Thoughts on Steem Engine

Today I tried Steem Engine for the first time. Using Steem Keychain to log-in, I was able to sell some tokens built on the platform and exchange them for Steem. The service worked as expected and they took a 1% withdrawal commission, I am now a few airdropped tokens poorer and a couple of Steem richer!

The website https://steem-engine.com is relatively user-friendly, attractive and easy to use. You log-in with Steem Keychain, an app created by @yabapmatt which safely stores your active keys. Once you are connected, you can look into your wallet, buy, sell and create smart contracts. I noticed there aren't many users, especially buyers. Inevitably most of the tokens will go to zero but some of them, which represent a future claim to value may go up. Not that I am suggesting you invest in any token here as you will probably lose your hard earned Steem.

Creating a Token With Steem Engine

It doesn't seem very difficult to create a token, you buy 100 ENG tokens (1 ENG = 1 STEEM), fill out a few parameters and you have your token. Anyone can create a token who has a Steem account and 100 Steem ($35.00 at the time of writing this.) So be careful as many of them will be absolutely worthless and useless.

Legal Advice

Steem Engine also offers legal advice when creating tokens or for launching Crypto projects, for more information you can read about it here. I can't comment on the quality of the advice or the validity of it, however, I applaud their efforts. Many projects, ICOs, Tokens, sidechains etc. we've come across could really benefit from legal advice. I am not a legal expert but have seen blatant violations of the law especially with some casinos and gaming sites.

Summary