Should Bitshares adopt EOS blockchain?
EOS is the latest blockchain created by Dan Larimer, who also led development of Bitshares and Steem.
When released in June of next year EOS will likely be the most advanced blockchain in the world, with unparalleled capabilities, massive scalability and low latency, as well as smart contract support.
EOS is currently still in development, but has reached a pre-release status of 1.0 DAWN and is ready for early smart contract development to be ready at launch.
There has been talk of Bitshares moving to EOS when it is ready.
This idea deserves a discussion.
Bitshares can adopt EOS tech in several ways.
Implement Bitshares as an EOS contract.
Implement Bitshares an EOS clone.
Adopt best EOS and Steem improvements without moving to another blockchain.
Each of these options have advantages and dis-advantages that should be considered.
I raised this topic on github and @xeroc made a comment about the first option being less than ideal. Here is what he wrote.
I had plenty of discussion about this with Daniel Larimer and we believe that it makes no sense business-wise to implement BitShares on top of EOS. BitShares is a (potentially profitable) DAC (company) while EOS rather compares with a sociaty. The economical models behind those two is so different that I personally prefer BitShares to stay on its own Blockchain.
For instance, a BTS token on EOS would have no value, because it cannot vote for producers and does not earn any fees (even if the smart contracts have a fee associated, that fee part of the code can be removed and the fee-less contract can be deployed as alternative).
What can make sense is to leverage the lessons-learned from EOS and integrate parts of their code into BitShares - for instance their RPC interface seem to be quite nice.
Option 2 is to clone EOS and make Bitshares base token of the blockchain with all the vesting privileges. This approach makes Bitshares an EOS blockchain,
maybe even the first one :),
with all the advantages.
Option 3 is for Bitshares to stay separate and on existing blockchain. If this option is picked than these items need to be considered.
- Need to adopt best features of EOS (and Steem) in Bitshares blockchain.
I would suggest considering dropping transfer and maybe even trade fees in favor of metered model of Steem and EOS. This is would increase adoption and improve ease of use.
Need to consider that if Bitshares does not move to EOS, another DEX contract will be implemented by somebody and that DEX will be in competition with Bitshares.
EOS will be very scalable and run with low latency (sub-second), which will be a significant advantage long term over- Bitshares, unless it adopts same tech.
Lack of smart contract support in Bitshares is significant disadvantage vs EOS.
If Bitshares stays separate it will need to inter-operate with EOS as well as possible and this too needs to be planned.
Please share this discussion and add your thoughts!
Excellent summary of the issues. I'm not saying which is best, but I do support having a development team working on how best to leverage what EOS is doing for the industry.
Yes, that is why I am trying to ignite this discussion. Please invite dev team to this post. Thanks
Continuing this discussion in "BEOS - Alternative proposal for Bitshares 3.0"
https://steemit.com/bitshares/@slavix/beos-bitshares-on-eos-alternative-proposal-for-bitshares-3-0
I think EOS has massive potential for widespread adoption. A few of my friends are very much into developing are very optimistic about what EOS is attempting to do. I agree that it is certainly a disadvantage of BTS to not have smart contract support.
Is it possible that they integrate in the future? Sure. I can see it happening.
Really wish EOS ICO period was not so long. Undermines the value of such a great project.
Platforms take time to build... dApps need time to build ... Also, once the block chain is live, a change,fix or upgrade will take much much longer .... Also "In Stephen Covey's The 7 Habits of Highly Effective People, Habit 7 centers around the idea of “sharpening the saw.” This concept is illustrated in an anecdote where a lumberjack is toiling away, trying to fell a tree with a dull saw (ETH?) ... The lumberjack barks back that he is too busy cutting to stop and sharpen his saw." - imagine how much value a full year of easily tested and implementable Research & Development will bring.
I believe this answer, while perhaps true, missed the point of the previous comment. The comment related to the length of time during which coins are distributed, not the development time.
Just a small comment here, bitshares is already taking the best from steem. Just last week we added some changes in the p2p code from steem into bitshares(https://github.com/bitshares/bitshares-core/pull/412). We do this all the time, we are always consulting steem codebase, copying them, seeing how they solved stuff and if their improves can fit. Not everything they do will fit us, they are chains created for different purposes but they are sister projects always in coordination.
I have the feeling that the same is going to happen with EOS, bitshares for sure will get the best of them and implement into its already live blockchain.
In regards to what of the 3 options are going to be the best for bitshares-eos integration i am honestly not sure yet. I will have an opinion but by now i am more in the side of stay separated until i do more research on it.
How about dropping transaction fees in favor of metered model for Bitshares?
Any support for this idea?
How about bringing SMTs to Bitshares?
i honestly don't see the bitshares community discussing this 2 items at this time at least:
i do see however a logical interest on getting bitshares into EOS or something like that even if nobody know yet how it will be done. It is good to have this discussions and start thinking on a roadmap on how that it will work, by now, there is no clear consensus.
If wanted, Bitshares can adopt same metered model for transactions (maybe only some, transfer for example) used by Steem and EOS. Removing transaction fees would improve usability.
If Bitshares could issue SMTs, it could compete for the same market as Steem SMTs.
In my opinion Bitshares is already falling behind latest in blockchain tech after Steem came out and with EOS development, Bitshares must adopt better tech to stay relevant.
SMT is essentially a custom UIA and if Bitshares does not want to get passed as an option for ICOs it needs more flexibility and more custom UIA options.
Since Bitshares does not now have the built-in code to do smart contracts, and is threatened to be an obsolete block chain technology when EOS is rolled out, what about the Bitshares developers just focusing on making Bitshares a great DEX? What's wrong with this strategy?
"making Bitshares a great DEX" - meaning what?
My question was premature. Sorry! I may raise it again after I've done a fair bit of trading using Bitshares and have specific suggestions to make.
img credz: pixabay.com
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