Binance CEO: Ethereum and EOS Will Be Too Slow to Succeed in the Long Run

[yorklab]

https://dailyhodl.com/2018/08/02/binance-ceo-ethereum-and-eos-will-be-too-slow-to-succeed-in-the-long-run/

This was an interview in Fortune magazine, here is one quote:

“While this criticism has long been leveled at Ethereum, CZ says any blockchain designed for general smart contracts (as the current competitors are) won’t be swift enough. Instead, he thinks the existing blockchains will cede the field to more specialized ones.

CZ cited newer tools like Komodo and Tendermint that make it possible to write blockchains for specific purposes, suggesting the future will consist of numerous bespoke ledgers.”

I know nothing of Tendermint but Komodo has already proven over 20K Transactions Per Second and is about to test considerably higher this month.

https://komodoplatform.com/komodo-platforms-new-scalability-tech/

[OgNasty]

https://dailyhodl.com/2018/08/02/binance-ceo-ethereum-and-eos-will-be-too-slow-to-succeed-in-the-long-run/

This was an interview in Fortune magazine, here is one quote:

“While this criticism has long been leveled at Ethereum, CZ says any blockchain designed for general smart contracts (as the current competitors are) won’t be swift enough. Instead, he thinks the existing blockchains will cede the field to more specialized ones.

CZ cited newer tools like Komodo and Tendermint that make it possible to write blockchains for specific purposes, suggesting the future will consist of numerous bespoke ledgers.”

I know nothing of Tendermint but Komodo has already proven over 20K Transactions Per Second and is about to test considerably higher this month.

https://komodoplatform.com/komodo-platforms-new-scalability-tech/

That isn't the biggest surprise.  If you look at who he follows on Twitter, you'll notice it is a very short list.  On that short list, you'll find Bruce Fenton who is a Board Member of Medici Ventures & tZero, which are currently building a token exchange backed by Overstock and presumably powered with Ravencoin, which will be a direct competitor of Ethereum & EOS. 

[yorklab]

"That isn't the biggest surprise.  If you look at who he follows on Twitter, you'll notice it is a very short list.  On that short list, you'll find Bruce Fenton who is a Board Member of Medici Ventures & tZero, which are currently building a token exchange backed by Overstock and presumably powered with Ravencoin, which will be a direct competitor of Ethereum & EOS. "

Interesting information, thanks.

[Camster]

Is there a way that Ethereum could become quicker over time?  Can a fork allow you to change the protocol behind the scenes and move the ledger to the new chain?  Seems like Ethereum and EOS could solve this challenge. 

[valnd]

I think we cannot overrule ethereum and EOS because their platform is up and running, ethereum on the other have many dApps running on the network and it's working fine, no security issues so far, until these new platform can achieve that, ethereum will still rule despite the slow network.

[yorklab]

Ethereum will be making upgrades to address the scaling issue but that will take time. In the meantime there are projects already looking to move to another platform because of speed/scaling.

[dumplingsandsushi]

Blockchain tech is certainly evolving, and there are already 2nd generation smart contract platforms that go well beyond eth in terms of features and useability.

EOS, on the other hand, is the biggest mess of an organization and will undoubtedly be used as the prime example of the crazy speculative years of crypto.
I mean this company ran a year long ICO and got valued in the billions of dollars without even having a product.
And once they got to launching the mainet, hundreds of obvious problems popped up, and now the devs have gone and handed it to the public.
Yeah, that's not going to go well.

But for eth, I have a lot of faith in it.
AS it is now, it definitely does not scale well at all.
But it has serious devs and serious milestones reached going for it.
For example, in terms of scalability, there is already plasma cash protocol along with raiden that should be fully useable by the end of this year.