For a quick intro - we are building a decentralized, community-driven application with massive amounts of personalized data contributed by the community members. All activities and contributions will be incentivized and rewarded with tokens. Tokens will be used within the ecosystem. As we are developing the product and getting ready for the ICO, there is a decision to make: what is the best technology for our business model?
It is clear, ICO and product do not have to be on the same platform. For example, we can do ICO on ETHEREUM since it is readily available and currently widely accepted, and then, we can build our product on top of significantly superior platforms such as STEEM (using SMT) or EOS.
In essence, ETHEREUM is good for raising money, but not to build a real-life scalable application. ETHEREUM is known to be very slow and transactions are very expensive. Basically, it is not scalable and cannot support a large number of users.
In terms of speed, for example, a BITCOIN transaction is about 10 minutes, ETHEREUM - at best 1 minute, STEEM is 3 seconds, EOS will be a fraction of a second. EOS will have massive scalability, capable of supporting thousands of decentralized apps with millions of users.
In terms of cost, ETHEREUM charges for every interaction with the system, while both STEEM and EOS transactions are FREE.
In a nutshell.
As the above makes sense, 2 questions still remain:
- What will migration from ETHEREUM to another blockchain such as EOS be like?
- Are we aware of another blockchain that promises to be superior to either STEEM or EOS?
SMT suits you if your product is content related. i am not sure what else can you use if not STEEM. i find myself in similar situation as you but my business idea is still too early. one thing i know is that i will go for a blockchain without fee. i did an ERC20 token for the sake of it and i realized that the transaction fee are going to be an issue in the long run. so that leaves me with STEEM and IOTA, i am not sure if IOTA can be forked. i would follow you and see what you decide. do share when you make up your mind.
there is also bitshares tokens
Yes, absolutely @SMT looks like the best if not the only option
thanks for sharing. I'm waiting for your share to continue
Ethereum does have scaling issues but the real question is whether the proposed alternatives like EOS have proved that they can solve this problem. Not yet.
can we trust Dan's track record of steem and bitshare to deliver on the promises?
Coins mentioned in post:
44.86% @pushup from @slavix
upvoted, vote me too please: https://steemit.com/ico/@rsrestinga/ico-telegramtokens-be-part-of-it
Based on this post, my choice is steem or eos. Having these qualities, speed and cheap transaction, this will make them promising coins. So while it is still early, it is a wise move to invest in these coins. Sooner or later they will go to the moon!!! So must ride on with them, you too.
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STOPThis one is a NEM based project, take a peek:
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What do you think?? I trust it will make BIG
😊
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http://wallet.tokia.io/Referal/49fae2f4-8d27-4b93-be48-a3962e41bcc6