The Day Long Awaited For: SCOT Released

I love to see things starting to fall into place.

The past year saw a lot of us get anxious over certain things in anticipation of their arrival. The Steem blockchain has so much to offer. We have a few things in the pipeline that could take this to a much higher level. MIRA, SMTs, and communities are all features most of us were excited about. Unfortunately, due to issues with Steemit Inc, much of this was delayed.

This sent the community into action. One of the team, the ones behind Steem-Engine, is doing a wonderful job helping to fill in the void. It not only gave Steemians an exchange to trade tokens on, they also created smart contract capability that turns this ecosystem into a token factory. Now, anyone can develop a token.

Yesterday, another major step forward was presented to the community.

Source

SCOT was designed using the SMT White Paper. This is a layer 2 solution that was not brought out as promised by the main development team. Running on Steem-Engine, it allows anyone to create their own community based token, similar to what was promised with SMTs.

This uses the same Proof-Of-Brain concept that Steem is known for. All the attributes of STEEM are now applicable to the new tokens. The goal of the SMT program was to enable people to develop "mini-Steems".

What is nice about this feature is the SCOT system enables communities to have their rewards posted in their token. Instead of it appearing in STU, it will be shown in "Bob" units. It enables the entire process to lay on top of Steem.

Being a layer 2 solution means that it does not affect the code of the blockchain at all. This provides another huge advantage in terms of the pace of development. Since the code applies only to SCOT, and not the entire blockchain, updates can be constructed much faster. This also provides the ability to integrate feedback very quickly. If there is a feature you want with your token, there is a chance others want the same. The updates can be done without the hassle of testing the entire code for the base layer.

Applications that are seeking to implement a token reward system to incentivize their users should consider this option. From my understanding, this is only going to enhance the SMT program when it does finally get released. Steem-Engine is intent on becoming one of the leading exchanges in the crypto-economic sphere. This means integrating with a number of different type tokens. SMTs should be part of the process I would imagine.

Speaking of integration, part of the announcement yesterday was a future plan for bringing EOS onto the exchange. This is another step in providing a global exchange that can service most anything desired.

EOS is one of the larger blockchains with token creation only bested, to my knowledge, by Ethereum. At this time, there are hundreds of tokens that are on that blockchain that will be available through Steem-Engine when this is complete. Integrating with other blockchains is vital to token portability. The entire industry is a bunch of islands right now. Moves like this start the process of joining everything together.

Steem-Engine already hosted a STO. This is another vital aspect for the future. @aggroed has the goal of becoming another "NASDAQ", hence being able to tokenize securities is vital. This is an enormous market. Security Tokens are going to dwarf cryptocurrencies. This is one of the few exchanges of this type that I saw mention this enormous potential. In addition to companies, real estate and other assets can be tokenized.

The intention is to have all that taking place on Steem-Engine, which is part of the Steem eocsystem.

Things are starting to move very quickly. This is an exciting time to be involved in cryptocurrency and Steem.

Here is the announcement post:

https://steempeak.com/steem-engine/@aggroed/scotbot-launch-time-to-make-your-own-custom-token-powered-by-proof-of-brain-on-steem

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