EOS has the potential to scale up to thousands upon thousands of txs/sec. With Ethereum working on its other scaling solutions (plasma, raiden, etc.), EOS seems to have scaling down to a notch already. But with their product not even out yet, will EOS have what it takes to deliver?
If we want Smart Contract to be mainstream adoption, the network needs to be relatively fast.
I strongly believe that EOS have what it takes to deliver, I been researching EOS for a while now and in this review I will give you my thoughts on EOS.
Lets start with some slides CryptoPortfolio made that gives a good overview over EOS
So they are describing it like Ethereum where you can build decentralized apps on top of this framework, it goes on to say that the resulting technology is a blockchain architecture that has the potential to scale to millions of transactions per second, eliminate user fees and allow for quick and easy deployment of decentralized applications. Scalability is one of the biggest issue in terms of blockchain, we cant send a product out to the masses if the masses if the masses cant even use it.
If we rolled out Ethereum right now to the masses and had people build decentralized apps on it then it wouldnt be able to withhold all the traffic. The Ethereum network would just crumble. I know theres probably Ethereum fanboys that reading this post here ,but with this new technological age technology is growing exponentially. ( I still think Ethereum is a great company )
Its completely different from a few years back where you would have decades of just no advancement in technology, this era like the 2009 and beyond theres just so much growth happening I think that Ethereum cant keep up.
EOS have been built with scalability in mind, its already been taken in effect that the devs know that scalability will be a big issue in the future so they took precautions in the beginning to make sure that EOS will be scalable.
Ethereum and EOS are both platforms for smart contracts however there are fundamental differences in their ideology and vision. What is the real difference between these projects? Ethereum is currently using PoW and will switch to PoS while EOS is using DPOS - Delegated Proof of Stake.
Lets start by talking about how Vitalik Buterin see the future and how he wants to take Ethereum to the next level then we ll talk about EOS and what`s the differences.
When we talk about Ethereum we are talking about Ethereum 2.0, if you take a few searches on Youtube and find videos of Vitalik you get a sense of how Vitalik sees the future. You will quickly understand that the decentralization is extremely important for Vitalik, mainly that everyone who has a laptop should be able to participate in the consensus process, in the consensus mechanism and then he structures his solutions around the simple fact, around the simple idea. He mentions that he wants to implement sharding in order to fix the scalability issues in order to scale Ethereum to 100/1000 txs/sec. So he wants to structure sharding in such a way that you still can participate if you only have a laptop and having that in mind you will get a good picture of how he sees the future and how he wants to take his project forward. Ethereum currently use proof of work, they will switch to proof of stake and this is in contrast to EOS because EOS uses delegated proof of stake.
It means that we as token holders of EOS you/me/the token holders can elect witnesses and only witnesses will produce blocks and validate transactions. So you and me will not produce and validate transactions we will only participate in elections and these elections are ongoing all the time, so we can constantly vote. So if a witness misbehaves, if they produce bad blocks we`ll just replace them with someone else. The reason this will work is because it will be a lot of competition to be a witness, being a witness means that you get a lot of reward, you get paid for your work as witness and only top twenty witnesses will get regular payment. There will be no incentive to misbehave because you will lose your position as witness and because more and more people want to be witnesses as EOS grows the witnesses will become more and more high quality. Exemple: we will see people with a data center become witness and then someone else comes around with a better data center and then that data center gets elected instead of the previous data center. So this previous data center now needs to improve and maybe upgrade their hardware in order to be a part of the competition, so the whole idea is that it will be a lot of competition for being a witness and many people will want to be a witness meaning that there is no incentive to cheat, there is no incentive to behave badly and we as token holder we vote all the time for new witnesses or for the same witness if we want to keep them. So as you can see the fundamental difference right here is that in Ethereum everyone should be able to be a part of the consensus process while in EOS only the people who are elected could be a part of the consensus process, so in EOS you have to actually be elected before you can do anything.
In other words it means if I am a malicious attacker and I want to mess up the network in Ethereum I can just join the proof of work/stake consensus mechanism from day one without anyone`s permission while in EOS I would have to first be elected and be elected by the network, by the token holders.
So there are pros and cons to these approaches and the delegated proof of stake the one we have in EOS is currently used in steemit and in bitshares.
In Ethereum we have everyone mining, everyone being a part of the consensus while in EOS we elect a few people and they are the ones mining and they are the ones who are a part of the consensus so if you just look at this situation and you get the feeling you might get the feeling that Ethereum is more decentralized. In fact it could be the case that on paper Bitcoin and Ethereum are more decentralized because everyone is mining on their computers, its spread out across the globe and this is how it should have played out in theory. However it is not how it played out in practice because we have mining pools which kind of are like data centers in EOS and you as a person with a laptop you decide which mining pool you join meaning that you kind of vote for that mining pool. In both Ethereum and Bitcoin we have a few mining pools who control most of the hashing power and by joining a mining pool you indirectly give power to that mining pool. In EOS when you vote for a witness you give power to that witness and then you can vote for some other witness and give another witness power instead if you change your mind. So the question is it really different. This is the argument EOS makes, these data centers that will be witnesses or these people that are witnesses is not much different from the way it currently works but we remove proof of work, we make this delegated proof of stake which in theory should be extremely efficient and this is the promise of EOS.
There will be a test network up and running before the end of this year. Then there will be a testing phase and security audits. As it was previously announced, WASM will be the initial language to be supported, and building on that there will be support for additional languages to be compiled to WASM: C++, Rust, and other. The final launch is planned for summer next year. After that the focus will move towards optimizing the code for parallel execution.
Here are the five main stages, as outlined in the document:
Here you can see that phase 4 includes parallel optimization for summer fall 2018, however this isnt the real case because Larimer said that a lot of their goals and deadlines are met a little earlier or arent exactly on the date that they do release. The reason why is because a lot of dev developers are working on this project, it has gained a lot of attention so anyone like you and me can help the project since it is open source. Because of that they are releasing EOS dawn 3.0 a lot ahead of schedule.
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⚠️⚠️DISCLAMER⚠️⚠️
I am a hobby investor. I am not a financial advisor. Please do not take anything I say as tips or advice. I am only sharing what I am thinking, and what I am doing.
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