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7 years ago in #eos by rok-sivante (77)
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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.
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.
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.
Why is that?
His past might come back to haunt him one day and that might affect EOS if he has an important role in the company.
https://en.wikipedia.org/wiki/Brock_Pierce
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
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.
Upvoted... :)
Great article. loads of bitcoin here http://bit.ly/2ylZWDe
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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 ^^
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...?