EOS Impact on BitShares will be Ultimately Positive
•EOS is launching on its own mainnet on the 3rd of June 2018
•Expectations that EOS will become a so-called ‘Ethereum Killer’ are backed by Ethereum’s scalability, governance and security.
•Despite rumors, there is no evidence that EOS will replace BitShares or Steemit as EOS' core function is a main chain for Dapps, not a blog or financial stack.
Why EOS Doesn’t Pose a Threat to Bitshares
As is usually the case with the cryptocurrency market, speculation has recently bordered on the brink of hysteria. - Namely, with regard to the assumptions that EOS will soon set its sights on disrupting not just Ethereum, but Bitshares and perhaps even Steemit.
Why do People Think EOS Poses a Threat to Bitshares?
The EOS blockchain technology poses a risk to Ethereum. EOS’ Wren smart-contract programming language, blockchain architecture, and virtual machine capabilities are far superior to those of Ethereum.
“The performance of the Ethereum virtual machine is burdened by poor design decisions. Many of Ethereum's poor decisions are a result of being built and designed by programmers with less language experience and more blockchain experience. In other words, the EVM is designed by blockchain engineers thinking about blockchain problems and as a side effect they built a system that no language engineer would virtual machine designer would ever consider viable.”
Sadly, what has many Bitshares enthusiasts concerned, is that EOS might pose a threat to Bitshares also. One point of discussion is the fact that EOS has already partnered with leading cryptocurrency exchange Bitfinex. Specifically, in order to launch a new EOS-powered decentralized exchange called 'EOSFinex' on December 31st.
Why EOSFinex is NOT a Bitshares Killer
While EOSFinex is an exciting concept, it is not wholly unique in of itself.
At present, CryptoBridge, Oasis, Stellar, and several other decentralized exchanges exist on the cryptocurrency market. Much more importantly, just like Bitshares, each serve a diverse array of users, and each has their place in terms of unique merit. Most likely, in this case, the Bitfinex inspired EOSFinex, will strive to serve existing Bitfinex (and regular centralized exchange users) and not align itself as a direct competitor to existing decentralized platforms like BitShares.
Bitshares Benefits from Dynamic Community Support and a Unique Use Case
Unlike other cryptocurrency exchanges (decentralized or otherwise) Bitshares defines itself as a ‘Crypto Equity Network.’
BitsShares users can create and invest in BitAssets which peg value to real-world commodities and reduce cryptocurrency price volatility.
BitShares is already capable of facilitating up to 100,000 transactions per second. BitShares already has over 4-years of proof of concept. This being thanks to the fact that during this time, BitAsset prices have been successfully pegged to real-world assets and fiat currency prices. Providing users with a way to hedge against volatile cryptocurrency price actions, is leading to greater awareness of Bitshares potential and a consistently growing user base. * Read 3 Reasons BitShares Is Unlike Any Other Cryptocurrency
All of the above is important, as neither EOS or Bitfinex has announced plans to create a Crypto Equity Network like Bitshares. EOSFinex will, therefore, most likely be a decentralized cryptocurrency exchange which simply echoes the existing Bitfinex model.
Why Would Dan Larimer Kill his own Creation?
After the EOS main net goes live and even after EOSFinex goes live, the most likely outcome for Bitshares is that all Graphene powered platforms will work to complement each other.
As an innovation titan with regard to blockchain technology, EOS Chief Technical Officer Dan Larimer, is the quintessential creator of Bitshares, Steemit, and high-value projects like EOS. Dan Larimer being the original creator of BitShares and Steemit; and Stan his Father, known as the Godfather of BitShares, are subsequently not likely to use one Graphene ecosystem powered project like EOS, to sabotage the success of the Graphene Dynasty.
Will EOS & EOSFinex have any Effect on Bitshares?
Given the shared development history of Bitshares and EOS, what Dan and Stan Larimer most likely plan for the future, is a mutually beneficial co-existence with EOS.