EOS is a new project being developed in part by Dan Larimer the technical designer behind Steem. EOS will enable smart contracts similar to what Ethereum enables but with interesting performance and scalability benefits.
- EOS uses Web Assembly which is a performance oriented language they arrived at by benchmarking.
- Ethereum is limited in it's ability to do decentralized apps and cannot handle large ICOs without bogging down the network as Dan Larimer discusses in his blog post
We had always intended to use a small, tight scripting language to write out contracts for EOS, and the initial choice was Wren. A few weeks back I managed to run a test with an empty contract. This revealed performance of about 1000 transactions per second; far too slow for our target performance.
Over the past couple of weeks the EOS development team has pivoted away from the Wren programming language and embraced Web Assembly. Today we would like to update everyone on the progress and initial results we have achieved.
As we can see, Dan Larimer and team are taking a very pragmatic data driven approach to design decisions. When it was discovered that Wren wasn't as good for performance as expected or required for the goals of the project they swapped out Wren in favor of Web Assembly. Web Assembly is a new paradigm for web developers which can allow utilization and compiling of many programming languages such as C, C++, Rust, even Solidity. This will enable quick porting of many code bases over to EOS quickly provided that they get this right.
- EOS will have a token sale and will require a token.
- EOS is an operating system for decentralized apps.
- EOS can handle scheduling and communications to possibly allow communication between decentralized apps.
Conclusion
I will not be selling my Steem and would not recommend doing so. In the possibility that Steem or parts of Steem can be ported to EOS then we can all reap the benefits. EOS need not be an Ethereum killer to be extremely successful, as in it can reach a very high market cap and benefit the Steem, Bitshares, Peerplays and overall Graphene ecosystem. As all of these projects use Graphene and all of these projects are built up from the same base community it will be very easy for network effects in my opinion to boost all associated projects.
Instead of selling Steem, now is a good time to be earning Steem and saving those earnings in order to participate in the EOS ICO.
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