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RE: Will EOS Kill Ethereum? Part I

in #cryptocurrency3 years ago (edited)

Humm, this is quite superficial.

I think security, not speed, is critical for a smart contract platform.

Plus, in Ethereum, speed is already achieved through side chains.

For example: speed for games on the LOOM network.

Even a fast core chain like EOS will have to scale via 2cd layers in the long run, no single blockchain can process all the transactions in the world and Ethereum is well ahead in developing these L2 solutions.

While EOS is a great project, I think Ethereum has also the advantage in terms of development tools and size of developer community.

Check this out: https://medium.com/crypto-nyc/twelve-reasons-im-bullish-about-ethereum-today-809a234312b2

Finally, Ethereum is not the sum of all these BS ICO coins trading on Coinmarket cap, there are numerous projects that are being built on Ethereum which are critical to lay down a decentralized financial architecture but aren't listed on CMC (Dharma, Coumpound, KomGo, 0x).

In the long run, Ethereum will be able to do everything that EOS does and being decentralized.

Ethereum all the way.

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Eth exist longer then EOS and you say in the long run Eth will catch up with EOS... Does not sound like right logic. Maybe Eth is not designed well from the beginning? In fact there is already a race among many platform wanting to take over dapps, some of which already solved problems Eth didn't (scalability+privacy+having DEX) while being decentralized (as opposed to EOS). One such platform is already preparing a solidity interpreter to be ready to welcome Eth dapps escaping Eth for scalability :P and the one has scalability much much greater then centralized EOS.

No mate I am afraid you got me wrong, what I meant is in the long run both EOS and ETH will be equally scalable but right now Ethereum has a huge head-start in terms of development where EOS (and all the other smart contracts platforms ) is still very barebone.

In fact there is already a race among many platform wanting to take over dapps, some of which already solved problems Eth didn't (scalability+privacy+having DEX)

I don't agree with this, Ethereum has layer 2 solutions for scalability, many DEXes (0x, IDEX, Airswap, Bancor, Kyber) and a privacy roadmap with zk-snark.

Again, given time Ethereum and EOS will both have the same features in terms of scalability, privacy, exchanges etc, but Ethereum will be decentralized and EOS controlled by block producers (look what DPOS did to LISK).

Mind posting some articles on those projects that you mentioned? I will obviously also google for some :) Thanks

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Sure, I forgot to mention many other great financial projects who never had an ICO so aren't listed on CMC but are building the basic blocks of a decentralized finance network.
https://dharma.io/
https://compound.finance/
https://www.trusttoken.com/
https://dydx.exchange/
https://0xproject.com/

Thanks will look into it. Is there a tag lr subreddit that you follow for this kind of stuff?

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No, just lots of research

I see Thusttoken is TrueUSD curious to see how that would trade against the dollar. This reddit thread got me interested in trading thether: https://www.reddit.com/r/Tether/comments/7j3iyi/how_to_earn_profit_trading_tether/

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Hey man, TrueUSD is the first tokenized asset issued by Trusttoken, it's a stable coin pegged 1:1 agains the USD.
Check this podcast out:
http://unchainedpodcast.co/harbor-and-trusttoken-on-why-they-dont-mind-being-unsexy-ep77

Thanks.Mind if i add you in discord. Im also on the /r/bitcoinmarkets slack

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Not at all, go ahead @roloyolo :)

EOS doesn't have to fork its blockchain if a smart contract has a bug in its code. You can stop the contract and redeploy it with a patch. Making it easy for new developers to write code with a commonly understood programming language is much better than an Application-specific language.

With regards to scaling, EOS will implement Inter-Blockchain Communications which will allow for infinite horizontal scaling through communications through different implementations of the same code, EOSIO.

Ethereum is dead in the water in regards to transaction fees because the EOS does not have any. Instead EOS uses a staking scheme to limit the blockchain resources to those who can stake tokens in the system.

EOS doesn't have to fork its blockchain if a smart contract has a bug in its code.

Neither does Ethereum, what are you talking about? Forking the whole blockchain to update one smart contract is ludicrous. Beside have you heard of the Open Zeppelin framework, they allow for updating smart contract on Ethereum. Here's some links:
https://epicenter.tv/episode/220/,
https://openzeppelin.org/

With regards to scaling, EOS will implement Inter-Blockchain Communications which will allow for infinite horizontal scaling through communications through different implementations of the same code, EOSIO.

Ethereum will implement sharding which will allow it to scale. Truth is, in the long term both chains will be roughly as fast although I admit EOS has a considerable head-start here but even EOS will bump into scalability issues eventually.

Ethereum is dead in the water in regards to transaction fees because the EOS does not have any.

Well users of EOS will pay fees in terms of staking ever diluting in value EOS tokens to maintain their account. Plus EOS development is expensive because of speculation on the RAM / CPU market, deploying a dapp on Ethereum costs around $50 (not counting development of course, just the deployment).

It's okay to support a project but at least do your homework on the competition @dappcast

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