RE: Steem Passing Ethereum
Smart contracts are code running on Steem - for example the conversion from SBD to STEEM is a hard-coded smart contract. The only reason smart contracts are valuable is because they are publicly visible and usually, if set up the right way, irreversible.
Meaning: if I start a conversion from SBD to STEEM, I know what I will get - of course based on parameters.
If this "conversion" would be based on a custom_json with a "smart contract" off-chain aka. normal code, then the result would be based on the private code, which I have no insight into, since it's not publicly visible.
So saying that Steem has now smart contract capabilities (besides the hard-coded ones) is wrong and misleading. Steem has many strengths, but custom smart contracts are not one of them.
I think you and me have different definitions of what running on means.
I am an active user and supporter of offchain solution on Bitcoin and as such your definition confuses me.
So what being made is not a sidechains or metachain?
I was reading was made as a metachain like Omni and Counterparty.
Where a protocols uses opt codes in this case " custom_json" and create a blockchain on top of bitcoin. You can use a software ie a omni node and read everything that using the opt codes. As such smart contracts are made on top of the blockchain ie omni case bitcoin thus extending bitcoin uses case. (This is not scaleable bc Bitcoin doesn't believe onchain as the future but Bitcoin cash applies to this more but Omni is still used more aka BTC)
Sidechains are kinda like metachains but instead of using the existing chain ie main net it uses the main net coin and extends the use cases by making a separate blockchain. Thus giving Bitcoin smart contract support as well but in a much more scalable way and letting it work with changing the main coin.
RSK and Liquid are two examples of this.
As long as the "*private code" can be viewed by a common software ie second layer consensus then it smart contract powered by Steem. Steem then for has Smart contracts.
*thus not private.
Hence why I think metachains apply.
Of course I don't what exactly was made that @taskmaster4450 was talking about but that what i got form a quick reading
I'm actually a big believer in side-chains. For example, a dpos chain which would extend Steem with smart contracts would be the correct approach, in my opinion.
However, I don't believe in off-chain solutions without side-chains for confidential things, such as tokens.
Now, I'm not sure what you mean with:
Care to explain it more detailed?
By private code I assumed you meant a custom_json and referred to that as private bc it not publicly visible as in not on the main chain. Was that not what you meant?
I to be honest did not read much about the token thing being made but from my quick reading it was a metachain:
If it not the case sorry about it then and the token and smart contract platform being made should be modified to be that.
Also I think a sidechain can be made now if someone wanted to code it without any changes to the Steem code.
custom_jsons are still on-chain, but the nodes that are processing them aren't. You could, of course, create a whole dPos system around it.
Engine would probably be classified as a metachain as you are describing.