Let us just all hope that we will be able to withdraw our XCR soon.
Hey Passion_ltc
Is development on 0.2.0 almost complete? When will you guys start work on Custom Blockchains? I'm not trying to put pressure on you guys or spread fud etc, etc., but my real concern for XCR at the moment is that the launch of Ethereum is less than a month away.
Ethereum (
https://ethereum.org/) will arguably offer a lot more features and functionality than Crypti. With Ethereum, as far as I know of, you can use Ethereum as a platform to create virtually anything, DAC's, marketplaces, file storage networks etc. My question is how does Crypti compare to the likes of Ethereum?
When I first invested in Crypti I knew that had Crypti launched before Ethereum, with Custom Blockchains, Crypti could've attracted a lot of developer interest, however due to the massive delays that Crypti has faced, I don't see that as a possibility anymore.
What is Crypti's plan currently to attract both investor and developer interest once Ethereum has launched? Becuase if Ethereum launches before Crypti, it will fill the void in the market which Crypti would've filled. The next question then is what is Crypti's reason to exist if Ethereum launches with more features and functionality than Crypti.
What does Crypti offer that Ethereum doesn't?Hello Wulfcastle,
the development of v0.2.0 is almost complete, yes. Boris said in our meeting last weekend that this week we may open it up for our public testing routine. The testing is pretty long with v0.2.0, as we ported the whole consensus mechanism and various needed functionalities (e.g. delegate registration) from Bitshares to Javascript. This doesn't only include MUCH backend work, but also frontend.
We already start working on custom blockchains, but as this is a revolutionary process which is very hard to do, it takes its time. If it would be easy, it would be here already.
At the beginning we wanted to take over a few details and functionalities from Ethereum. But as we looked more and more into their system, we see that it's not good enough for us. They have a few problems in their algorithms which will probably not end well. We will see what the time will bring, maybe they can fix the problems. The following is not to bash Ethereum, I just wrote it to show the facts. We really hope that Ethereum will work, as it will bring the whole cryptocurrency scene a level higher.
Here are a few quotes about these problems:
On Ethereum, the backend operations are validated by all nodes on the network, meaning that a backend will always will do what its code says it does.
The network nodes process the code that is being executed in the database and come into agreement as to what the correct state of the database is through a vote. Majority always win the vote, and nodes are incentivized to do this verification work. Voting takes place at regular particular intervals, on average every 12.7 seconds.
The contract we have written earlier will be stored in this database. Contracts are triggered and executed when they are called by users or other contracts.
If you're thinking that this necessary approach presents limits in terms of processing speed, you'd be correct. The total processing power of the Ethereum network, regardless of the number of nodes that forms it, is equal to a single smartphone from 1999. This means that you're not going to want to store megabytes of data on the Ethereum network, or render 3d graphics.
More:
https://forum.ethereum.org/discussion/1402/how-to-get-started-your-first-dapp-under-one-hourBut as I wrote in a prior post of your thread, Ethereum has a fundamental error in their design—every node in the consensus network recomputes the script to verify it. That is the antithesis of decentralization. They will need centralized censorship and a script whitelist, or a cap on script computation bandwidth. No peers can opt out of that computation, so the network computation bandwidth is limited to the weakest CPU peer.
More:
https://bitcointalk.org/index.php?topic=380441.msg10504974#msg10504974Now imagine 10,000 nodes who all have to calculate and validate the same contract just to run it once. In my(!) opinion it is a waste of resources.
We had similar scaling issues with Crypti at the beginning with the Proof-of-Time algorithm, and you see how long it takes to fix such problems. So don't expect great things from Ethereum in the next month. I just installed their contracts application "Mist" and I see many "lorem ipsum" texts and just UI elements with no functionality. It just takes time to create revolutionary software like Crypti or Ethereum.
To the question what Crypti will offer if Ethereum is there. Well, first off what will Ethereum offer when Crypti is there?
Crypti will offer custom blockchains, which will be maintained by a single authority (centralized) or N authorities (decentralized). The custom blockchain will have its own parameters and its own value tokens. With them you can start your own cryptocurrency, start a storage system, create a decentralized exchange between the custom blockchain tokens and much much more, we can't even imagine yet.
You have to imagine that the internet is a huge space, there is always interest for another system which is simply working. So there will always be interested developers for Crypti in the future.
I described above, that Ethereum might has a scaling problem because every node needs to validate the contract. In Crypti we don't want to go that routine. So rather to try and make revolution with unknown technology, we are focusing on facts and taking the best approaches available on the market. With the combination of these proven designs we are creating a solution that can scale to thousands of nodes in a lean and lightweight way. While supporting one of the most common languages out there, Javascript. With this solution we will not only target the financial sectors, we will be flexible enough to be applied to various other problems, for example the Internet of Things. It's market value is probably over 7 trillion dollars until 2020. (More:
http://www.zdnet.com/article/internet-of-things-market-to-hit-7-1-trillion-by-2020-idc/)
In the end the market is big enough for several approaches, it's not a zero sum game. We all want to deliver a cutting edge crypto technology. No one knows yet who will be the major adoption driver, or even in which market segment the huge adoption will happen.
In a nutshell we are going to create a solution with real world applications and start our ecosystem once we hit designated milestones.
- DPOS
- VM
- CBC
- UI / AppStore
- Visual Designer
With this our marketing effort will start as well.
Thanks for that in-depth answer, Passion_ltc. In fact I wasn't even aware that Ethereum has possible sacalability issues, so thanks also for bringing that to my attention.
