It seems that many are worried about the emergence of EOS this summer.
For those who are not familiar, EOS is 's third blockchain. He began with the development of Bitshares which was followed by Steem. Now, he is onto a project that, from the sounds of it, will be his finest work.
This has many who are holding BTS (and STEEM) concerned. Will this make those blockchains worthless? What happens when EOS comes out and everyone jumps on that blockchain.
To start, I will state that is not going to happen. Businesses do not pick up and move on a whim. This is especially true if where they are located is profitable. Moving a business requires a lot of thought, effort, and time. Usually, this is done when things are not going so well where a business is presently located.
When talking about Bitshares, it is ironic to bring up this point since Bitshares is the place that businesses are moving to. Again, if things were going well for these companies, they would stay on Bitcoin or Ethereum. The reason for the move is that the traffic is just too much on those blockchains. Hence, Bitshares with its 3 second transaction time, is a much better option.
So if EOS is improved, why won't companies do the same thing?
I listened to an interview with that really covered this topic in great detail.
As mentioned, businesses are moving to the Bitshares network because of bottleneck issues elsewhere. It is going to be a long time before we see any of these issues on Bitshares. With the ability to handle 100K transactions per second, there is plenty of room for growth. Hence you are going to have businesses, from a blockchain performance standpoint, that do not have any issues.
Another aspect that he covered is what he termed the "grand unification". It is no secret that interoperability between blockchains does not exist. It is a rather fragmented industry. Bitcoin is different from Ethereum which is different from Steem. They are different ecosystems that have little (to none) to do with each other.
The addition of EOS can change this. It is 's idea to have EOS compliment Bitshares making both networks more valuable.
How would this look?
Essentially we are looking at the idea of establishing a middle chain which protects the existing Bitshares structure that was built upon decentralization, freedom, and personal values. At the same time, in order to attract the institutional investors, Bitshares needs to provide a forum whereby these entities can stay in compliance. Regulatory issues such as KYC and identity management are crucial. A network needs to be able to identify where one is logging on from to ensure compliance. Finally, there needs to be higher quality nodes that the financial institutions themselves can mange.
In other words, to attract these entities, there needs to be a major upgrade in terms of compliance with regulation.
But how do you do this while not upsetting the foundation which Bitshares was built.
This is where the middle chain comes in. One chain has the traditional Bitshares traffic keeping all the values in place. At the same time, the other chain has what the institutions need. Thus both chains share through the middle chain.
Link to interview.....
https://www.futuretechpodcast.com/
As you can see, EOS is a different animal altogether. has a vision that EOS will be the operating system for the Internet. This means that there are going to be parts of that system which can benefit other blockchains. I am not a coding expert, so I cannot be sure but I imagine that since all three blockchains were developed by
, there are a lot of similarities. Thus, it would be prudent to do something like
is suggesting. Both Steem and Bitshares will be able to benefit from some of what is being developed on EOS.
It is easy to fall into the competition viewpoint of things. EOS might be the first step in seeing interoperability enter the blockchain world. This is something that is sorely needed.
Hence, EOS isn't going to destroy Bitshares, but will make it stronger.
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