EOS Impact on BitShares will be Ultimately Positive
•EOS is launching on its own mainnet on the 3rd of June 2018
•Expectations that EOS will become a so-called ‘Ethereum Killer’ are backed by Ethereum’s scalability, governance and security.
•Despite rumors, there is no evidence that EOS will replace BitShares or Steemit as EOS' core function is a main chain for Dapps, not a blog or financial stack.
Why EOS Doesn’t Pose a Threat to Bitshares
As is usually the case with the cryptocurrency market, speculation has recently bordered on the brink of hysteria. - Namely, with regard to the assumptions that EOS will soon set its sights on disrupting not just Ethereum, but Bitshares and perhaps even Steemit.
Why do People Think EOS Poses a Threat to Bitshares?
The EOS blockchain technology poses a risk to Ethereum. EOS’ Wren smart-contract programming language, blockchain architecture, and virtual machine capabilities are far superior to those of Ethereum.
“The performance of the Ethereum virtual machine is burdened by poor design decisions. Many of Ethereum's poor decisions are a result of being built and designed by programmers with less language experience and more blockchain experience. In other words, the EVM is designed by blockchain engineers thinking about blockchain problems and as a side effect they built a system that no language engineer would virtual machine designer would ever consider viable.”
Sadly, what has many Bitshares enthusiasts concerned, is that EOS might pose a threat to Bitshares also. One point of discussion is the fact that EOS has already partnered with leading cryptocurrency exchange Bitfinex. Specifically, in order to launch a new EOS-powered decentralized exchange called 'EOSFinex' on December 31st.
Why EOSFinex is NOT a Bitshares Killer
While EOSFinex is an exciting concept, it is not wholly unique in of itself.
At present, CryptoBridge, Oasis, Stellar, and several other decentralized exchanges exist on the cryptocurrency market. Much more importantly, just like Bitshares, each serve a diverse array of users, and each has their place in terms of unique merit. Most likely, in this case, the Bitfinex inspired EOSFinex, will strive to serve existing Bitfinex (and regular centralized exchange users) and not align itself as a direct competitor to existing decentralized platforms like BitShares.
Bitshares Benefits from Dynamic Community Support and a Unique Use Case
Unlike other cryptocurrency exchanges (decentralized or otherwise) Bitshares defines itself as a ‘Crypto Equity Network.’
BitsShares users can create and invest in BitAssets which peg value to real-world commodities and reduce cryptocurrency price volatility.
BitShares is already capable of facilitating up to 100,000 transactions per second. BitShares already has over 4-years of proof of concept. This being thanks to the fact that during this time, BitAsset prices have been successfully pegged to real-world assets and fiat currency prices. Providing users with a way to hedge against volatile cryptocurrency price actions, is leading to greater awareness of Bitshares potential and a consistently growing user base. * Read 3 Reasons BitShares Is Unlike Any Other Cryptocurrency
All of the above is important, as neither EOS or Bitfinex has announced plans to create a Crypto Equity Network like Bitshares. EOSFinex will, therefore, most likely be a decentralized cryptocurrency exchange which simply echoes the existing Bitfinex model.
Why Would Dan Larimer Kill his own Creation?
After the EOS main net goes live and even after EOSFinex goes live, the most likely outcome for Bitshares is that all Graphene powered platforms will work to complement each other.
As an innovation titan with regard to blockchain technology, EOS Chief Technical Officer Dan Larimer, is the quintessential creator of Bitshares, Steemit, and high-value projects like EOS. Dan Larimer being the original creator of BitShares and Steemit; and Stan his Father, known as the Godfather of BitShares, are subsequently not likely to use one Graphene ecosystem powered project like EOS, to sabotage the success of the Graphene Dynasty.
Will EOS & EOSFinex have any Effect on Bitshares?
Given the shared development history of Bitshares and EOS, what Dan and Stan Larimer most likely plan for the future, is a mutually beneficial co-existence with EOS.
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Very interesting perspective. Thanks for sharing your insights, @futurenomex.
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Thanks for the coin chart visual. Up and away!
Great news
Thank you!
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Please also take a moment to read this post regarding bad behavior on Steemit.✅ @futurenomex, I gave you an upvote on your first post!
Done and thank you.
While I do agree that EOS does not pose a threat to BitShares or Steemit but the logic that Dan Larimer and Stan wouldn't use one Graphene ecosystem to sabotage the success of the Graphene Dynasty is simply not possible as once these projects are launched they would have little to influence matters.
Appreciate the article, and we need more articles like this to raise the profile of bitshares. I would howeever add that nobody is saying EOS is going to kill bitshares, but that EOS could provide the platform that allows other daps to come in and kill bitshares. The arguement about EOSFinix is also flawed (in my opinion) since bitshares major problem is mass adoption and liquidity. The question is when the expected masses of new people eventually come to the crypto space, are they going to use bitshares, or EOSFinix ?
Also all the people who got into crypto say in the last 3 years, are they going to start using bitshares or move to EOSfinix , which they already know ? Again likely EOSfinix.
Finally Dan isnt trying to kill off any of his previous projects. Dan creates a project, and then hands it over to the community to run, at which point he has little control over what happens (although still a strong influence).
Legit!.
But there's more to BitShares. Most of the assets have established themselves and it is highly unlikely that they will move to a platform that lacks infrastructure.
I am also of the opinion that each platform has its own unique customer base and history has proved that the launch of Binance didn't kill Bifinex/Bittrex or any of those major exchanges who are centralized and easy to set up. So, it is highly unlikely that EOSfinex will kill BitShares anytime soon.
I agree... But I am also the type of person that has a Mac computer and a Samsung phone.... I think that finding the best in each brand works for me.
I say its all based upon personal opinions, but with the right marketing bitshares will have the ability to still shine regardless even with competition. Think about how many competing brands are out there in the same niche.... It's up to the people to choose what they want... Some will want to stick with bitshares based upon the experience and how long it has been out, others might choose to switch to a brand new one... Who knows. The power is in the hand of the community that supports each platform and what they are willing to do in order to spread the word.
Thats is the beauty of decentralization, but at the same time with all being such great platforms we believe they will all have the ability to stand on their own.
Sorry to burst your bubble but Larimer has already mentioned plans for a better Steamit on EOS. As for Bitshares, there's no guarantee that a Dapp won't be built on EOS to seriously compete with it.
I view competition and new technology like the picture attached. People will always have their own personal flavor.
There are 5 billion consumers out there so it’s plenty of dough and bread (no pun intended) to be made
Gotta get it stable first. At this moment the EOS blockchain is frozen.
Thanks!. Up and away!
Great read! I'm very excited about the future of both Bitshares and EOS, what a great time to be alive! Life, Liberty and Property!