BEOS - Alternative proposal for Bitshares 3.0

in bitshares •  2 years ago  (edited)


In previous post Should Bitshares adopt EOS blockchain?

I described various options available to upgrade Bitshares blockchain with latest EOS tech.

In this one I will share my current thoughts on the most interesting option, in my opinion.
Lets call it Bitshares on EOS or BEOS for now, till someone comes up with a better name.

Bitshares 3.0 = Bitshares on EOS = BEOS

This way Bitshares gets a powerful new engine and compatibility with other EOS based blockchains and decentralized applications.

To get Bitshares onto EOS blockchain we can make an EOS clone with BTS (likely with a new symbol) as a base token.
Current Bitshares functionality would need to be implemented as a native contract on BEOS.

Migrating to BEOS blockchain can be done in steps. Both Bitshares 2.0 and BEOS can run in parallel during transition phase.
If there is no community consensus to "pitch fork" (kill) Bitshares 2,
Bitshares 2.0 and BEOS could permanently split "hard fork" and continue along separate development paths.

There are several options on BEOS token distribution to consider. Among them:

  1. Should current BTS holders get same number of base tokens on BEOS?
  2. Should additional BEOS base tokens be issued to fund development?
  3. Should EOS token holders be share-dropped any BEOS base tokens?

Lets continue this discussion, please add your thoughts and invite others to join in!

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In the long run, Bitshares 2 will not be able to compete with BEOS. I think it would be illusory to run BTS2 in parallel with BEOS. A DEX needs a lot of liquidity to take-off and there is no point to split it between two clones, BEOS having a total technological advantage. I like your BEOS idea A LOT ! From my point of view, I would prefer to do a pitch fork from BTS2 to BEOS. Imagine, an unlimited tx/sec low latency DEX with no transaction fees (no need for BEOS block producers). The scarcity (value) of Bitshares would result from using it as collateral for BitAssets (like HERO).

I agree and would prefer to pitch fork BTS 2 to BEOS, but this will require getting community consent.
Also, there is benefit to running both BTS 2 and BEOS in parallel during transition phase to ensure BEOS runs well before shutting down BTS 2.

  ·  2 years ago (edited)

Fun fact. Did you know, I coined the term 'pitch fork'...? as it applies to Blockchain technology anyhow. I had the Larimers laughing out loud with that one in the pre bts 2.0 days... and now it's common parlance. hahaha.

  ·  2 years ago (edited)

Wow, did not know that :)
First I heard the term was from Stan.
What are your thoughts on my proposal?

  ·  2 years ago (edited)

dex will require sequential tx processing and there are downsides with bandwidth model because you will keep running out of bandwidth unless you have a lot and thus can't run a bot properly. fee model lets you place orders when you want to at high frequency. bandwidth model tells you when you can place orders.

bts can be upgraded to lower latency dpos 3 form without using bandwidth model or inflation. bandwidth model requires inflation, while bts has no inflation.

What do you mean "bandwidth model requires inflation"?
Bandwidth model just takes your personal amount of VESTs and divides it by the total amount of everyone's VESTs and that's the % of transactions per second you can do.
So if 100 000 transactions per second are possible and I own 1% of all VESTs then I can do 1000 trx/s no?
Where does inflation come into play?
Thanks!

I don't think there will be a problem with bandwidth model provided bot owner has some base tokens staked to reserve required bandwidth.
Transaction fees are an obstacle to adoption and use and removing them is the right thing to do.

On a long enough timeline, I feel like it's inevitable that BTS should hop onboard the EOS train. However, there's no rush, and I know from personal experience that attempting to change course or reach consensus on BTS, requires a herculean effort. It will take A LOT of convincing of A LOT of stakeholders that such an effort is warranted. I predict it will happen by mid 2020 or early 2021.

In my opinion Bitshares will have to jump onboard EOS sooner rather than later, or risk falling behind and into irrelevance. One year at most is how much time Bitshares community has to make the move.

Well, I like your idea, and I agree that sooner than later would be preferable, but I have to say I don't have much faith that the Bitshares community can reach consensus on such a move without pain as a motivator.

Question: Presuming BTS remains an island unto itself, and doesn't make any moves to pitch fork itself to a BEOS style chain, how soon do you think an alternative decentralized exchange will be up and functional on EOS, with a network effect and resulting volume sufficient enough to possibly compete with Bitshares?

  ·  2 years ago (edited)

Things are moving fast in blockchain world.
Bitshares has 1, maybe 2 years max.
Likely less.
If Bitshares community does not jump on-board, EOS train will leave without them.
EOS already has a simple exchange contract working, this contract can be developed further to include all current Bitshares functionality.
https://github.com/EOSIO/eos/tree/master/contracts/exchange


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as someone who was considering joining and investing in the BitShares communitiy in the past few weeks, Coming across this EOS tech and the idea of a BitShares merge with them and possibly their community would have me racing to be a big part of this! I see only an amazing outcome if this were to take place!

Looks like BTS is about to rocket, if you want in you may want in soon. Just a heads up.

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If Bitshares will adopt EOS technology, it will skyrocket BTS pretty heavily.
It will become the most advanced DEX and will thrive against centralised exchanges =)

Hopefully they will run the 2 coins in parallel without any split. That will empower the 2 communities : BTS and EOS
Just like a partnership basically

Bitshares and EOS communities are currently separate, but could merge if wanted.
Among BEOS token distribution options are:

  1. All tokens go to BTS holders.
  2. Some tokens go to BTS holders and some to EOS token holders.
    Second option would attempt to merge these two communities.

No need to sharedrop the EOS crowd. They already benefit greatly by the mass user migration.
I would say sharedrop the BTS holders and have some new BEOS tokens go for development + an ICO to get new users on board the BEOS DEX

It will be the fairest option indeed =)

I suspect it will be hard to come up with a distribution formula that will be satisfactory to both communities..

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  ·  2 years ago (edited)

bitshar[EOS]
EOShares

***Sharedrop sounds great, but bitshares needs to be modified... its not enough that it just changes engines ... bts should be replaced with EOS itself or some other overlaying inflating assets where (Bitshares eliminates fees) ---- very important

  ·  2 years ago (edited)

I am not sure what you mean.. You want transaction fees eliminated? That will come with migrating to BEOS.

Great then. We can expect this to happen then.

Just out of curiosity; what are the transaction fees of bitshares? and how do they relate to the normal network transaction fees of let say bitcoin (which can be very expensive). Would they be added together for each transaction on a exchange like openledger?

fees on bitshares are low ( a few cents per transfer, but not free as on steem or eos)

But on top of that the network transaction fee must be paid as well?!

Network transfer fee is a few cents, trading fees can be zero or more depending on asset.