Steem and EOS could benefit from the continual vulnerability faced with Ethereum multi-sig wallets...
Today as the cryptocurrency community digest the news of another vulnerability affecting the Ethereum multi-sig wallets, I want to share the gains as I see it, where Steem and EOS could benefit due to the superior security features that these Graphene base blockchain offers.
Ethereum prides itself as the Bitcoin killer, offering more than just a payment service but a platform that enables developers to launch their own projects and issue tokens that are used during Initial Coin Offering(ICO) to raise much need funds. In the past there has been complaints about network capacity, high fees and wallet security but Ethereum has manage to keep critics silent. However, issues surrounding their multi-sig wallet continue to plague the cryptocurrency.
Major security concerns still looms and Parity has been addressing the issue
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While this may be a headache for Ethereum, I see an opportunity for Steem with their Smart Media Tokens(SMT) as Steem can market their platform as a useful alternative to the Ethereum problem, as developers/ company can launch their tokens to raise much needed funds as it is done with Ethereum. Steem can boost of its remarkable security features and the ability of developers and investors/ company and consumer to interact in a way that has never been done before. Here I must acknowledge potential issues that may arise with Securities and Exchange commission and other regulatory bodies but I believe once the necessary legal jurisdiction protocol has been establish and necessary guidelines done things should run smoothly. Thus I believe, Steem should really start marketing itself as a platform capable of offering such a service
Similar sentiment could be echoed for EOS as it tries to establish a platform that offers asynchronous smart contracts that would be cheaper to run, execute faster and offer a more robust security features similar to whats available on Steem.
Ethereum currently enjoy a 28 billion dollar marketcap and once the necessary marketing is done highlighting the superior security features, cheaper fees that these graphene base blockchain offer then we could see money moving in their direction.
These are my thoughts, you are welcome to share your views and if you appreciated it, please remember to hit the upvote
Sources
https://techcrunch.com/2017/11/07/a-major-vulnerability-has-frozen-hundreds-of-millions-of-dollars-of-ethereum/?ncid=mobilenavtrend
https://cryptovest.com/reviews/ico-review-of-eos/
https://www.cryptocoinsnews.com/ethereum-struggling-scaling-despite-lack-actual-user-base/
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Ethereum isn't really competing with Bitcoin in the currency area. It's apples to oranges in my opinion.
hahahahahaha "It's apples to oranges in my opinion" you are certainly right with that...interesting enough around April some people had different opinion but the Bitcoin bull run really reminded the market who is the King....I am really looking forward to see the impact of Smart Media Tokens especially the protocol used around it....also very excited to see how EOS plays out when they get the platform up and running, there would certainly be market as I see the trend of companies incorporating blockchain technology
My opinion on Bitcoin, it's got less real world utility because it's less ambitious but because it's less ambitious it's also more secure. It's going to be a currency and isn't trying to be a world computer or garner mainstream adoption. It's focused on being Bitcoin and that is it, and because of that we do have some benefits but then Bitcoin isn't exactly perfect either.
I think Dash is the main competitor for Bitcoin. Smart Media Tokens are interesting and will probably improve the Steemit platform dramatically.
On point with the Bitcoin analysis but I have a different opinion with regard to Dash... Dash has some security vulnerability and it has elements of being more centralized than a true decentralized currency but it has one good thing, its a low supply coin but I believe Bitcoin Cash would take away their potential market
I agree with you sir,, so right bout that
@daudimitch, very encouraging post. Thanks for the perspective.
I agree with you I upvote u
nice one fom you again...Its always nice reading your post cuz i get to learn more
Great, happy that you enjoy my post and you learn something in the process
Agreed. Steem and etherium should now start their upward journey. It has consolidated well at these levels. Upvoted and following u as always.
Regards Nainaz
#thealliance
I rate the blockchain Steem and its more a matter of sentiment going forward and probably Steemit Inc focusing and highlighting their strengths...I feel working closely with EOS can really help both projects moving forward.... it would be interesting to see the protocol around SMT and how the team market it...
Ethereum has some great developers but I still have difficulty with their economic model as the coin itself isn't capped, so theoretically they can print ether to infinity, that's no different than fiat and I am not convince that the propose use of Ether as gas to run the platform would help in any way... one of the good things though they still enjoy good sentiment, so anything is possible lets see what EOS could bring to the table
You are doing really well bro @daudimitch
Appreciate the compliment
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