I really hated the hype about Ethereum with its PoW and excellent scalability with Bitcoin-like 5.2 transactions/second... (although it seems almost like only Blockchains with less than 10 transactions/second can go above 20 billion in marketCap... who knows...).
So seeing that these smart contracts could not scale made me ignore the project... I heard some people talk about reaching 10.000 transactions, but did not care, it sounded to me like a SegWit-thing... And I am not a fan of this type of design... sounds to me like someone changing a Fiat Panda to a Ferrari by adding additional engines, instead of just scrapping the thing and building something beautiful from scratch.
Why I prefer not to have anybody to read this article, I will go into this at the bottom...
In general, why decentralized apps on one common blockchain?
I would agree that it is a lot of hassle if you have a small project to copy Graphene and maintain an Eco-System with 21 delegates and so on on your own, or if you gather them you have to defend your network on your own...
So instead having 1000 small networks were its 21000 delegates are not really trusted or known, it is much better to have one big network supported constantly by 21 known experts and defended against attacks.
BIG NEGATIVE POINT UNTIL NOW: Scalability, how to make this network feasible to support millions of transactions in seconds. And how to pay for it.
Dan has done it again...
Dan is a pure genius... I mean, this had to be his next project... I hate his instant dumping of Projects he just finished (looking at current prices I think was not the best financial decision he could have taken, he almost killed Steem by dumping together with other whales his shares), but in technical terms, Dan IS THE MAN!
I love his designs, they are so straight up to the point, addressing all the rubbish of wasteful and bad (outdated) designs like Bitcoin. While Andreas Ant. still would praise the cool design of Bitcoin and how they will reach scalability and blabla... Don't get me wrong, 90% of the talks of Andreas I really love... But I hate that he is a cheerleader of Bitcoin's technology which I do NOT like. I think Bitcoin is really open to attacks because of its centralization.
DPOS instead of PoW
Ethereum sticking to PoW is one of its big minus signs in my eyes. I think in the future they will prepare Ethereum to be able to switch to PoS after Metropolis, whenever this will be...
I am quite sure that Dan will be ready before this with EOS and (perhaps) even with a compatible Ethereum VM (EVM) making all Ethereum contracts executable on the EOS-Blockchain, but the team perhaps might have another 10 different VM's like an adapted Wasm and what not ready... I feel pity for Ethereum...
Block Producers can choose only to attend some applications
allowing fragmentation of the workload, something I think is not possible in Ethereum... there every miner works on all the stuff at once, pretty wasteful as it is today and does not allow for quick transactions. Not sure if Lisk gave some ideas to EOS but it makes much more sense to address this from the start.
Is EOS a thread to Steem or Bitshares?
I think Steem has a very strong community and can allow itself to have its own blockchain, so EOS IS NOT A THREAD in my eyes. EOS makes sense for small projects as you do not have the hassles of having to maintain your own delegates and so on... so I think Startups with no users might be the first to onboard and use the features of an existing blockchain like EOS.
I think Steem might benefit even, as the code in many areas is very comparable, if something like fabric is being introduced with even parallel blockchains, Steem could make use of it when Steem has grown beyond the size of Facebook (hopefully soon).
Why I would prefer no one reads this...
I would love to have time to buy into this before it takes off... by experience the initial hype is followed by a trough of sorrows and depression... Although this time it might be different, with the autumn comes the stage of the year where the financial system usually collapses...
So I usually really do not want to contribute a grain of salt to some projects hype where I am not invested in to the point that I can not buy any more.
But I feel like I have to take a stance on such a bold project, which might get as big as Steem (both at a 500 Billion marketCap??). As said I think EOS is not a direct competitor in the same space. But people might be wondering if they stay with Bitshares or Steem entirely or switch to EOS if they think it raises quicker... So this project might cause some divestments... like, do I buy a Ferrari or a House?? One can live in a Ferrari, but it is not really a competitor to a House...
The one who has to fear is definitely Ethereum... I think EOS can replace Ethereum completely. Which would be really a plus for the blockchain world...
Link to the EOS White Paper:
https://steemit.com/eos/@eosio/eos-io-technical-white-paper