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RE: [IN]sider Report 18/01/2020

in #steem5 years ago

Thanks for the article about Steem!

Now, whether the pump was actually caused by the announcement or whether it's another reason (i.e. a delayed pump due to SMT testnet, etc), nobody can really tell.

Also, I think it's important to mention that "Steem" has NFTs on a 2nd layer. NFTs aren't part of the Steem protocol, rather they're part of Steem Engine, which is a 2nd layer product. For anybody who isn't really sure what a 2nd layer is: a software that is utilizing the blockchain for the storage of data, with the business logic being off-chain.

Usually, 2nd layer solutions are far better than what the mainstream is providing and also, they're a great way for a blockchain to be scalable. For example, Bitcoin and Ethereum will need to rely on 2nd layer solutions, otherwise, they're not able to scale.

With this said: Steem Engine is a great product and I don't want to reduce the hype around NFTs in any way!

Especially since I know that a governance model for the Steem Smart Contracts (the underlying smart contracts 2nd layer platform Steem Engine uses) is currently being developed. Which means: the same way that Witnesses govern the Steem blockchain, soon Witnesses/Block Producers will govern Steem Smart Contracts, and thus also the Steem Engine NFTs. (at least based on my current knowledge).