Ethereum's Market Cap Is Approaching 20 Billion USD, And Is At A Price Level Of Over 205 USD. Are Individual's Searching (or Waiting) For a Blockchain Platform With More Practical Use Cases? by cryptofreedom

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blockchain · @cryptofreedom ·
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Ethereum's Market Cap Is Approaching 20 Billion USD, And Is At A Price Level Of Over 205 USD. Are Individual's Searching (or Waiting) For a Blockchain Platform With More Practical Use Cases?
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<h3>Ethereum has been gaining serious and consistent support for the past several months, which leads me to believe people are searching for more practical and capable blockchain projects.&nbsp;</h3>
<p>While the effectiveness and efficiency of Ethereum can be debated and disputed, Ethereum definitely has a wider range of uses and use cases than Bitcoin currently does. While Bitcoin has always been the dominant leader in the market, it is starting to look like it may soon take a backseat to other projects. While Ethereum is still relatively limited in its abilities currently due to technical issues, it is currently one of the projects with the greatest potential in my opinion. I do think that EOS will have a significant impact on the future of Ethereum, but the increased interest and support in the Ethereum project shows the need and demand for a single blockchain platform on which applications can be ran. The potential of blockchain technology is so much greater than Bitcoin, and I think individuals are beginning to take note of that.</p>
<p>http://www.blockchaintechnologies.com/img/smart-contract.jpg</p>
<p>A single platform that has the ability to run a range of diverse applications will be successful in the future, and it will likely be the project that first delivers a range of applications and practical use cases that is adopted. A platform must not only be able to actually support the level of users and transactions that come along with mainstream adoption, but the platform must also be able to have a wide enough range of practical applications to make users want to use it. While developers can be incentives to create Dapps in many different ways, the biggest aspect of a platforms potential for success is the number of in demand and practical apps that they can offer to users.</p>
<p>&nbsp;A platform must also be able to scale to meet mainstream adoption, which Ethereum currently is unable to do. The amount of transactions and the speed at which they are processed is vital for the a project's potential for success, because if a project can't actually meet the needs of mainstream adoption, is it worth it? While the increases in price and support levels are great indicators that interest is beginning to move beyond bitcoin, can Ethereum really handle adoption with the transaction limitations it faces? Due to the fact that the Ethereum network uses gas as payments for transactions and contracts, the network is limited to a maximum of 30 transactions per second. A platform would need to be able to potentially hundreds of thousands of transactions per second to actually be able to host applications that could replace current infrastructure, and I don't think Ethereum will ever be able to do that.</p>
<h3>One thing is for sure, their is an active desire and need for a single 'smart contract' platform.&nbsp;</h3>
<p>Ethereum has shown great potential and many great proof of concept ideas of potential DApps, but has yet to have any applications receive much success. A platform that is able to scale and is flexible enough to support a wide range of applications and contracts has significant business and personal use cases. Everything from financial services to shipping and receiving companies could increase their security and safety by implementing smart contracts, but a reliable platform that can sustain the contracts is needed first. Nearly every application that is very popular among users and consumers could be improved by using a decentralized version, but a platform with flexible the ability to reliable host these applications is first needed.</p>
<p>https://media.licdn.com/mpr/mpr/AAEAAQAAAAAAAAdhAAAAJGUwYjFmOTRjLWE5YjQtNDkwZC04YTU3LWQ5MWZjNzhkNjNjYw.jpg</p>
<p>Hosting and running applications on Ethereum requires gas, which means that developers have reoccurring costs during all stages in development and implementation. The costs of hosting and deploying a Dapp on the Ethereum platform would likely be greater than the return from the Dapp, simply because there are not enough users on the platform to make it a viable investment for developers. If a developer doesn't have confidence in a chance for a return on their investment then they are much less likely to develop applications for that platform. Users of the Ethereum platform still need to be relatively good with computers and technology, and must go out of their way to access the Ethereum network or any Dapps on it. If the Ethereum network would be unable to support mainstream adoption, then what incentive do developers have to use their person resources to create Dapps for the platform?</p>
<h3>EOS is in the perfect position to capitalize off of this additional support and interest.</h3>
<p>I know that the network isn't even up and running yet, but the EOS platform could really be the first project to be adopted by mainstream users. Not only will it hold the technical capacity to actually support mainstream adoption, but it will also not require resources to run and develop Dapps on the platform. Instead of using resources, users are granted bandwidth and storage space proportionate to the level of stake they have in the EOS platform. If mainstream adoption were to take place, then this would mean that a developer could develop a Dapp and test it even if they only held a small portion of the total stake. Hosting popular Dapps would require a larger stake than what many individuals may have, but users have the ability to easily and seamlessly 'rent' stake from other users which allows them to utilize the additional bandwidth and storage that they need.</p>
<p>Another advantage that EOS will contain is the ability for uniform identity or username verification, allowing users to use the same account on a variety of different DApps on the platform. This also simplifies things for developers, because they don't have to focus on creating and maintaining their own verification and account storage process. This will allow developers to focus strictly on developing and improving applications, and will allow even the least technology educated individuals the ability to use the platform with relative ease. The technical ability of the network will also become very important, and because EOS will be have a graphene based blockchain it will likely have a much faster and more scale-able blockchain compared to the Ethereum network.&nbsp;</p>
<p>https://cdn-images-1.medium.com/max/700/1*Hjzcm79y_IET2KSp5V-_aA.jpeg</p>
<p>A single platform that has the ability and capacity to support a wide range of applications could be the first blockchain project to gain mainstream success, but it is likely still awhile away. It will likely take some time for practical and in demand applications are built for any platform, but the platform that delivers on this first has the best chance at long term success. Developers are not going to spend their resources and effort on developing an application for a platform they don't think will be successful, which is why there are still few applications that have achieved any success on Ethereum.</p>
<p>&nbsp;I am not trying to hate on or talk negatively about Ethereum, but if we consider it objectively then the realization that the network is limited in its capabilities due to gas restrictions the idea of long term success seems grim. While improvements could always be made to the Ethereum network to enable it to handle the level of traffic it is required to, the possibility of EOS achieving success before that time seems likely. When we look at the track record of graphene based blockchain projects like Bitshares and Steem, it is clear that the projects come to life very quickly. If EOS really offers everything that it should be able to, then there is a very good chance that the project will receive rapid support and deliver practical applications sooner than we know it.&nbsp;</p>
<p><em><strong>I really hope that you enjoyed this post, and as you can tell I am extremely excited about the upcoming EOS project. Please don't hesitate to leave any comments, feedback, input, ect. in the comments below. Thanks for reading!</strong></em></p>
<p>If your interested in leaning more about the EOS project I recommend you sign up for the mailing list <a href="http://eos.io/">here</a> or check out the github <a href="https://github.com/EOSIO/eos">here</a>. &nbsp;There are numerous other resources on Steemit as well as Youtube, good luck!</p>
<p>image sources:<a href="http://www.blockchaintechnologies.com/img/smart-contract.jpg">1</a>-<a href="https://media.licdn.com/mpr/mpr/AAEAAQAAAAAAAAdhAAAAJGUwYjFmOTRjLWE5YjQtNDkwZC04YTU3LWQ5MWZjNzhkNjNjYw.jpg">2</a>-<a href="https://cdn-images-1.medium.com/max/700/1*Hjzcm79y_IET2KSp5V-_aA.jpeg">3</a></p>
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@theblindsquirl · (edited)
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This is a new and rapidly changing technology. I don't think you're ever going to see anything like Blue-Chip Stocks in crypto. The smart money will always be looking for the next paradigm shift (sorry, I know Paradigm Shift is a stale term, but it's late in the day and good words get hard to think of). The technology will keep advancing and people will need to keep up.

The little I've seen about EOS makes me think it's going to be the next big thing to come along.
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@rok-sivante ·
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sounds like you have a fairly good idea of what EOS is about and might be able to do...

how do you foresee its potential success impacting Bitshares?

to the best of your knowledge, would you expect Bitshares to serve a unique function that would be a value addition to EOS and thus gain in popularity as well, or would EOS more be the next generation and stand alone as superior...?
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@cryptofreedom · 
I have also been thinking about the effects that the release of the EOS platform will have on other projects based on the graphene blockchain such as Steemit and Bitshares. 
I think that interest in Bitshares and Steemit will both increase once the EOS platform is released and in its early stages, just because the EOS platform will likely prove just how much more capable and efficient graphene based systems can be. 
 

There will likely be greater interest in both Steem and Bitshares than we have ever seen before for several months after the release of EOS, but the interest and support may not necessarily remain if the platforms are not found to be practical for enough users on the EOS platform. I have to assume that in the early days of the EOS platform, Steemit and Bitshares will both see significantly higher levels of interest and support than they ever have before, because both projects could be 'integrated' into the EOS platform relatively easily because they use the same types of blockchain.
I am personally increasing my stake in Bitshares on a weekly basis and intend to keep doing so until the release of the EOS platform. The underlying graphene based system is just so much more capable and practical than any other blockchain. Even if EOS doesn't impact Bitshares long term success, it will definitely bring huge levels of interest and likely investment to the platform.
Sorry this was a bit all over the place, I hope this may have answered your question!
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@rok-sivante ·
$0.03
no need for apologies - that's an excellent answer, and it's appreciated. :-)
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@fuzzyvest ·
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https://s23.postimg.org/6w2220e0r/Screenshot_20170514-160016.png
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@businesswri ·
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Interesting. I will do some research on EOS. Thank you for sharing
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@bitcoinkings ·
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Hi @cryptofreedom Thank you for sharing! Oh and yes I enjoyed the post :) 

ETH price has almost surpassed ZEC on Poloniex. Not sure why ZEC has such a high price when daily volume is far less than ETH. Price might reach $300 soon as interest in ETH grows.
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