- Ethereum is expected to improve technically and solve some of its major problems.
- NEO hasn’t been able to live up to it’s promise of scalability.
- For ICOs with basic functionalities, Stellar is the most scalable and secure.
- In developing a completely decentralised OS, with highly scalable throughputs, if they’re able to deliver their promises, EOS will become a game changer.
Everyone knows there is a trend AWAY from the Ethereum blockchain (Tron, EOS, others)…
Network congestion is terrible, gas fees are unpredictable, and ICOs have lots of options beyond the Ethereum network. But who are they and why should a cryptocurrency start-up choose them? I recently interviewed Latha Sharma of Techracers to find out:
1.How long have you been working with blockchain technology?
“Techracers has been working in Blockchain technology for a couple of years now. Our vision is to build high-end and scalable blockchain applications for business and create an everlasting impact for the end-user along while increasing the adoption level of blockchain across business. Currently, we are working on many exciting first-generation blockchain products in multiple domains such as fintech, healthcare, social media et al.”
2.How many developers are on your team?
“Techracers has a team of 200+ developers based out of four offices.”
3.With what kinds of projects do you primarily work (startups (ICOs), cryptocurrencies, crypto assets, other)?
“We cover pretty much the entire spectrum of Blockchain development. Thus, we help ICOs on their technical end of things, creating the ERC-20 smart contract, helping them write their technical white paper, do security audits of solidity smart contracts, help projects build quick wallets for their tokens etc.
But our primary focus is around developing blockchain and DLT (Distributed ledger technology) based products for industry specific problems. So for example:
- We are building a health information exchange system that leverages blockchain to act as a security and payment layer on top of a distributed storage
- We are developing another permissioned ledger solution in the health sector for establishing provenance of drugs
- A DLT based solution for creating market place for wireless operators to buy and sell wireless data etc.”
4.From a developer standpoint, which is YOUR favorite blockchain?
“Well, I am not a developer myself, but I know my dev team is all excited about EOS.”
5.What’s the future? PoW, PoS, Hybrid, or other?
“Blockchain as a community is experiencing radical changes with every coming day, PoW and PoS based consensus algorithms are amazing for sure but they also come with many drawbacks from a scalability point of view. According to me, the future will be a blockchain which will be able to provide high throughputs with maximum decentralization. A very promising contender for this will be dPoS, sufficiently scalable blockchain applications like Steemit have already made a name for themselves, I also have good hopes for EOS.IO which is based on the same consensus model.”
6.There seems to be a shift away from the Ethereum blockchain for ICOs… do you agree, and if so, why do you believe this is so?
“Yes, there is a very visible shift away from Ethereum. And I think it is mostly because of Ethereum’s scalability issues, the random gas prices, and the security holes that have been discovered from time to time. We all saw what cryptokitties did to the gas prices. Having said that, I still feel that it is the number one blockchain platforms for ICOs, although others like Stellar are quickly coming up as competitors. And all this is good for the community as a whole, because this means that the ecosystem will mature much more rapidly.”
7.Which blockchains are gaining on Ethereum? Stellar, EOS, NEO, and ?
“When it comes to ICO, I think Stellar is gaining in popularity quite rapidly. NEO, hasn’t been able to live up to it’s promise of scalability and we have seen some major ICOs getting derailed there, so there still has to be work done on that end. EOS is still to go live, so it is early days, but their scalability tests for dawn 3.0 are quite promising, but we will know more in the coming year or so. There have been several others like NEM etc, but so far except Stellar, not many have been able to deliver on their promises.”
8.One year from now, will Ethereum still be the ICO platform of choice? CAN Ethereum be superceded?
“If the ICO market will be alive by that time, yes. Ethereum is the most widely adopted blockchain and has an established community of developers working with it, it will be very difficult to change that within a year. Also, I would like to mention that there is a lot happening to improve Ethereum as well and it has one of the most active development communities built around it. I expect Ethereum to also upgrade itself technically and solve some of the major problems that are plaguing it.”
9.Which ICO platform is the most scalable?
“Among the options already up and running, Stellar is the most scalable, with an intended throughput of 4000 t/ps. Though, NEO promises much more than that (10,000 t/ps) but they have not been able to justify their claims just yet.”
10.Which ICO platform is the most secure?
“With its low scripting options, Stellar exposes low scope for vulnerabilities. This ultimately reduces its attack vector. Stellar might not be good to organize ICOs with complex logics because it is not turing complete, but in my opinion it looks like the most secure option to organize simple ICOs, with basic functionalities.”
11. Which ICO platform has the best dev team?
“Ethereum has the best development team according to me. They are working hard on their upgrades and have maintained their reputation quite well for a long time. EOS.IO is my next favourite as far as teams are concerned.”
12.Five years from now: which of the ICO platforms we’ve discussed today leads the pack?
“A year is like a decade in the blockchain world, so it is very difficult to say what is going to happen in five years. We will probably have some new and better ICO platforms than the existing ones. But in the current ones, I have good hopes for EOS. They are developing a completely decentralised OS, with highly scalable throughputs, if they’re able to deliver their promises they will become game changers.”
Thanks for reading!
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