is now worth 4 steem? Well I'll ask around on this topic. Well if I'm winning the 90 mil jackpot I'm just buying steemit and that stake so it will be safe for the future. This is very confusing for me.. the thing also 1 could block your funds on blockchains... like banks can... that was the first thing I wanted to go on blockchain no blocking of your funds.
Nicely chalked out
Hello @aggroed
On https://converter-api.hive-engine.com/convert/ in the "Convert to" pull down menu BEE is missing. Just want to look if there is a rate given in advance for ENG->BEE but BEE doesn't appear in the pull down menu 😔
Enjoy your day!
@peekbit
Wow big plans. Thank you for your great work @aggroed.
Discord link is broken.
Can you please swap blokz / steemdrops tokens over to hive-engine. I just saw this post, haven't been able to catch up on posts as I have a sick child and this whole covid fiasco... Thanks.
Do I stake the workerbees