It seems that many are worried about the emergence of EOS this summer.
For those who are not familiar, EOS is @dan's third blockchain. He began with the development of Bitshares which was followed by Steem. Now, he is onto a project that, from the sounds of it, will be his finest work.
This has many who are holding BTS (and STEEM) concerned. Will this make those blockchains worthless? What happens when EOS comes out and everyone jumps on that blockchain.
To start, I will state that is not going to happen. Businesses do not pick up and move on a whim. This is especially true if where they are located is profitable. Moving a business requires a lot of thought, effort, and time. Usually, this is done when things are not going so well where a business is presently located.
When talking about Bitshares, it is ironic to bring up this point since Bitshares is the place that businesses are moving to. Again, if things were going well for these companies, they would stay on Bitcoin or Ethereum. The reason for the move is that the traffic is just too much on those blockchains. Hence, Bitshares with its 3 second transaction time, is a much better option.
So if EOS is improved, why won't companies do the same thing?
I listened to an interview with @stan that really covered this topic in great detail.
As mentioned, businesses are moving to the Bitshares network because of bottleneck issues elsewhere. It is going to be a long time before we see any of these issues on Bitshares. With the ability to handle 100K transactions per second, there is plenty of room for growth. Hence you are going to have businesses, from a blockchain performance standpoint, that do not have any issues.
Another aspect that he covered is what he termed the "grand unification". It is no secret that interoperability between blockchains does not exist. It is a rather fragmented industry. Bitcoin is different from Ethereum which is different from Steem. They are different ecosystems that have little (to none) to do with each other.
The addition of EOS can change this. It is @stan's idea to have EOS compliment Bitshares making both networks more valuable.
How would this look?
Essentially we are looking at the idea of establishing a middle chain which protects the existing Bitshares structure that was built upon decentralization, freedom, and personal values. At the same time, in order to attract the institutional investors, Bitshares needs to provide a forum whereby these entities can stay in compliance. Regulatory issues such as KYC and identity management are crucial. A network needs to be able to identify where one is logging on from to ensure compliance. Finally, there needs to be higher quality nodes that the financial institutions themselves can mange.
In other words, to attract these entities, there needs to be a major upgrade in terms of compliance with regulation.
But how do you do this while not upsetting the foundation which Bitshares was built.
This is where the middle chain comes in. One chain has the traditional Bitshares traffic keeping all the values in place. At the same time, the other chain has what the institutions need. Thus both chains share through the middle chain.
Link to interview.....
https://www.futuretechpodcast.com/
Link to @stan's post about it.....
As you can see, EOS is a different animal altogether. @dan has a vision that EOS will be the operating system for the Internet. This means that there are going to be parts of that system which can benefit other blockchains. I am not a coding expert, so I cannot be sure but I imagine that since all three blockchains were developed by @dan, there are a lot of similarities. Thus, it would be prudent to do something like @stan is suggesting. Both Steem and Bitshares will be able to benefit from some of what is being developed on EOS.
It is easy to fall into the competition viewpoint of things. EOS might be the first step in seeing interoperability enter the blockchain world. This is something that is sorely needed.
Hence, EOS isn't going to destroy Bitshares, but will make it stronger.
If you found this article informative, please give it an upvote and a rehive.
Thanks for the well written post and links. You've done a great job clearing some of the fog about the two.
I'm glad to see this perspective from you. Everyone keeps talking about how this or that coin is going to kill this or that coin. Almost everyone wrongfully compares blockchains to competing businesses.
There has been no evidence that blockchains compete with each other. In fact, the exact opposite can be implied. The value of all blockchains is intimately linked. When Bitcoin goes up, everything goes up.
The war is between crypto and fiat not crypto vs crypto. A superior coin coming out isn't going to kill the communities of other coins. It's only going to bring even more people into crypto and increase the value of everything.
We don't have to worry about crypto competing with each other until it becomes mainstream. And when that happens we'll all be filthy rich trying to usher in a new world of abundance for everyone. At that point who cares if the inferior coins die off? I can tell you right now that when this happens every coin in existence today will be inferior. That's how fast this technology is evolving.
What people fail to realize is crypto is actually just code....open source code.
EOS is nothing more than another open source code project that can be taken and put elsewhere.
Just like we saw (or will see) Vice fork the blockchain and use SMT to create tokens on their fork, a tech Smeemit developed, the same holds true with all other code out there. The challenge is dealing with scaling issues which we know BTC and ETH have. They cant just grab code to solve that problem.
However, doing like @stan said, grabbing some code and creating a middle code, that is highly possible (well I am not sure from an engineering point of view but you get what I mean).
Networks overlay and interact all the time. That is what blockchain is. At some point, just like web browser brought interoperability to the internet, we will need to see something like it within the blockchain world.
So true. The open source nature of the Blockchain is crucial.
Do you have any opinion on Icon?
https://coincentral.com/what-is-icon-icx/
Looks like they seek to connect all blockchains with a similar layer.
I dont know anything about it....
So I cant comment directly.
Great comment!
We also have to take into consideration that the world population is moving up to 10 billion. That is a lot of humans! We can have 1000 Blockchain social networks! Just Facebook has over 2 billion active users per month. A person really got to let that sink in for a while to realize how many humans that is!
When trading between different cryptocurrencies and tokens gets easier and more smooth we will see an even larger mainstream adoption. Since every second of speed increase creates a massive difference. Just as Google have seen on how long time it takes to load a website. Just a little bit extra and people give up! Speed is massive in this future world. Who can save us time that is the person we will give our value too. Steemit save us massive time and give massive value in return. So clearly it's a safe future investment.
Since we empower people at a faster rate soon anyone could launch a new amazing project and have it out in 1 day. That is when the world will truly starts to change fast! Because how will you be able to stop that? You won't!
What we need to take into account,is the competition for steemit @dan is developing with EOS. Sort of like a social media on top of the EOS blockchain.
When the time comes, we need to take into consideration that project, and see which one of the 2 is the best.
At the beginning steem will obviously have the first mover advantage, but if EOS technology is superior then who knows what can happen in the end.
Not to mention if he fixes the distribution and incentive problems that steem suffers from, then the new social media platform would have an enormous advantage.
This is great! I hold all three of the Larimer projects, my biggest bag being Bitshares. I do think there is room for all three. I know that EOS having a social media site does give Steemit some competition, but Steemit has a headstart, and a passionate team. This is the beauty of blockchain tech and ICO funding. The reason why we don't see any competitors of Facebook becoming popular, is because companies keep buying out their competition before they take over. Facebook bought Instagram, just like eBay bought craiglist. Companies swallowing their competition. With ICOs, while a lot of them will fail, many of them will succeed too. I think there are very exciting years ahead!
I have to admit that I am slightly nervous since EOS stated they'll also create a Steem-like platform, but without the early mining that was done with Steem at the start... but then I got over it and just realised that I'll probably just blog there too... being an early adopter means we can't really, truly lose... I doubt it'll be a case of EOS crushing Steem but more a case of 'more pies for everyone'. I'm super curious on the EOS development though, it was a shame they moved their blogs to Medium.
I think it will be really interesting to see how EOS can benefit the others, will they have to migrate their system somehow, or possibly create a new system on EOS blockchain? I'm also curious if @dan even wants steemit on there, he has talked about a competitive social media site for EOS
There is a lot of hype around bitshares recently and it seems like a solid investment to add to the portfolio.
Yeah although I am not sure, at this point, I call it hype.
There are real things happening on that blockchain...the establishment of the quint could be a huge deal.
When blockchains have transactions and development along with businesses being created, I do call that hype. Like with STEEM, there is real stuff taking place here....hype is long passed. Now it is a real foundation being laid.
I think hype is the thing Bitshares most definitely doesn't have ! It could do with some lol or a major hack on a centralised exchange and watch everyone run to Bitshares
I think the biggest threat to STEEM from EOS will not be in terms of technical improvements, but rather from improved incentive structures and distribution. STEEM is a big experiment and has got a lot of things right, but @dan will have learnt a lot from the experience of building STEEM, watching it grow and seeing how users interact with the platform. I'm still bullish on STEEM but I'm also bullish on EOS and I'd be surprised if it's social media platform doesn't provide strong competition.
I'm really surprised that Bitshares price is so low right now. I guess it's not popular enough just yet, but I think we are going to see the price jump up pretty soon! It's a big discount right now.
Stan explained in an interview recently that the issue of 'a few evil whales' on STEEM causing problems can be easily solved in the future by essentially airdropping and exchanging 1:1 STEEM token with the new EOS equivalent STEEM tokens. A simple algorithm for the airdrop can be written to exclude the bad actors on the existing STEEM chain from getting the new tokens. In this scenario, if you have 100 SP on STEEMit you will now have 100 SP in the new chain with better token distribution and your value and community will be preserved. If you are identified as an evil whale bad actor you will not get the new tokens but be stuck on the old chain with nobody else. Genius, gives me much more confidence in STEEMIT now...if you google the interview of Stan on blue rock talk he mapped it out in the Q/A toward the end of the video...
That makes sense except what is defined as "evil whales"?
Where is the cut off point? And how do you exclude one who has 500K SP while giving it to one who has 600K SP?
I am not sure how that would work...or could be done....singling people out that is.
Smells like centralized power bullshit to me, similar to how tokens can be blacklisted and destroyed on bitshares.
Would be well thought out im guessing and be based on flags/down votes or something of that nature.
Agree, no idea how it would play out, lotsa alligators. These are some smart guys tho and have identified a real problem, confident they will come up with a solution that makes the community stronger.
I’m pretty what he was talking about would be a steem fork not an eos airdrop. A fork would split the community as it always does. Makes more sense to limit max voting power or number of self votes per day etc. What needs to be avoiding is incentivize more deceptive “cheating”.
I didn't know about this at all... but that is pretty genius.
A steem like platform without "the bad whale", or the "bat catlike whate" would be a massive improvement.
hm interesting @rhanna10km. But wouldn't that make it very centralised? Who decides who a
bad whaleis?Also - that move would be pretty much the start of a war against STEEM as a blockchain..
Not sure what I think about that.
Have you heard of people with Master's Degrees working for minimum wage at McDonald's? Not like even 1 in 4 people have been bestowed with this level of aptitude which benefits global systems concerned with the necessities of life. Surprise, well I heard of some guy with a PhD working at a MickeyDs that he did not own.
I believe in @dan and EOS . Exciting times ahead for the crypto community .
He's done a lot of great things. Utility crypto is growing, and some states are accepting crypto as tax payment.
Upvote and resteemit done dear.
Coins mentioned in post:
Excellent steem photo post.....
I like your post photo......
I was worried about bitshares after hearing about the bitfinex eos collaboration, but after hearing the same interview with Stan, I feel much better about a mutually beneficial future for the 2 chains.
I still don't really get what eos is, I thought it was an ethereum competitor but now I think it's actually based on ether,
Great post tnx for sharing steemit all the way i just upvoted check out my new post upvote resteem comment @glclipse
bitshares will blow away mind when people will understand its value this is going to be a game changer
Honestly, I didn't even know what Bitshares really was until now. Thank you!
Yes it's a very well kept secret - first rule of fight club is ........
hahaha, yeah, I guess you're right.
dan is the man with a visionary ideas how cool is that don't know about what's gonna happen in the future but the path is ready to discover the undiscovered potential
Explained everything there one of the post i think everyone should read !
Eos is more bigger project they are tackling themself along the way
Great article taskmaster....thanks for sharing...makes perfect sense
You can buy EOS on OpenLedger right now using Bitshares. The question is what happens on launch day in June this year when multiple blockchains start mining and compete to be the majority, does bitshares give access to all blockchains? It's a decentralized exchange, so nobody else has access to your keys, but hell if I can find the ETH address/private key generated in my wallet.
I kid you not my dearest @taskmaster4450, I was just doing tons of research on dan and ned and dan is my fav. I love everything about him; his history, what he has been through (past work), his genius, and intention.
I am here because I feel the same way you both do. Open Source. I did a lot of research on EOS and I looked everywhere for it, I had thought it was supposed to be out already so thank you for this timely update. Also, I got my Manna up and running! Woop. xx Eagle.
I like Steemit, but EOS and whatever social network platform is created by dantheman will be the future. I look at Steemit now as more or less a trial run for whatever social network dantheman creates on EOS.
IMO it will be the "MySpace" and EOS will be the "Facebook" of this genre of social media. But I do think learning the ins-and-outs of Steemit will be beneficial to the EOS site bc a lot if will probably translate.