THE EOS TEMPTATION
If Ethereum has been the most used platform for the ICOs so far, it has been mainly used to raise money and not to launch final products (no use of the token by the masses).
Many companies looking for investors with an ICO are immobilized in the Ethereum platform as they are waiting:
1/ to finalize the project described in their white paper,
2/ (but mainly) for Ethereum to reach scalability with thousands of tx/sec.
Ethereum has some limitations:
It accepts around 15 tx/second, which means that if 2% of the ICOs went into prod, the network would be saturated,
Founders talk about reaching scalability from 2 to 4 years for Ethereum
Some fees are high and fluctuate (0,3 dollar today against over 2 dollars in January)
Most ICOs contemplate a massive use of the token and cannot pay/charge even only 0,1 dollar per smart contract operation.
Pioneering EOS has numerous advantages:
This platform has almost no fees,
it is scalable by construction and it can absorb thousands of tx/sec (thanks to the delegated consensus algorithm),
it is the evolution of two blockchains that are already used in prod, Steem and Bitshares (they both share their architectures). We know that this architecture is working in prod and it is scalable. Steem accepts thousands of tx/sec
But EOS also has obscure areas:
the first main net version is in production since June 2018. Will it be reliable enough from the start?
There are a few technical limitations, for example, the computing power available that will evolve. Therefore we need an extensive study to see if a project is compatible with EOS.
Do not forget that Flashmoni is amongst the first companies willing to go into prod quickly. So we will be pioneers, with all the risks that it entails.
For us, EOS makes sense especially if we need smart contracts.
Two more points to note:
The biggest trading platform, Bitfinex, has just announced that they want to decentralize by putting the trading in the blockchain. They chose EOS. Bitfinex deals with trading volumes in the order of billions per day. The fact that a group that has very high security, speed and reliability requirements chose EOS suggests that the platform is ready for this type of project.
Everydia, Wikipedia via blockchain, has chosen EOS as well. It is led by one of Wikipedia co-founders, Larry Sanger.
Bancor, one of the top 5 ICOs in 2017 (they raised 150 million dollars in 3 hours) has just chosen to implement its solution in EOS as well.
In a world of blockchain that is very young and very hard to grasp, I think that EOS has some good assets for the next 2-3 years and that it can become the first smart contract platform to reach the scalability we need for a mass application.
I foresee a massive migration of projects into EOS if they reach by June a version that is stable enough.
Ps: In Decembre 2017, EOS released its testnet version. Flashmoni’s team has been testing it and, so far, it holds up even if we haven’t explored everything and despite the fact that it remains in the testnet.
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