- Battle of visionaries Buterin vs Larimers!
- 70 Hedge funds to invest in crypto currencies!
- Fashion chain "Marui" accepts Bitcoin!
- Chile: Central Bank crypto currencies still far off!
On Reddit, Vitalik Buterin, the head behind Ethereum, recently expressed critical opinion about EOS, a statement that did not have to wait long for a response from Dan Larimer.
Now, in the Ethereum-Subreddit on Reddit, a quite offensive question was asked:
The team behind EOS claims that the Delegated Proof of Stake technology behind EOS would be better than Ethereum and that therefore Ethereum can never run as many transactions as EOS. In addition, Ethereum is not supposed to be able to use the virtual machine behind EOS because all the Dapps on the Ethereum blockchain would then no longer work. Are these accusations voiced, and has anyone spoken of Ethereum himself?
In reply, not someone, but Vitalik Buterin himself, the most famous head behind Ethereum, expressed himself.
- Regarding the claim that EOS could execute significantly more transactions, he pointed out that this scalability is realized by
trusting a small number of master nodes - and thus a strong centralization. In addition, technical details such as Merkle
Proofs are abolished, so that a normal user has little opportunity to check the execution of the transactions. - Furthermore, Vitalik Buterin criticizes the concept "Delegated Proof of Stake". This consensus mechanism wants to maintain
decentralization through an electoral mechanism. According to Vitalik's utterances there are various problems. On the one
hand, there is little choice, secondly, baggage - and non-users - determine the future of a blockchain. - He goes to another unique selling point: the lack of transaction fees in EOS is compensated by a stake-limited number of
transactions per second, as is Steem, another project by Dan Larimer. This means that a potential user of EOS must create a
large stake in order to efficiently initiate many transactions. Thus, less wealthy individuals are ultimately excluded from the
system.
Dan Larimer has commented on these points on Steem. He goes on to the three points and from his point of view shows how the mentioned problems - with a view to Steem - are none. In his opinion, non-voters are just as secure as voters. If someone wants to submit a negative proposal for the Delegated Proof of Stake system, he will still have enough voters, whose great stake will lead them to use their suffrage in their favor.
Click the link below to see the comment from Dan Larimer:
@dan/reponse-to-vitalik-s-written-remarks
Regarding the poorer people who are prevented from using a toll-free system, he replies that the problem is anyway: the effort that someone has to do to exchange Fiat in any crypt diet at all is so high that it is only available from a Investment of one hundred dollars. In this context, he also refers to Steem, a network that has existed for a long time with toll-free transactions.
Finally, Dan Larimer concludes with a criticism of Casper, the Proof of Stake consensus for Ethereum, referring to an analysis that he said two years ago. In his opinion, Casper also leads to a centralization. This criticism was further deepened by him.
Vitalik did not let the statements stand. So he went back to the individual points on the part of Dan Larimer and criticized the criticism of Casper points, which were up to date two years ago. Since then, however, Casper has developed further.
Click the link below to see the what Vitalik had to say:
https://www.reddit.com/r/ethereum/comments/6qm0y2/is_the_ethereum_team_defending_their_ground/dkzoj5t/
The debate is certainly not over. What is positive is that both Vitalik and Dan Larimer are mainly focused on factual arguments. While other Steemer and Redditoren write ad-hominem attacks, both consider the technical details - and rely on their criticism and defense. From this point of view, the reading of this swap is readable for everyone - much is learned about attack vectors on decentralized systems and on consensus mechanisms and the associated difficulties.
What is disturbing is the approach that two systems, which are in completely different places in development, are compared with each other. We know this from many comparisons of young cryptos with Bitcoin. A young crypt diet, which has just passed its token sale, is boasting to be "the future of digital money" and to solve all the problems that Bitcoin has in terms of scaling. Such daring theses should be represented only if one is struggling with similar transaction volumes. This can be transferred to EOS and Ethereum: promise can be a lot, what counts at the end of the day is what is delivered.
According to a tweet by the investor Tuur Demeester, hedge funds are "exploding" with regard to cryptic stimuli.
Click the link below to see the tweet:
https://mobile.twitter.com/TuurDemeester/status/893603411186384896
Demeester refers to an article by listing which fund companies or law firms are currently working on authorizations for crypto-hedge funds. In total, more than 70 hedge funds are in the pipeline.
Corey McLaughlin of Arthur Bell comments on the situation in the article:
A very comprehensible response from the investment perspective, after all, everyone would like to participate in the enormous price recovery of the crypt currencies. It should be fairly easy for fund managers to come to funds from wealthy or institutional clients who want to invest part in cryptos.
In particular, through the more rigorous regulation of ICOs by the US Securities Supervision Authority (SEC), increased legal certainty in the US attracted investors. Since the issuance of crypto currencies is now subject to similar, if not the same, standards of general securities regulation, the idea is not far away that attempts are also made to apply all existing forms of financial products to crypto currencies. Regardless of whether ETF, hedge funds or leverage certificates - an enormous number of applications for approvals are expected in the near future.
Through the greed of investors and financial institutions as well as the creativity of financial engineers, huge sums of money can be pushed into the crypt market, which may lead to a new bubble formation.
In principle, it should be pointed out that there are regulatory differences between the US and Europe as well as other regions and economic areas. This means that access to corresponding foreign financial products is often limited.
Japan has been a pioneer in bitcoin adaptation for several months. After the electronic chain Bic Camera Bitcoin accepted as payment means, the young model Marui now begins to approach the digital currency.
The bitcoin adaptation has been so far advanced in Japan since May that up to 5,000 dealers had to adjust the payments with Bitcoin shortly before the Fork on the first day of August, in order to avoid unimagined network problems.
Marui, one of the most popular fashion chains in Japan, now announced that they would work with BitFlyer, a service provider and Bitcoin exchange. By the partnership, a test is to be carried out, which includes the introduction of Bitcoin in one of the 31 shops.
At the Shinjuku Marui Annex store in Tokyo, Bitcoin payments will be accepted from 7 August to 31 October. The department store is a popular shopping destination and has a great customer base thanks to the largest bus station in Tokyo.
BitFlyer's GiveAway will be used as advertising: If you spend more than 3,000 yen (over $ 27 or € 23) via Bitcoin, you will have the chance to win another 3,000 yen in Bitcoin. A total of 10 people will be selected later.
Marui also indicated that you have already scheduled all other steps to scale Bitcoin to the other stores as well, if adopting positive results.
The head of the Central Bank in Chile believes that a digital currency (central bank cryptocurrency) issued by the central bank will only be possible in the future.
Within the next few years, Mario Marcel, head of the Central Bank of Chile, estimates the chances of a central bank crypt. This is documented by the documentation published by the institute at the weekend.
Click the link below to see the documentation:
http://www.bis.org/review/r170731e.pdf
During a speech in the UK, Marcel addressed the issue of blockchain technology and the Distributed Ledger several times. In his speech Marcel took a neutral position on the blockchain technology. However, he emphasized the possibilities of DLT (Distributed Ledger Technology), such as increasing market efficiency, lower costs and risks, including the volatility of the cryptic market and the potential for flash crashes.
He referred to the work of various institutions such as the Central Bank of Canada and the Bank of England. These already work on digital currencies that are based entirely or partly on the blockchain. Canada's Central Bank has presented its CAD-Coin 'project in April last year. However, spokesman the bank added that the technology will not be used in the near future to replace the service of the payment of the country.
Marcel explains that from his point of view, it will take a long time for central bank crypto currencies to start. The technical challenges as well as the broad cultural shift have to be solved before. Nevertheless, technological innovation should not be hampered by strict regulation, he added.
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