The future of Steem-Engine Tribes on Hive-Engine

6 months ago
(edited)
2 Min Read
416 Words

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If you have a Steem-Engine Tribe, there are some things you should know about the transition to Hive-Engine.

You will be able to move your Tribe to Hive, there are a few options.

  1. Your Tribe indexes posts on Steem/Hive or both and uses Steem-Engine for tokens
  2. Your Tribe indexes posts on Steem/Hive or both and uses Hive-Engine for tokens

If you choose to stay on Steem-Engine, there will be no changes required to continue to operate as you always have.

If you want to use Hive-Engine, you will need to migrate your tokens and pay new fees to use Hive-Engine.

Moving your Tribe to Hive-Engine

While this feature is not available yet as Hive-Engine is not available yet, we do know some of the details already.

There no longer will be an ENG token, it will be replaced by a new token called BEE. The BEE token will be pegged 1:1 to Hive and will be the only token accepted to pay Tribes fees. Existing ENG will continue to be used for Steem-Engine functionality.

Hive-Engine Fees

  • 100 BEE - Token Creation
  • 1000 BEE - Staking
  • 1000 BEE - Delegation

Typical Tribe Migration Costs

  • 100 BEE - Main Token
  • 100 BEE - Standard Miner Token
  • 100 BEE - Mega Miner Token
  • 1000 BEE - Main Token Staking
  • 1000 BEE - Main Token Delegation
  • 1000 BEE - Standard Miner Staking
  • 1000 BEE - Mega Miner Staking

Typical Tribe will need to buy around 4,300 BEE (cost 4,300 Hive / $1,300 USD) to migrate their Tribe to Hive-Engine.

It will be your responsibility to air drop tokens to your user base on Hive-Engine matching the liquid and staked tokens that exist on Steem.

ENG has already lost the majority of it's value, I can't see it being worth anything in the near future as a result of these changes.

At this point, I'd rather just wait out Hive Media Tokens (or whatever they will be called) and migrate to a first layer solution. I firmly believe Hive will have them out far before Steem does and I even doubt Steem will ever launch SMTs at this point to be honest.

The reliability of Steem-Engine and Tribes has been really poor and I can't see paying the fees over again for the same level of service.

Will you migrate your Tribe to Hive-Engine?

What are your thoughts of these changes?


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