BitShares and Ethereum - Similarities and Differences

[mike623317]

I think a key difference is that they and the market are clear on what industry they will dominate in 'The New (Decentralized) World.'

Ethereum     - Decentralized Apps
MaidSafe     - Decentralized Data
Bitcoin          - Decentralized Gold   
Augur           - Decentralized PM (Gambling)     
BitShares    - Decentralized Bank & Exchange

This type of graphic is found on almost every Alt-coin forum... except subtract bitshares and insert other alt-coin.  I was just perusing the nxt forum and saw a very similar graphic.  It just shows that most people know what the top coins will be, but have some false hope that their alt fits in with them.

The Graphic itself is superfluous other than to highlight, that like the New World & The Internet in the early nineties, the decentralised landscape is yet unsettled but has the potential to create large fortunes in and disintermediate multiple existing industries

BitShares has often lacked clarity internally and externally on 'What is BitShares?' However as an investor/speculator I can confidently invest in REP, BTC, ETH & MAID because I and they have clarity which industry they are going to have a monopoly in & are 100% focused on dominating.

Ethereum is currently 60x bigger than BTS, by our own admission nearly every new DAPP will probably be released on there first. While we may like to think Ethereum is Android and we are iPhone, why is Bitcoin still the dominant crypto-currency for 7 years despite it being on an 'Android' blockchain when there are better 'iPhone' blockchains? While there may be multiple DAPPs and third party business frontends on BTS, I don't think at this stage it's credible that BTS is going to dominate the DAPP market or at the very least it won't have a monopoly. So investors/speculators have to ask the question, who will be the big winner in this race, Ethereum or BTS?

However if investors, speculators can say, 'What is the Banking and Exchange Industry worth? Is there a market need for a Decentralized Bank? Who is best suited to, is focusing on & will likely dominate that area?  Then suddenly you're in the mix of DACs that are going to be independently massively successful.

Most agree the potential for SmartCoins is massive, there has never been a greater time in history for them with our current financial and debt based system on the verge of collapse/major transition and we are best placed to dominate it. In fact with a yield subsidy (Self funding and fairly circular cost) and a small liquidity subsidy suddenly we'd become the market leader and clear favourite to dominate that industry virtually overnight.

I like that BTS has the potential for a a lot of third party apps to be built on top of it, some which could disintermediate existing industries in their own right. (Like Augur will disintermediate sports betting but is built on Ethereum.) However it's looking increasingly like ETH is becoming the DAPP market leader & we should at the core focus on delivering the best banking blockchain which our third party Apps and even Ethereum based Apps can inter-connect with.  It's likely imo that the best Banking/SmartCoin Blockchain will become the biggest of them of all. 

As you yourself said....

I'm just lost at what bitshares is and what we're focused on.  I cant explain it to anyone much less get them to buy something so complex.  I thought we were going to find a niche (like the decentralized exchange) and leverage and exploit that niche.... That is what successful businesses do. They don't go running after every new idea they have without completing their previous one.

^^ 

[Empirical1.2]

I think a key difference is that they and the market are clear on what industry they will dominate in 'The New (Decentralized) World.'

Ethereum     - Decentralized Apps
MaidSafe     - Decentralized Data
Bitcoin          - Decentralized Gold   
Augur           - Decentralized PM (Gambling)     
BitShares    - Decentralized Bank & Exchange

This type of graphic is found on almost every Alt-coin forum... except subtract bitshares and insert other alt-coin.  I was just perusing the nxt forum and saw a very similar graphic.  It just shows that most people know what the top coins will be, but have some false hope that their alt fits in with them.

The Graphic itself is superfluous other than to highlight, that like the New World & The Internet in the early nineties, the decentralised landscape is yet unsettled but has the potential to create large fortunes in and disintermediate multiple existing industries

BitShares has often lacked clarity internally and externally on 'What is BitShares?' However as an investor/speculator I can confidently invest in REP, BTC, ETH & MAID because I and they have clarity which industry they are going to have a monopoly in & are 100% focused on dominating.

Ethereum is currently 60x bigger than BTS, by our own admission nearly every new DAPP will probably be released on there first. While we may like to think Ethereum is Android and we are iPhone, why is Bitcoin still the dominant crypto-currency for 7 years despite it being on an 'Android' blockchain when there are better 'iPhone' blockchains? While there may be multiple DAPPs and third party business frontends on BTS, I don't think at this stage it's credible that BTS is going to dominate the DAPP market or at the very least it won't have a monopoly. So investors/speculators have to ask the question, who will be the big winner in this race, Ethereum or BTS?

However if investors, speculators can say, 'What is the Banking and Exchange Industry worth? Is there a market need for a Decentralized Bank? Who is best suited to, is focusing on & will likely dominate that area?  Then suddenly you're in the mix of DACs that are going to be independently massively successful.

Most agree the potential for SmartCoins is massive, there has never been a greater time in history for them with our current financial and debt based system on the verge of collapse/major transition and we are best placed to dominate it. In fact with a yield subsidy (Self funding and fairly circular cost) and a small liquidity subsidy suddenly we'd become the market leader and clear favourite to dominate that industry virtually overnight.

I like that BTS has the potential for a a lot of third party apps to be built on top of it, some which could disintermediate existing industries in their own right. (Like Augur will disintermediate sports betting but is built on Ethereum.) However it's looking increasingly like ETH is becoming the DAPP market leader & we should at the core focus on delivering the best banking blockchain which our third party Apps and even Ethereum based Apps can inter-connect with.  It's likely imo that the best Banking/SmartCoin Blockchain will become the biggest of them of all. 

As you yourself said....

I'm just lost at what bitshares is and what we're focused on.  I cant explain it to anyone much less get them to buy something so complex.  I thought we were going to find a niche (like the decentralized exchange) and leverage and exploit that niche.... That is what successful businesses do. They don't go running after every new idea they have without completing their previous one.

[sudo]

Ethereum have far more devs

[mike623317]

A lot of people develop and prove the concept on an Android phone first because of its open architecture.

They then have the choice of porting it to an iPhone or leaving that market for a competitor to arise.

So all the great proven smart contract applications will arrive on BitShares one way or another soon after they become great and proven.

Meantime, Ethereum will have a monopoly on all the prototypes that haven't yet become great and proven.

I hope so, but the reality is we've fallen from 40m to 10m and ethereum are up at 500m. I can't shake off the feeling we're flapping in the wind a bit right now. we need some momentum behind us.

Is there any news on plasma?

[lil_jay890]

I think a key difference is that they and the market are clear on what industry they will dominate in 'The New (Decentralized) World.'

Ethereum     - Decentralized Apps
MaidSafe     - Decentralized Data
Bitcoin          - Decentralized Gold   
Augur           - Decentralized PM (Gambling)     
BitShares    - Decentralized Bank & Exchange

This type of graphic is found on almost every Alt-coin forum... except subtract bitshares and insert other alt-coin.  I was just perusing the nxt forum and saw a very similar graphic.  It just shows that most people know what the top coins will be, but have some false hope that their alt fits in with them.

[muse-umum]

The Ethereum guys are smart. They act like real entrepreneurs.

While

The Larimers are greedy, They act like investor fuxxers.

[BunkerChainLabs-DataSecurityNode]

Your app/contracts can't be blocked or refused.

I guess that particular difference is mostly negative then. If so we should try to remedy it in some way. And if so we should focus on describing our difference in some other aspect.

It's not a negative.. yet... it just hasn't been tested in real world terms. It's all theory at present.

[mike623317]

I think a key difference is that they and the market are clear on what industry they will dominate in 'The New (Decentralized) World.'

Ethereum     - Decentralized Apps
MaidSafe     - Decentralized Data
Bitcoin          - Decentralized Gold   
Augur           - Decentralized PM (Gambling)     
BitShares    - Decentralized Bank & Exchange

Now i love the idea of a USER FRIENDLY start of the art BANK. The world is screaming out for a decentralized bank - even more so once these bail-ins happen.

I know someone in our team that uses bitwage.com.

[Erlich Bachman]

Indeed, we are two separate tools (far from clones) with completely different strengths.  Theirs are apparent now.  Ours will eventually be desired.

[Stan]

A lot of people develop and prove the concept on an Android phone first because of its open architecture.

They then have the choice of porting it to an iPhone or leaving that market for a competitor to arise.

So all the great proven smart contract applications will arrive on BitShares one way or another soon after they become great and proven.

Meantime, Ethereum will have a monopoly on all the prototypes that haven't yet become great and proven.

[Erlich Bachman]

2) BTS committee members need to approve APPs.

In my mind, that is the biggest difference.

You don't need to ask permission to innovate with etherium contracts, with bitshares you do.

As a developer (im not a developer) I would not want to mess with all the fuss and headache required in communicating with a community in order to get approval.   Or spend the time and money on something just to have it refused, pulled out, or ignored.

Etherium allows you to move forward with or without anyone even having heard of you or spoken a word.  Your app/contracts can't be blocked or refused.

I think there is a huge opportunity for BitShares in replicating EVM, because Etherium as I understand it can not match the speed, efficiency, and scalability of BitShares.   If I can run my eth contracts on either network, why would I choose Etherium?

when anyone can copy your code and run it on our blockchain at 4x speed (and scalability), then I would say that the devs who invented that code might want first crack at that opportunity.

 

But then again, I won't balk at the opportunity to approve the first Augur clone proposal either.  It is truly up to the developers of Augur weather they want our speed and scalability, or if they want to give this advantage to a competitor.  The Augur team would obviously be our first choice to launch on our blockchain, but it is their choice, and no one else's.

Yeah, we will have to wait a while (after the open source apps are done being developed) before our advantages become relevant and saught after.  And when "speed" becomes en vogue again, we will still be here waiting.

 

[Empirical1.2]

I think a key difference is that they and the market are clear on what industry they will dominate in 'The New (Decentralized) World.'

Ethereum     - Decentralized Apps
MaidSafe     - Decentralized Data
Bitcoin          - Decentralized Gold   
Augur           - Decentralized PM (Gambling)     
BitShares    - Decentralized Bank & Exchange

[Akado]

Ethereum's horizontal
BitShares' vertical

[CLains]

The way I tend to describe BitShares in meetups is to say that it is focused on being a Gateway to the Cryptoeconomy. That it has a decentralized exchange where you can trade all kinds of cryptocurrencies. Integration with instant exchanges and refinement of the wallet makes this pitch perfect to introduce people to the crypto world via BTS.

[CLains]

Your app/contracts can't be blocked or refused.

I guess that particular difference is mostly negative then. If so we should try to remedy it in some way. And if so we should focus on describing our difference in some other aspect.