re: I’ve seen the future of the web, and it's Ethereum VIEW POST


I'm also involved with an ICO. I like the idea of smart contracts. However, as others have observed, most smart contracts out there are barely used at all and the ones that do get used basically are about doing an ICO. There are a lot of prototypes and alpha/beta projects but very little with measurable traction on the blockchain.

The sad state of the current generation of blockchains is that they are not suitable for running lots of small value transactions because of cost and performance reasons. Anything that needs that, needs to wait until blockchains come into existence that support that. Several are in development right now, most of these move the problem rather than solving it. Thousands of transactions sounds nice until you realize that this is globally and you have to share those with basically the rest of the world. That's not nice at all if you consider a simple db on your laptop can do that without breaking a sweat. So, if you need more than a handful of transactions per second right now, there is essentially no production quality blockchain out there that can do that.

EOS when it ships in a few days will need time to prove itself as well. Ethereum and bitcoin have enjoyed years of people trying to hack them and by virtue of still being around sort of have proven that they work as advertised. That kind of adoption for a third blockchain has yet to happen. Whether that's EOS or some other thing remains to be seen. Also Ethereum itself is evolving.

Code of Conduct Report abuse