While The Entire World Watches EOS, The "Other" Larimer Is Changing The Blockchain World!!!!
The release of EOS is just around the corner.
For more than a year, the entire blockchain world awaited the revolutionary project from the mind of @dan Larimer. This will be the 3rd brainchild from the blockchain genius after Bitshares and STEEM. Touted as the world's computer, EOS is not only a blockchain but an operating system. The possibilities of this are enormous.
Since @dan moved on from Bitshares, he left that ecosystem in the hands of his dad, @stan. Affectionately dubbed the "Godfather of Bitshares", @stan is the leading proponent of the blockchain often acting as the voice for the community. While he is very upfront that it is a community, and not he, who make the decisions, many still look to him for what is going on.
Make no mistake, @stan is not sitting in a rocking chair like a grandfather babysitting his grandchild. In fact, @stan might just have transformed the entire blockchain industry.
The world was correct to look at Larimer, they just were paying attention to the wrong one.
I guess the old man did not teach his son everything he knew.
Enter BENCH.
This is a new layer of integration that is going to provide interoperability to blockchains around the world.
Designed to utilize the best assets from both Bitshares and EOS, it makes everything on each blockchain interact. In addition, this allows for cross blockchain development. Read that sentence again. BENCH allows for cross blockchain development.
This is an industry changing moment.
Another feature is that a blockchain can be released with a "single line of code". Can you see the possibilities from having the ability of launching a blockchain in a matter of seconds? That will be possible.
The way this entire situation was explained, each blockchain will be separate except that they will all look the same when in the middle of it. For example, an application that makes sense is a wallet with tokens from different blockchains. The wallet is actually interacting with 5 (using 5 tokens as an example) different blockchain yet from inside the application, one is none the wiser. The wallet chooses whatever blockchain is needed to conduct the transactions.
The cryptocurrency on BENCH is bitshares. This is going to be a multi-layered chain.
From what I can understand, it unfolds as such....
Application
Bitshares
EOS
BENCH
@michaelx wrote a good article on Medium about this topic.
https://medium.com/@michaelx777/bench-promises-a-more-free-more-connected-future-8ca4c8d74770
We are going to see a testnet open in the next month. It sounds like this can really move rapidly. @stan believes we can see this all happening in the next 5-10 months.
In my mind, this has the probability of bringing blockchain to the mainstream. Suddenly, we are not going to worry about the drawbacks of any single blockchain. Yes, those applications that are on it will experience the limitations regardless of what happens. Without scaling, a blockchain can only handle so much. However, outside that, once it enters the "BENCH Network" it will operate according to the technical capabilities of that blockchain.
One aside about speed...Bitshares is reported to have the ability to transact 100K per second...EOS 1M t/s.
Over the next month, we could see the technology that changes the industry. However, as much publicity that EOS is getting, it might just be BENCH that truly alters the course of the blockchain world.
If you found this article informative, please give it an upvote and resteem.
Thanks for keeping us up-to-date!
This article is very pleasing to my ego, but I deserve no such credit. My only role is one of providing encouragement to projects such as Bench in the hope that some of them will benefit the BitShares community. When I see a new project with its early pluses and minuses, I always focus on the plusses. That's my only contribution. An optimistic view that the glass is half full and hope that is will be getting fuller and thus encouragement for all who seek to benefit BitShares and the greater Graphene world.
To God be the glory and to the actual developer(s) of Bench be all the credit -- if and when they succeed with their bold vision and have earned such accolades.
Good luck @stan for this and many more of your upcoming projects :)
I figure you are in line for a little flattery for all you do plus I sense you have enough humility that your ego can handle it.
Sometimes encouragement and pointing in a direction is worth more than one things. You were a part of putting the pieces together so I commend you.
We know there are a lot of critics and naysayers out there. Those who look at the possibilities in a positive light are tough to find. While you are not running Bitshares, you are an asset as this project moves forward.
We look forward to updates about BENCH and English versions of your activities in China.
Desire to know more intensifies
I think you are right on the money in this assessment. I have been buying bitshares regularly since I found out about it and in my opinion it's one of the most undervalued cryptocurrencies out there.
It will take a while before people catch up with the genious that is BitshareS, and when they do Stan's crypto rocket will fly into space.
So, if someone wants to benefit from the developments with EOS and Bench, you think the best way to capitalize on that is with investments in Bitshares?
Bench as stated in the article is also a development for Bitshares. I believe strongly in EOS, but the price is already fairly high, considering we haven't seen the product at work yet.
Considering Stan is Dan's dad I'm sure Dan is gonna do all in his power to make sure Bitshares will develop well along with EOS
BENCH is integrating Bitshares and EOS....Bitshares is a community so they will have the choice to join BENCH or remain separate. Either way BENCH is going to use the token along with the coding.
@stan believes in "do not harm to Bitshares".
His vision is to give increased value to both BTS AND EOS.
It also should uplift other blockchains since it will have atomic swap capability. Any token in a smart contract (i.e. all ERC20 created tokens) will be wrapped by BENCH.
I see, well it's exciting times for sure, and hopefully in June we will see some firework
How do you think Bitshares is on legal compliance with money transmitter and KYC laws, as well as securities laws?
They dont have any of that. A Bitshares account requires no personal information. They are completely decentralized.
OpenLedger is on the on ramp for fiat which falls under the regulations you mentioned.
Even the website is run out of Taiwan where regulation is much less.
This is one of the reasons for the BENCH project...there is no way institutions will ever get involved with BTS as long as it adheres to the founding principles which are anti-establishment.
BENCH will provide for the option for having those entities which require compliance like Wall Street institutions.
Effectively, the goal is Bitshares will offer something for both markets...
If Bitshares goes down for legal reason, will BENCH still be viable?
Wow that is a real eyeopener. :)
Where can one vest in this new crypto BENCH? thanks.
It isnt a crypto...BENCH uses Bistshares.
So will there be a demand for BTS in terms of bandwidth for BENCH (similar to eth gas or steem for the forthcoming SMTs)?
My sense is that is the intention.
Bitshares is going to be the token on the BENCH blockhcain meaning all transactions operating on there will be in Bitshares. I would believe all transaction costs are paid in BTS.
I have read a bit on BTS but still do not understand what the benefits are to owning BTS. I thought as long as one has an open ledger account that they can basically do everything BTS offers without actually having to own any BTS. I must be missing something here because I do not have any investment in both BTS or open ledger. Thanks.
Do you know if there are any sorts of plans to integrate Steem into EOS?
EOS can be implemented into any blockchain especially STEEM since it was written by @dan.
The STEEM development team has not said a word one way or another if any of EOS will be integrated or not.
Of course if BENCH enables cross blockchain applications, then anything created on STEEM could be utilized on other blockchains through BENCH.
Thanks for this coverage as it is comprehensive. I think with the rising FUD and accusations regarding EOS (Block.One,etc), it may be a slightly retarded lift off.
But if EOS and all associated platforms and side chains perform as touted, it will be a new era... I bet on it.
The competitiveness in the cryptoverse is just insane, if BENCH works as planned the Larimer family might just monopolise the whole game. No doubt about it, they are geniuses!
Actually, from what I can garner, what they are setting up is not competitive, but cooperative.
EOS is an operating system that anyone can implement. Plus BENCH will enhance the value of all blockchains if it provides the interoperability they are talking about. It will uplift the entire industry in a big way.
I didn't really mean it in a negative way, just that things move really quickly and it's easy to get left behind. But yeah I do agree with you, if it all works as planned everybody in the crypto space will benefit from it.
Cheers for the informative post btw :)
What is the function of the Bench tokens which sell on the Bitshares exchange, will these power the future Bench platform?
The Larimer’s saga of cryptos is the more revolutionary one!
Steem on!
Hey, @taskmaster4450 this is wonderful work.Thanks for this coverage as it is comprehensive.Have a good day....