Why EOS Will Supersede Ethereum
I know, the title sounds a bit authoritative, and I'm no authority. But just hear me out, and then decide for yourself with your own research.
Today I was clearing out a bunch of tabs I had open in Safari on my iPhone, and I came across a site I'd checked out months ago and forgotten about - Ethlance.
Ethlance is a project built on Ethereum where users can do freelance jobs or hire freelancers, using Ether tokens as the payment method. It's a great idea, but a quick perusal of the main Ethlance reveals some major friction points for adoption. Here's a quote from their FAQ:
Why do I have to pay Ethereum gas fees?
Every time you'll want to change something in the Ethlance database you'll be asked to pay a small fee (usually a couple of cents) called "gas fees". This fee is used to compensate for the electricity costs of the computers running the Ethereum blockchain. Thanks to this, Ethlance doesn't need to rent servers and therefore keeps service fees as low as 0%! This fee is a great protection against spam. Gas fees are by no means profit of Ethlance.
Average User: "What? I have to pay a fee every time I change something on Ethlance? How is this better than using a non-cryptocurrency based freelancing service?"
EOS, on the other hand, doesn't use "gas." Transaction fees will be zero, just like Steem and Bitshares. Which means somebody is going to create a service without this added layer of complexity and cost.
And keep in mind, this isn't just Ethlance that charges fees for every single transaction. This is just how Ethereum operates. Unless Ethereum is completely reworked, this is going to be a friction point for any Ethereum based service.
Here's another quote from the Ethlance FAQ:
Why does it take so long after I submit a form?
The average block time on Ethereum is around 15 seconds. In practice this means you'll wait around 15 to 30 seconds until you get a confirmation. Occasionally, however, the wait time can be several minutes. Note that while your form is submitted into the blockchain you can freely browse the website. You will always be notified when your data has been processed. Avoid refreshing the page.
Average User: "I have to wait for confirmation? Maybe even several minutes? I don't have time for this crap. Next!
And how long will the wait be when millions of people are using Ethereum services, and the blockchain can handle only 25 transactions per second on a good day?"
Again, this won't be the case with EOS. Transactions will be near instantaneous. Just like Steem. Just like Bitshares. And it will scale to handle thousands, hundreds of thousands, millions of transactions per second.
I'm no blockchain expert. Nor am I a programming expert. I'm simply the average user with a bit of blockchain knowledge. It very well could be that the Ethereum developers have plans to get rid of the gas requirement and speed up the blockchain. But they'd better get on it, because Dan Larimer has proven himself to be a blockchain mastermind who works very quickly, with very distant foresight about what blockchains can do and where they're headed. And that foresight seems to involve less friction than we're used to dealing with as internet users, not more.
What do you guys think? If you're an EOS or Ethereum expert, please feel free to point out where I'm right or wrong.
Happy Steeming!
As Dan said in 1 Telegram post: All Ethereum can be placed in 1 EOS contract.
1ms transactions and no fees will beat every competition. Unless someone can imagine anything better on the blockchain.
Thanks for sharing this. I'm also into amateur research on ETH vs EOS.
Shhhhh! Pearls before @#$%&
:)
the blockchain industry has neglected the needs of the end user for far too long! Steemit is a great example of how to build a user friendly blockchain.
I am eager to see EOS product launch