Token Issuance and Management Limitations: There is no integrated system for issuing and managing tokens or NFTs on the STEEM blockchain.
I am skeptical that anyone wants to create layer 2 tokens on Steem. Steem Engine created a burst of activity and then it gradually became clear that nobody really cared about the vast majority of tokens created with it. It is easier than ever to create tokens on chains which are better connected to the larger financial world than Steem is, in that environment why would they want to do it here? Steem Engine wasn't that great. The Hive version doesn't seem to be that great. Why re-implement an idea that seems like it has already failed?
Without smart contract support
Wouldn't it be better to try to be better-integrated with a larger chain that has smart-contract support than to implement a side-chain that will probably not be widely trusted by outsiders?
Very good points here... Interested to hear the answers. It doesn't do us much good to build things if there is a high probability no one is going to use them.
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When evaluating the current state of the STEEM ecosystem, it’s evident that even if STEEM-based dApps are developed, the actual number of active users is likely to remain limited to around 100–200. This is a very small user base, and considering the costs and time required to develop a dApp, it’s highly unlikely that any team would invest in creating a service targeting such a small audience. As a result, many projects either rely solely on DAO funding or leave the STEEM ecosystem neglected altogether.
Moreover, building a project on STEEM faces fundamental challenges. For instance, to reward users, projects need to provide STEEM tokens. However, the source of these tokens often remains unclear. Additionally, even if projects can offer STEEM rewards, they would need to guarantee a return on investment (ROI) higher than what Vote bots offer to attract users. This is an incredibly difficult task and has proven to be a significant roadblock for many projects.
This is precisely why the Layer 2 system is essential for the STEEM ecosystem. While the demand for supply exists, the current development environment does not allow this demand to be fulfilled. A Layer 2 solution can address these challenges in several ways:
Improved Development Environment: By enabling features like smart contract support, Layer 2 systems allow developers to create dApps more efficiently and effectively.
Optimized STEEM Utilization: New economic models introduced by Layer 2 systems can overcome the limitations of the current STEEM-based reward system.
Ecosystem Activation: By improving the development environment, more projects will be launched within the STEEM ecosystem, naturally driving increased user engagement.
In conclusion, a Layer 2 system is critical for the growth and sustainability of the STEEM ecosystem. It bridges the gap between supply and demand, enabling a more robust infrastructure for projects and users alike, ultimately revitalizing the STEEM ecosystem.
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I see. Thank you. Do you think a layer 2 system will actually be used by many projects or developers? Will it need to be marketed?
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When Layer2 is developed, an environment will be created where many developers can develop various dApps through the token reward system. You can also develop meme coins like PUSS.
If this environment is created and there is a dApp with a good idea, you can support it through DAO.
The success of the project will depend on the ecosystem and support.
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Yes, as you said, Dev can develop tokens by connecting to other blockchains, but managing those tokens with STEEM accounts is very risky.
You can see that many multi-chain projects are always exposed to vulnerabilities due to hacks and bugs, and there are many cases of damage caused by hacks and bugs.
Also, multi-chains do not use STEEM. There must be technical elements that can simply link and support STEEM accounts.
I am actually developing and operating M2E+P2E services, but I am not connecting to STEEM. I do not want to take the risk of supporting multi-chains.
Currently, there is no environment for creating projects using the STEEM blockchain, so it is nearly impossible for large-scale projects to be created on the STEEM blockchain.
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