Competition itself isn't great. What is truly great is the eventual result of that competition. What doesn't kill you makes you stronger. Competition is a land of death for anybody entering. Most companies fail during the first 5 years. Some just manage to barely keep up. Giants like TWTR and SNAP are good examples. The companies won't be around for much longer. Same goes for Uber and to some extent, Tesla.
Competition forces each project to go down in one of 3 paths to success.
- Do it better/cheaper
- Do it differently
- Die
Few months ago I explained why I think enigma and Komodo as what EOS would be competing for market share. Despite being #2 in marketcap, Ethereum is no completion at all. I described things little more i n depth here.
Welcome Elastos (ELA)
Elastos is the public chain designed based on main chain and side chain architecture.Mainchain: sharing the calculating power through merged mining with Bitcoin, which guarantees the trust based on Bitcoin POW mechanism while avoiding incremental energy consumption.Side chain: works in cluster mode to improve calculation capability while keeping the main chain overloaded. The side chain supports the running of smart contracts flexibly, such as Trusted Calculation and expand to 3rd party applications.
Now here are some more super important stuff
- The design philosophy of elastos originated from Chen Rong, the former senior software engineer at Microsoft. He strived to develop the world’s first Internet Operating System in 2000, and put forward the basic idea that there is “no need for computation if online and no need to be online if computing .
- https://github.com/elastos already has over 10 million lines of code.
- Elastos received sponsorship of over 200 million RMB from the Foxconn Group and other industry giants for its research and development.
- In 2017, Sunny Feng Han and Ji-Han Wu started running the Bitcoin Investment Elastos Blockchain Community and founded G3 with Bitmain and NEO.
- On top of all that, Elastos has many partnerships and there are 5 DAPPs that is already getting built on Elastos at the moment.
"To be safe is not to use the internet, and to use the internet is to be not safe.”
-Rong Chen, Founder of Elastos
The very first thing that caught my attention was that the DAPPs don't directly interact with the internet. This is something Huge....... Something Massive and Gigantic for the security. These days, a thermostat is a security liability. A washing machine with the prefix "smart" on it is a security threat for you. But not with Elastos. Obviously one could screw up a DAPP. but malware, DDOS etc. would be a thing of the past.
There are lots of new blockchain projects popping up. They claim various things. But how many of them had been in development since 2000? I've been a huge fan of MaindSafe which is older than Bitcoin and which is practically building the new internet. To me, Elastos comes across as the new cloud computing/Virtual Machine platform. It's already partnered with NEO and Bitmain. I'm not a fan of BTC merged mining thing as I consider BTC do be a washed up relic from the past that belong in a museum. But many other things look so bright.
Do you have 87 minutes and 38 seconds to spare?
I'm going to share you a presentation from the founder which gave me lots of confidence about the project. He really talks like a person who knows what he is doing and I was impressed. Normally I'm the first one to call BS on anything. I'm not impressed like I was impressed with Leemon Baird. But Rong Chen Is a legend.
The English subtitles aren't great. So you guys can optionally do some reading on medium. It covers everything in the video presentation and you'll see that Rong Chen has sort of a contempt towards the obsession with Tx/s
One person using one computer can’t solve the problem of the Internet. So we will talk about TPS in the blockchain today. Where do we talk about TPS? People don’t worry about their computers these days. When you install your computer, you ask the boss at Hailong Tower how fast is this CPU? Have you experienced this? Boss, what memory does this computer have? Boss, is your CPU 1G, two core, or four core? Four core working separately is faster than one core by itself. This is to say that the four core are slower than the one core. Speaking of TPS, when will people start to ask, how many TPS is the Internet? The Internet does not ask about TPS, the operating system also does not ask about TPS. The operating system is only loaded with a certain number of TPS. We only talk about TPS when there is so much CPU speed. You wouldn’t say how many TPS per second is Microsoft’s Windows? So which machine do you want it installed onto? Installing on the phone is still installing on the cloud. If you don’t install it yourself, then you wouldn’t ask how many TPS, right?
We have no reason to belittle others, but this is a basic concept. Because many people say they work on a blockchain operating system, but they also talk about how many TPS they are. You understand what I mean? This is contradictory. Then they talk about how fast they will become. You’re almost to the limit, but you can’t even reach the limit. Your limit is the speed of a computer. Can you put applications on it? Can you provide services on it? How many people can one computer actually service? This does not require Tsinghua University students. It’s even too easy for children. Kindergarten children will understand this doesn’t make sense. But people are seriously evaluating these companies and still throwing money at them.
Source
This is a completely different approach to scaling and Elastos is going to be working with other blockhcain projects. If you can't destroy them; join them. Most blockchain projects would fail and Elastos is working to work with those who would survive. We can be sure that Elastos is going to be working with NEO making each other stronger.
Let's talk Marketcap
Things like coin supply and individual coin price isn't going to matter much. What really matters is the market cap. Instead of going with USD values I'd use the marketcap of Elastos as the base currency. The numbers may have changed by the time you read this.
Ethereum is a dead horse and it is already 267 times of ELA.
EOS is something that I'm a huge fan of. But it's worth 50 times of ELA.
Cardano is worth 31 times and I think it's a fair valuation compared to EOS which is a superior project. But think about the potential of ELA.
Tron is worth 19 times ELA and NEO which is partnered with ELA is 18.5 times more valued.
NEM is a hugely under the radar and very important and great project that is worth almost 13 times of ELA.
So I think I got my point across. The team is rock solid and they are going to deliver. The biggest selling point to me isn't the scaling. EOS can scale enough to run All of the popular social media, VISA, MasterCard, AMEX, Netflix, Hulu and Amazon o it and still have much more juice left. I'm not happy about the merged mining with a relic. But the ability of Elastos to co-exist with other projects and the ultr-high security it offers is very important to me. No other smart contract platform prevent the DAPPs from directly accessing the internet. This is the killer feature. I do think Elastos doesn't put enough emphasis on the main chain and rely heavily on side-chains. I see their point. But mainchain performance is paramount.
Overall I'd say I'd rather put my money on Elastos than EOS. I'm not affiliated with the project and I regretfully don't get any compensation for this write up. But I do have to tell you that Elastos is a better investment than EOS. which one o them is the better project is a different story.
