A guide to eos ethereums competition
Furthermore, since the network will have zero transaction fees, there is no network development cost, except for the initial purchase of EOS tokens. However, these can of course always be sold in order to reclaim the initial investment if desire. I really liked your post! I translated it into Russian and published on golos. Now, How do we get EOS? I have been hearing about it for a couple weeks. Keeps these informational Highways rollin!! The website and instructions to obtain EOS can be found here: There is a simple way I just found out about: Get coinomi mobile wallet.
Put some Bitcoin or altcoins into it. Open an eos wallet inside the ethereum wallet just by swiping to the side until you see it. Use shapeshift to transform whatever crypto you have into eos tokens. It would be a great post to translate into Spanish! I'm going to try using google translate and alter some of the grammar since the translation can go so far I can't scroll down it all cause my browser is freezing. I agree that EOS has a great potential. But there is simple fact.
Metropolis will bring with it some huge upgrades. Raiden - Currently Ethereum can process a max of 15 transactions per second, Bitcoin can do about 7. Well Raiden enables the exact same thing on Ethereum by creating what are called "Payment Channels". Well ZK-Snarks will enable you to selectively make transactions public or private. It's the same standard used for ZCash but implemented on the protocol level on top of Ethereum.
Ethereum is basically taking all the best features from other coins and implementing them. The reason for this was to force the developers to finish up Metropolis before the network froze up. One side effect of the ice age is that the creation of ETH slows down thus reducing the rate of inflation but also increasing the transaction time. Casper - Shortly after Metropolis, Ethereum will release the actual figures for Casper as well as the first of 5 phases which will move Ethereum from PoW Proof of Work using mining rigs and computers to approve transactions to PoS Proof of Stake.
What happens with PoS is instead of miners running all the time, you will have people holding ETH "Stake" their ETH and basically lock their ETH up in a smart contract while running software on their internet connected computer. With basic supply and demand math you should be able to figure out what that means for the price. Casper is a major reason people are stocking up on ETH. Amazing summary of features and upcoming landmarks.
Kicking myself hard at this point. Not sure what I'll do at this point, probably miss the boat as usual. Haha wish I had a crystal ball Also, I thought Vitalik was really pushing sharding vs lightning channels? I'm out for the moment. Believe in ETH long term. Look at the one month chart. It's a declining trend since the 12th of June or thereabouts. Now it may be in a turnaround phase. However if it dives, the downward trend continues. I'm in this long term.
I'm keeping plenty of cash to the side for the moment because there is crazy volatility in cryptoland. Furthermore the problems seemingly related to ICOs of recent times don't help. I was sold on ETH because of it's promise of scaling well.
However we have seen that it is not without its own issues. I'm sitting on the fence for the moment. Also IOTA looks seriously promising It's declining in part because of all the massive ICOs. Companies that did ICOs cashing out is suppressing the price.
What's the incentive for ETH stake producers to increase the resources their node make available to the network? Is holding ETH in itself mean anything in terms of keeping up low latency with very high number of transactions, resilience and large redundant storage? Still, it seems that not all of the advantages of EOS have been addressed in the Ethereum roadmap. Ethereum wont make it. And you wont make k year annually. When all these new eco systems start coming out that make it more user friendly then Ethereum, Ethereum will be an obsolete product.
Bitcoin is an obsolete product. The reason prices are so high is from chinese investors that don't have a clue of what is going on. They over inflated the prices and the prices will come crashing down. These prices are not realistic. They did the same thing with their stock market.
All these smart hedge fund managers were investing heavily into china as I shook my head that its not realistic market. What makes ecosystem work and take on mass adoption is ease of use.
Its hard to even do a transaction with ethereum. You have to sign on to your wallet make sure the long address is right, the erc20 token is the right one and then make sure your gas costs are right before you send out your crypto currency to whatever address. That is not taking on mass adoption. People want it to be like a credit card. Swipe and your done.
Or put in your credit card number click send and done. Not do 3 or 4 steps and try make sure everything is right. If you think that will work your being delusional.
Ethereum is to slow, and when they do updates its never smooth. They always run into tons of problems because try to push stuff out to fast. Even some of their own community complained about doing things to fast. One day their will be a eco system that is user friendly, can update the network smoothly and will take on mass adoption.
Don't know what it will be but all these new cryptos coming out are new and improved from what Ethereum is. More and more will come out. But all ethereum and bitcoin did was get the train going. Its like the first cell phone came out. Then apple and samsung make smart phones and take over the market. Ethereum and bitcoin are like the first cell phones out. Cheap, put on market to fast and not well made.
Anyone invested in cryptos at these over inflated prices will be broke in a few years. I seen this over and over again. Warned people over and over again to stay out of over inflated markets from novice investors over buying in the market. They learn the hard way. Patience is key and waiting for that one product that is putting out a quality product. I don't see one on crypto space yet. I remember this old man told me I was crazy to think oil can ever free fall.
I said it will. He said but oil used in everything even tires and we will run out and it something world has to have. I told him don't ever fall for a sale pitch that technology over time will replace everything. He lost tons of money. I seen people argue same thing about housing and gold.
Its just novice investing. Always check the background of the people who make the coin not their idea. Then look at the idea and see how they handle ddos attacks, how they handle new software updates, how they deal with tech problems and always study their competition and compare products.
Technology is so fast anything can be replaced at any time. No coin has stood out to me yet. The only thing that has impressed me so far is actually steemit.
Actually, I think the Chinese investors know what they are doing. They'll relocate their funds once Tencent comes out with their own currency that will absorb wechat and alipay. It's interesting that EOS may improve upon Ethereum, but maybe the future is a split system, where a good currency works on top of an efficient social contract blockchain, such as EOS.
One thing I'm curious about. You said eos will have an automatic common jurisdiction established adjoined to the smart contract being set up and executed. That's pretty cool as a default selection, I really like that. However there might be times where I want to specify my own more private jurisdiction with a separate entity for dispute resolution, do you know if this would be possible to program so my own personal jurisdiction was the one used and not a common one where eos already has its own arbitration system set up.
That's kinda a big deal for corps and the like to use their own arbitration system, like I said as a general rule a default arbitration system is great like awesome, but for specialization it would be nice to be able to specify our own specific one.
I'm not sure exactly about the details of the jurisdiction details, but I think it will be similar to a terms-of-service. I imagine it will be fairly general. It would be possible to program a private jurisdiction that is specific to a certain application. This is some serious work you have put in here dude. I've still not quite understood ethereum, hope this cleara things up. Thanks for the post!! Thank you for very detailed post about EOS and Ethereum comparison. It is so much helpful to understand this improved technology.
And to motivate to find out more about it. I am still new to steem! BUt I like it a lot, still trying to understand it to use it to maximal potential. I think EOS will be huge, since it is similar technology. I am trying to understand Steem, Steem Power, Upvoting, how to write new article which could bring money similar like yours, etc. It is such revolution. I believe EOS will also be. Beacause of the same technology and the same developers. Here are somethings that can help.
Do not invest during a price surge. Make sure the company has a product, and or service that will be used. Beware pretty faces on the front of a page, emotional connections. Follow the facts and results. Finally determine what the soft cap will be for said crypto coin. So, is consensus better not having consensus? Does ETH have consensus? Isn't decentralized cryptocurrencies like Bitcoin, Lifecoin, ETH, and others, by definition, using a consensus system with like the block chains, the information, the bits, the money, between the computers online, which adds security to the blocks?
I thought they already had consensus. I thought ETH already had consensus. I am a beginner to all of this. I am still trying to learn it all. I am a dummy here. I am not a whale yet. I am not a real boy. I am Ariel, a mermaid hoping to make it up onto Bitcoin Land. All blockchains use a consensus mechanism, they just use different approaches. You can do some research on "proof of stake", "proof of work", and "delegated proof of stake" to learn more about the different mechanism.
I have heard of those things before. I am starting to understand the differences. I think Steem had or has something like a delegated proof of stake system and Bitcoin used proof of work for the blocks.
Referring to this post, there's 2 types of Google user: Such a great article here. You nailed it bro! It has a completely different design and vision compared to Ethereum. It uses Network Bandwidth Allocation system to effectively share the blockchain. As we know, the Ethereum smart contracts are binary data instead. You just convinced me to sell at least half my ETH.
I was an investor of the DAO, luckily, I was able get back my original investment plus a little extra from the chain split. The amount of code hosted on the Ethereum platform during the DAO pales in comparison to the amount of code hosted today.
With the recent rise in ICO launches and the amount of money raised I think that there is a high probability that there is some buggy code and an incentive to exploit it. I definitely think that the mechanism to freeze and fix applications on EOS is one of the major advantages that it will have. A lot of words but it is worth the time to read.. I am following you now, resteeming this article.
That is a very detailed description of EOS. I tried explaining EOS to my friends but can't do it well like you. I will point ur article to my friends so that they understand EOS. This is going to take a while to read but hear goes nothing lol , If you put this much work in thumbs up to you 1 vote from me. Rental model is too centralized and would just be the same governmental system. I definitely agree that the ownership model is one of the things I am most excited about for this project.
The ownership model definitely sounds like a comfortable solution for businesses but I am not quite sure how the incentives for the block producers will work out.. Also, if I remember correctly there will be only a few wealthy block producers that's dPoS, right?
I guess that makes consensus across the network fairly easy but doesn't this also leave a lot of the capabilities of the network unused? Imagine a network which uses the resources of the entire network efficiently something like IOTA but still has the capability of supporting smart contracts.. Maybe this is impossible. Maybe Ethereum can get close to that using Casper and Sharding. Let me know what you think. I need to do more reading about IOTA. I'm guessing that the block producers will be paid by the network itself just like with Steem.
But I think DPOS isn't much diffenent than the current system where the processing power behind the applications is limited a few big companies. Now what about the billions of smartphones around the world? Because most of them aren't able to store an entire blockchain their capabilities remain completely unused.
I guess this is where IOTA comes in and tries to provide the ability to make transactions from every device. The main problem with IOTA is that, while it could make even more transactions than DPOS possible probably, this still has to be tested , currently it doesn't plan on supporting smart contracts because it doesn't use a blockchain but a Tangle Directed Acyclic Graph looks pretty efficient, but there are some safety concerns.
Can you see where I am coming from? At first the voted in producers may not know each other, but over time they will get to know each other and even start working with each other just like miners in PoW. Once all the most influential block producers learn about each other, they can start forming deals that benefit themselves at the expense of the normal network users.
Then run misinformation campaigns to make sure they stay voted in, or even change the voting rules to keep themselves in. It's a system that's highly efficient on the technical side, but relies quite a bit on trust. If major corruption goes on at least we can theoretically fork the system and start over with new producers. Not sure right now if EOS will allow forks like that but I think it needs to in order to keep the block producers honest longterm.
So that answers that. New coins will be mined and miners can sell them for profit. At least that is how I understand it up to now. Maybe I am misinformed on that one, but I thought the plan is to have only a very limited amount of block producers at any time who are being "delegated" is that what the 'D' is about, or am I wrong here? And processing power is somewhat expensive so that is what I meant with "wealthy". And still so undervalued. Check out a recent post I wrote on that, if you're interested.
Great Information on EOS very indepth, going to take a second and a third look at the project. You have my Vote! Trogdor I just resteemed the article would love a vote from you for getting a Newbie started on Steem IT. Thank you much appreciated the Vote you got a follower in Me, very insightful and really enjoy reading your articles. Looking forward to more in the future.
There is definitely a lot of valuable information out there about this project: Thanks for doing some research for all of us. You're welcome, I thought it was a good post to try the resteem for the first time.
Was this an extract from your PhD? If so, I'd like to know if i could access the full thesis? And if so, where? Thanks so much for sharing. No, my thesis is about fluid mechanics, not crypto: I just read about this as a hobby. I need to learn a lot more about smart contracts, I'm a foetus in this world. But i first need some deeper understanding of blockchain technology. Just do as much reading as you can, I'm still just learning about all of these topics as well, a lot of it is still over my head!
I think they'll both probably exist with their own market shares. It definitely has potential! I am bullish on both Eth and EOS too. But comparison of present Ethereum and future EOS is not quite correct. Both have to deliver yet to their promises. I have stake on Eth and am going to invest in EOS. Good points, it's just speculation on my part, but EOS definitely sounds promising of course they still have to deliver. Actually I just heard about NEO for the first time a few minutes ago. I need to do more reading about that project.
Seems more grounded than NEO. So much still to prove for all. Sometimes I can't find the ground with all this speculation. Will eos be more expensive than ethereum? Or eos would just be an uncontrolled currency with a price that will increasingly decline day by day.
You can check out https: This is quite well written! I am still new to Ethereum and EOS and the whole cryptic world as it is. Thanks for reading, check out https: Frickin awesome content and post trogdor , this might be the DUMMY question of the month but I followed EOS for awhile, get the notice for token sale, then I go to click on it and it says. It seems like they are blocking United States IP addresses for participating for some legal reasons. I am not sure about the legality of that.
Damn that is annoying lol, Have been following them a long time, did not know they would block out the US. Don't worry, there is a LOT that I don't understand still. Don't be afraid to ask: Awesome, I really appreciate all of the research you have done on this topic, many of us are relatively new to the Crypto-Universe and it's a huge help to get information and advice on some of these up and coming currencies - i think EOS is a well thought out Crypto currency and definitely looks very promising!
Thanks for putting in the time to clear things up, this breakdown is great! Kept it simple and clear, keep up the good work man! You've got me keen on EOS and it only took one post. What a fantastic article thank you so much for writing this! Im still bullish on both platform, though. I think they'll both make each other better. I think the competition will benefit both platforms. Lisk fits the criteria. Going to power up on steem, been thinking about eos but not sure where to buy from did get some more ethereum yesterday.
Power em up mikenevitt! Here's some info on how to buy EOS https: Thanks Champagne for the added confidence, your advice is always great. Loving the positive vibes. Focusing on crypto that offer an opportunity to build decentralizations applications Dapps on top of their blockchain. Anyway champagnecrypto I love your openings on your videos, it's very soothing to the ears: How did you come up with champagne? Thanks for the video again champagnecrypto , usefull as always.
And I have something where I think you're interested in. There is a petition going for big companies Amazon in this case to allow Bitcoin and Litecoin. If this will go on, the cryptomarket will grow a lot. Besides, people need to spend crypto's a lot more. Please take a look https: I already covered and shared a change. I'll try and mention it again. Are you planning to buy EOS? If you are what's your buying plan? Won't be buying EOS yet. Still waiting for this and last week's ICO smoke to clear.
Buying and holding my favs right now. I really like the idea of LISK. Java script will be an easy transition for a lot of people who work in the industry. I bet this one grows the most in the short term. Im a fan of liteeeesssss! ETC has been getting some positive attention from China and news lately.
Top 5 Ethereum Competitors? What other crypto currencies or assets are in competition with Ethereum? Leave a comment below.