Great meeting. Since no one seems to want to pick up the work on layer 1 SMTs at the moment, I was thinking about this possibility: For a long time we were comparing the possibilities of layer 1 SMTs vs a second layer smart contract solution for ALL SMTs, but what if there is a third option?
What if every dev who wants an SMT simply creates his own sidechain. This would allow him to implement all the smart contracts that he needs, and would remove the reliance on hive-engine.
And this would be as decentralized as hive-engine currently is, if not more, as soon as the code is open-sourced.
This would be made easy by @blocktrades work which will facilitate second layer developments on hive in the next few months.
What do you think of that? I don't know all the technical consequences of that would love a comment from you on that.
This is basically solution 2 I think.
Think of ethereum, anyone can create tokens with smart contracts. The only thing that makes them interoperable are standards (ERC-20/ERC-721 etc) but in practice anyone can do whatever they want with it and create their tokens how they see fit.
So no need for multiple side chains as we can definitely have that on a single side chain.
Afaik the solution blocktrades is creating is going to be different from what hive engine is doing and will not depend on it so if you are worried about hive engine centralization, worry no more, as they will be two different system :)
Amazing. Thanks for the answer!
cosmos has a similar setup where anyone can create their own chain. As long as the layer 2's can communicate, we are good. It needs to be a seamless experience.
Thanks for the comment, had to go refresh my memory on cosmos. Building sidechains is good, but it still requires having many node operators to be decentralized. It's almost like starting a new blockchain which can be very hard.
The big selling point with Steemit's SMTs was that I could create an SMT myself without any experience, just a few clicks. I will be very bummed out if we don't get something like that. Whether layer 2 or layer 1, we need a UX like that.
Few clikcs for an SMT, no sidechains needed. Simple and efficient.
And we will probably get that experience :)
Remind me to Ardor and their blockchain as a service technology and their child chain technology. Not sure about the innerworks but it was some of the tech that also Komodo adopted for inter-chain communication as well as atomic swaps.