EOS: Ethereum Killer, Or Ethereum-SAVIOUR...?

in #eos3 years ago

Buzz about EOS has been building in this community.

The third brainchild of Dan Larimer - who brought us both Bitshares and Steemit - has been foreseen to be yet another game-changer of a platform with smart contract capabilities as Ethereum has been gaining popularity for, yet performance tens of thousands of times faster.

If you aren’t up-to-speed on EOS, check out “Introduction to EOS: the Epic (Blockchain) Operating System” and the @eosio blog for updates.

One alias for the project brought to life by some of its supporters has been “the Ethereum-killer.”

Granted, Ethereum has a serious first-mover advantage and has been gaining huge traction with the number of developers launching ICOs for projects to build on the platform, as well as major corporate and institutional players in the Enterprise Ethereum Alliance.

As great as performance EOS might have in comparison, it’s unknown whether the two could justifiably be perceived as competitors, and just how successful EOS might be - considering both Bitshares and Steem and probably the best performing of any blockchains existing, yet have failed to grow traction to even come close to paralleling the adoption rate of Ethereum and Bitcoin.

Maybe it’s too soon to judge, though given the huge support of Erhereum globally, versus the underdog-ish, moderate “success” of Dan’s other projects - as great as they may be performance-wise - it could be that the “Ethereum-killer” name is unrealistically-sensationalistic and not serving to present a fair representation of the dynamic of the relationship between these two platforms as they both progress in their development.

(Not to mention the competitive nature of the languaging may more reinforce the old-school capitalistic cultural mindset all this technology has been developed to evolve beyond with far more cooperate, collaborative models for financial and economic innovation).

However, herein we shall consider one additional contrastive perspective:

Could EOS potentially become Ethereum’s saviour?

While there are countless projects being developed for Ethereum now, it’s no secret that there are scaleability issues that could create quite the disaster if its developers aren’t able to increase its performance speed fast enough to keep up with the needs of the applications being developed on it.

There have already been cases where a single ICO has created havoc because Ethereum doesn’t have the capacity to handle the number of transactions.

Once multiple apps start coming online that require large transaction volume, the whole blockchain - and consequentially, the numerous developments being built on it - could be rather fucked if the scaleability challenges aren’t solved in time.

This is no insignificant matter.

Yes, Ethereum’s developers realize scalability is a major issue to be worked out. Yet from the look of things - can anyone confidently state that it appears the necessary upgrades are likely to happen as fast as they’re needed to keep up with the requirements...?

Meanwhile, the tech driving EOS has been clocked at something like 10,000 times faster than what Ethereum is performing at now, and may soon scale to up to millions of transactions per second.

And it has been said that EOS could run all of a Ethereum in a single contract.

It’s not yet been publicly-declared what EOS actually stands for - though some have questioned with implications if perhaps it might be ”Ethereum Operating System...?”

Perhaps not.

Though either way, it appears that EOS is being developed with the capabilities for interoperability with multiple blockchains, such that a chain like Ethereum could leverage EOS far-superior performance.

Let’s say Ethereum doesn’t scale at the rate needed to serve its rapidly-growing ecosystem of large-scale applications...

At that point, a choice may be faced:

Disaster. Or integrate EOS.

Of course, this is a hypothetical situation, and Ehtereum could scale in time to meet the needs of its institutional partners in the Enterprise Ethereum Alliance and hundreds/thousands of ICO projects and developers.

But if not, EOS could potentially turn out to be Ethereum’s saviour from a catastrophic failure.

I don’t mean to sensationalize anything here, or undermine anyone’s faith in the Ethereum Foundation to meet the demands of their scalability challenge. Only to provide an objective look at the situation - while also introducing the possibility for changing the “Ethereum-killer” outlook to what might perhaps be a more probable one from which to engage service of the blockchain ecosystem as a whole.

And,even the “saviour” angle might be a bit extreme and sensationalistic.

A more constructive approach: viewing EOS as neither a threat-to nor saviour of Ethereum, but as potentially-complimentary partners/components to building stronger ecosystems and infrastructural systems that synergistically benefit all parties.

While some may think in competitive terms and favour EOS for both its performance and other biases, EOS would be far more likely to succeed on a massively bigger scale through such a partnership with Ethereum, given the leverage it’d provide.

EOS may have a big advantage in terms of performance. Yet, the size of the network Ethereum has grown is a significant upper-hand, were one to judge the potential of each’s success from a competitive view.

EOS may very well grow its own user base over time. However, integration with Ethereum would provide it a degree of leverage impossible to achieve on its own anytime soon. If EOS is as good as it’s being claimed to be, the convergence of its performance capabilities and Ethereum’s existing networks and application developments would prove a huge win-win-win.

okay, that miiiiight be an exaggeration...

How shall it all unfold...?

Time will tell.

Though any way it goes, it appears this shall be an exciting ride...


I would like to suggest some thoughts:

Ethereum has a serious first-mover advantage and has been gaining huge traction with the number of developers launching ICOs for projects to build on the platform, as well as major corporate and institutional players in the Enterprise Ethereum Alliance

Each time I read on Ethereum network effect or Ethereum first mover advantage, I keep reminding myself that Ethereum is an experiment. A very interesting one in fact, but let's face it, it's built on top of obsolete blockchain components (e.g. consensus, fee model). Ethereum is stuck with a community of developers using the network mostly for ICOS and other developing interesting projects, but unable to go in production due to scaling and governance issues. If Vitalik was free to create a new smart contract platform today, I am sure it would be very different from the actual Ethereum. Instead of using his genius to address a running experiment upgrade constraints, he would be free to build new solutions taking advantage of recent advances in the many aspects of blockchain architecture.

Bitshares and Steem and probably the best performing of any blockchains existing, yet have failed to grow traction to even come close to paralleling the adoption rate of Ethereum and Bitcoin

Vitalik recently said that more than 90% of the actual projects listed on CMC will not make it in the coming years. I would add that many of these are currently listed in the 25 top positions. So I think that adoption rate and traction are not good indicators to detect who will be there at the end of 2018. The actual market is dominated by speculators and traders, and I suspect that they are in the space to make money with their old-school capitalistic cultural mindset. I don't judge them, but I don't consider them as blockchain communities. Their evaluation of a good project is very different from mine. Blockchain is a backend technology. I would'nt rely on them for recommandations.

Of course, this is a hypothetical situation, and Ehtereum could scale in time to meet the needs of its institutional partners in the Enterprise Ethereum Alliance and hundreds/thousands of ICO projects and developers

This is where I totally disagree. The Ethereum Alliance, in my view, is a list of centralized entities putting a lot of pressure on Ethereum's governance and roadmap. ICO developers, on the other side, just use the platform to raise money for their own projects. Did I forgot mining pools? Not my kind of community.

My point is, scaling or not, the actual Ethereum project is probably far from the original views of Vitalik. He is now tied by very powerful and demanding centralized forces.

If truly decentralized and scalable projects like Bitshares, Steem and EOS are not recognized for what they really are - the next economy foundation - this shall NOT be an exciting ride for me.

The actual market is dominated by speculators and traders, and I suspect that they are in the space to make money with their old-school capitalistic cultural mindset. I don't judge them, but I don't consider them as blockchain communities.
Only those who "invest" in this-week [insert top cion name]-killer are a proper blockchain community.
I mean seriously, those who support only project providing real value to customers and genereating solid cash flow for investors are clearly many steps behind us all.

you are right!

Excellently said. 🙌

I’m curious how you managed to post this without getting flagged by the self appointed EOS police whose names I won’t mention. Is that ridiculous drama finally over?

On a brighter note, this was a good read. I’m building a position in EOS over the course of this year just as I am with steem. Idk why btc and eth are so popular if they’re so slow relative to our underdog coins. Maybe we just need more time for steem and EOS to become more well known. That and EOS is still in very early stage.

Bitcoin has massive first mover advantage having been around for 8 years or so. EOS does not launch until mid 2018. We are still in very early days of crypto and name means a lot. Bitcoin is no 1 and anything else needs to compete with that. Additionally, bitcoin has a different use case. I agree if ethereum fails to scale the EOS could replace it but we are years away from that situation.

They have value due to network effects ... How relatively emerced they are in commerce... This is why a long token distribution and community building is Soo important to kickstart EOS.

I dunno what was going on with that - read something briefly about it a while ago, though don't know enough details to comment.

btc and eth are so popular if they’re so slow relative to our underdog coins

I'd probably say, first-mover advantage.

Bitcoin was the first, and has had the most time to grow its community of supporters, thus gaining the most traction, adoption, and momentum.

Ethereum... well, it was the first of its kind as a smart-contract based platform, decentralized world-computer. And, they got their marketing right.

Since, there's been a ton of projects - though so many quick to just jump on the trend, with not alot of substance to back them up or the communities and entrepreneurial acumen to achieve what BTC and ETH did.

And yeah... give EOS time. It's still very early. And as we can see with Dan's approach to Bitshares and Steemit - it may be more a marathon than a sprint, and the foundation of performance and fundamentals may prove the tortoise vs. the hare metaphor correct, in the midst of countless other projects who are putting hyped, sensationalistic marketing as their priority before the technology itself...

I have a lot of money in ethereum I am now not sure what to do help me

EOS is damn cheap... Thats for sure ... I would sell it all into EOS ... I HOLD NO ETHER.... But this idea is great!!!

I'm not sure about all yet... there's still quite a bit of time left until the end of the ICO, and it wouldn't be surprising if Ether rose more in price between now and then, while EOS might potentially not rise as quick.

scaling in while ETH goes through mini-spikes at the same time EOS stays near its lows, perhaps... possibly...

Both ETH and EOS have a strong future, but over time, I do see EOS as replacing much of what what originally built on ETH.
I plan to migrate ETH into other kinds of investments (EOS, real estate) but I think ETH will go up a lot before the masses realize it's going to be replaced by EOS. EOS is so far superior, it will cause a boom at some point, but it's going to take a while...

Reading about EOS in the past days and here again. I feel like i am going to buy some finally. Long term hodl.

Nice. Thanks for the information.

Of course, this is a hypothetical situation, and Ehtereum could scale in time to meet the needs of its institutional partners in the Enterprise Ethereum Alliance and hundreds/thousands of ICO projects and developers.

There are a lot of eyes on EOS. In my view, enterprises seeking to build private blockchains based on ethereum architecture all have infrastructure requirements, 'trusted shared ledgers' Quorum, Hyperledger, hybrid variants of Ethereum and such all share the same requirment. EOS addresses infrastructure and scaling very well.

As seen, public ethereum, doesn't perform well under load and scaling solutions under development tend to be off-chain platforms. I commented on this recently in reply to post by @officialfuzzy titled 'Porter Stansberry puts 500,000 Eyes on EOS!' the full article is an enjoyable read. https://steemit.com/@johnchamberlain/re-officialfuzzy-porter-stansberry-puts-500-000-eyes-on-eos-20171023t174215095z

EOS does have some very professional partners / team members, and they have been making their rounds with the global blockchain events...

personally, I really like the approach they're taking - growing slow and steady, rather than playing the usual ICO game of sensationalistic hype and inflated expectations.

Dan does have a track record of successful projects - and while neither Bitshares nor Steemit may have rocketed to popularity, they've been strong steps in laying a proper foundation for what EOS could become - and the players onboard EOS, such a Blockchain Capital's Brock Pierce, may be an indication of the level of professionalism the project may be ascending to.

There are reasons for optimism... :-)

I can only hope Brock Pierce doesn't have an important position/role in EOS.

His past might come back to haunt him one day and that might affect EOS if he has an important role in the company.

In 2000, three young actors filed a civil lawsuit claiming Pierce sexually abused them, also naming fellow Digital Entertainment Network executives Chad Shackley and Marc Collins-Rector. He was an Executive VP at Digital Entertainment Network when he was arrested with other company executives by Interpol in Spain in May 2002.


Some in Bitcoin group resign over new board member’s link to sex abuse

You can search and watch the 'An Open Secret' documentary if you want to know and see more details about him and DEN, among other things.

Really interesting analysis, thanks for sharing. It will be interesting to see how all these technologies merge and play with each other in the long run. I certainly hope a collaborative spirit endures that raises the standard of living for many many people.

Excellent article. Definitely EOS could reach much bigger scale much faster by leveraging network effects in symbiosis with Ethereum than any well funded and carefully planned marketing campaign could.

@rok-sivante It will be nice if a year from now EOS is in Triple Digits. I know I may be a Dreamer...................

If it matches Eth or at least $10... I'd be happy ... Remember it was at $5 when it was just a white paper...

ha ha. I'd say that would be pretty over-optimistic, though given a bit longer with the right partnerships - especially if Ethereum approved its integration...

Rightly said. Only time will tell....

You are a big EOS hugger aren't you?

I am.

ha ha.

I wouldn't necessarily say so. Though there do appear valid reasons to be bullish in the long-term...

Ethereum exists as a promise, just like EOS. Ethereum is not a viable platform for building commercial-scale applications. So, there is nothing for EOS to replace, other than Ethereum's place on the market cap rankings.

Indeed, what happens when one breaks there promise at dawn.......... even just a 'bit' to 'coin' a catch phrase.

Great article , Well written
Thank You Kindly

Upvoted... :)

Great article. loads of bitcoin here http://bit.ly/2ylZWDe

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I think it is going to be a fight for developers. It will make sense for people to develop on EOS for multiple reasons and people will jump ship. Kind of like who is developing apps for Blackberry? People just flowed away from that and concentrated on IOS and Android.

what are the main reasons you foresee it making more sense to develop on EOS?

I recall briefly that it allows for more commonly-used programming languages and has some of the foundational OS work done to leverage from, rather than starting from scratch - are those the main reasons for your stance, or what else have I missed...?

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I think another possibility you should consider is mass migration. ETH fails to scale effectively in the next 12 months and devs start forking off to EOS. That is my Ideal scenario but I will wait until 60 days before ICO ends before I consider buying EOS. The way the ICO is designed almost ensures your investment will decrease in value before the end of the ICO

IF, yes.

tough call on when to invest with EOS. I bought my first few last week at 52 cents, kinda wish I had bought more given the doubling of price - but then again, I'm thinking relative to the value of BTS and ETH, where I'll be diverting funds from.

I'm still bullish on ETH long term, thinking it's likely to rise more relatively to EOS by the end of the ICO, especially if Plasma or Raiden pan out. in the meantime, we'll see - if relative price dips back down, may scale more into the position. though, I think it also might be likely that EOS price increases near the end, as the product proves itself and more publicity is gained...

Yeah I am kicking myself for the fact I don't own any EOS atm. Only started looking back into it when it hit like 53 cent, then BAM it's gone back over $1 and I can't look at it anymore lol

I agree that the price will start increasing before the end of the ICO but I figure 2 months is a long time in the crypto world, the vast majority won't start to panic until the last 7 days of the ICO ^^

like anything else, there'll be more ups and downs. at least now, we've got a relative marker of value...

i.e. even if EOS hovers around $1 for the rest of the ICO, but ETH doubles - it'll work out to about the same as if we bought at 50 cents. (If spending our ETH).

so yeah, might be a bit of a psychological mindfuck looking at the doubling of EOS over the last week - but its all relative over time. (i.e. I sold a bit of Bitcoin Cash to buy EOS... if were looking at BCC now, I'd be choked that it doubled in price - but so did EOS - so I essentially broke-even.)

Yeah I get your thinking exactly. Wee bit of a miscommunication though, I don't own any ETH ^^ Just feel like I missed the boat for the exact same reasoning you are using. At best I can see 10x returns on ETH in the next few years, while with other projects I can see the same potential in months or even possible 100x.

I realize it is a little optimistic but that is the benifit of owning a portfolio rather than just BTC. Right now it feels like I should have kept all my BTC but come the 30th I will be laughing :)

(Seriously though, who would of thought BTC would run up this much this early.)

I have enough free time to read up on most coins so just try to find under-valued ones with real world use cases and hope by 2020 I was right ^^

Wonder what's going to happen in Steemfest then.

Given that all drugs are legal in Portugal, I’d guess probably some cocaine & psychedelic fuelled orgies, masterminding for world-domination... you know, the usual... :-p

Wait... ALL drugs are legal in Portugal? Even heroin and shit?

That’s what I’ve been told...

They're decriminalized. You can't buy any at the store or anything like Thag though

Yo FYI I dropped you a msg on Facebook.