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RE: F**k Steemit!!!!! SMTs Will Make STEEM HODLers A Fortune
Very well done. You can just take the same set of reasons and do another article on EOS. It's the same playbook. The analogy I used to have was a company that exclusively serve its shareholders. You want to use a service; you better own a piece.
This is far far far superior to what IOTA is doing. It's also a much simpler approach and I have a thing for simple elegance like how Dash handled their privacy without even encrypting anything.
I wonder if privacy layers can be made using SMTs. I haven't read the whitepaper BTW. But think about fee-less privacy coins. I don't know whether a trustless mixing or zk-SNARKs would work better. But It's nice to think about and get hyped about :-)
Thanks vimukthi for the comment.
I do not have any EOS...at this moment, I am adding to my bitshares and steem positions (added a chunk last night). Resources are limited so I am doing what I can. I like both and EOS, from my understanding, is another Dan Larimar blockchain.
I read the white paper and I dont recall seeing anything in there about privacy layers. That doesnt mean it cant just I dont know if they felt it needed to mention.
I am still feeling my way around BTS, do you know if it is similar to this too?
I haven't done much research. But BTS, STEEM, EOS are all evolved from a similar gene pool. Bitshares is more specialized as a DEX. STEEM is social media and EOS is for smart contracts.
The main difference is EOS will be much bigger than the other 2 combined. For the short term BTS may have better gains IMHO. But long run is the EOS run. If @dan delivers EOS will be able to run the entire cyber infrastructure of FAANG companies and still have room for more. Vitalik is a genius. But he's got a horse(Unicorn) for the NASCAR. Not a good move. EOS claims to be able to run the current Ethereum as a single smart contract on the EOS blockchain.
Thanks for the 411. Sounds like I need to put at least a sliver in EOS as a long term lottery hold no matter what. That sounds like one that a few shares could be worth a fortune down the road.
I feel like Steem is growing it's network effect at an exponential pace and given EOS is 8 month away from booting up. I'm still more bullish on steem with a mcap about 1/10 of what EOS will be. (2B as we speak)
For the short time I agree. We might even see $4 STEEM before EOS reach $4. But for the long run, EOS would outperform STEEM.
There are actually all sorts of things that could be built using SMTs. Even a secure messaging service (like Telegram) could be built on top of Steem if there were a demand for it.
It's feasible to build a fee-less privacy SMT, but I think it would require at least a little centralized tracking. That makes something like Dash better as a privacy-coin solution. I'm not a cryptographer, so I could be way off here, though. It took me a long time just to wrap my mind around Dash... if you don't know the addresses the coin is transferred to, or the amount being transferred, how can you validate the transactions? Mind blown.
This is actually the zero knowledge approach which uses an argument instead of proof. Proof is 100% sure. Zk-SNARKs is about making an argument that can give 99.[a long set of nines]% certainty that the Tx is valid.
Dash uses a more primitive but elegant solution. They emulate cash. Dash mix the coins at the protocol level in a trustless way. So everything is kept transparent on the blockchain. But there will be too much confusion on who did what as the coins have been all mixed up. This keeps everything traceable while maintaining an unbroken privacy feature that doesn't involve trust like ZCash.
I'm also just a guy on the internet and not a pro.
Oh, I see. So the mind-blowing solution is the Zk-Snarks. Dash is more like a protocol-level coin mixer. Miner takes all the transactions, shuffles them into a single big grab bag and says 'these are the inputs, these are the outputs, good luck tracing'.
Theoretically if you ran a super-node like a miner and kept your own separate record over time, you could trace everything. So it's susceptible to man-in-the middle attacks (read-only) but trace-less otherwise (assuming decent transaction volume).
You could also still do probabilistic tracking, but you would need a lot of transactions to draw a clear line between two addresses.
I remember Amanda Johnson saying if you owned 20% of the masternodes you can track 0.004% of the transactions. Masternodes doesn't do the Tx it simply connects those who want to mix. They have lots of improvements done and PrivateSend goes through multiple mixing rounds. It's economic suicide to use masternodes to attack privacy with a masternode being priced at 1000 Dash.
https://www.dashforcenews.com/privatesend-best-practices/