The Co-founder and CEO of Coinbase Brian Armstrong wrote a twitter thread last month. The thread was describing a chat he had with Ben Horowitz, Co-founder of VC firm Andreessen Horowitz, discussing the similarities between early internet protocols and those of blockchain. He mentions that earlier on “things weren’t very scalable” and that people had to have some technical knowledge of how the internet works in order to connect online. Which is something anyone who’s used blockchain can identify with. Just setting up an account then buying your first cryptocurrencies can be a daunting task to undertake.
Thread begins here:
Which brings us to the point of this article. Towards the end of this same thread, Brian Armstrong expressed his reservations about the current state of the blockchain industry. He went on to outline the four biggest areas of development which he believes need a bit more work before we can reach mainstream adoption. Coincidentally, these are the areas of development EOS.IO is focused on, and the same areas it leads competitors on. EOSIO is the open-source blockchain protocol/software that powers the EOS blockchain, and other blockchains based on it.
Without further deliberation, let’s look at Brian Armstrong’s four biggest areas of development.
“For me, the biggest areas of development I see that I think we need to get right as an industry are”:
1. Scalability – we need blockchains that can get to at least thousands of TPS to get mainstream adoption of crypto (similar to broadband internet being a big unlock on the web)Brian Armstrong (Co-founder and CEO of Coinbase)
EOSIO has proven its capabilities to scale since its deployment two years back. In those two years its managed to outperform every other blockchain protocol on a daily basis. EOS being the first and biggest EOSIO based blockchain has amassed a record number of operations with a massive 116 million operations done in a single day. Proving that its scalability isn’t just theoretically achievable, but that it is also practically viable. By no coincidence, the other two blockchains that even come close to handling the same number of daily operations as EOS are also based on the EOSIO protocol. Namely, Telos with 32 million, and WAX with 7 million operations a day.
EOS’ current implementation of EOSIO can support up to 3996 transactions per second (TPS), which at the very least meets Brian’s standards for mainstream adoption. In a stress test conducted on EOSIO v2.0.1. by the Jungle Testnet, a leading testnet environment for infrastructure and EOSIO updates on EOS, demonstrated a new TPS record of 9656. The test was to stress the chain to its limits, and compared to the last test on v2.0.0 of EOSIO, the latest version showed an improvement of 477 TPS and better stability. A 477 TPS improvement in the space of two months. By the way, that improvement alone is tens of times higher speeds than what Bitcoin and Ethereum can do combined.
2. Privacy – perhaps a contrarian view, but I think we’ll need privacy coins, just like we needed HTTPS as the default on the web, for many use cases in crypto long term. Everyone deserves access to financial services, and financial privacy.Brian Armstrong (Co-founder and CEO of Coinbase)
I’m of the contrarian view as well that privacy tokens are unnecessary, blockchain is already private unless you want to publicize your account by sharing your account with everyone. Privacy services, not necessarily privacy coins, are a better alternative in my opinion. Services such as atomic swaps can allow for P2P transactions away from the prying eyes of exchanges. Designed in a private and decentralized manner such services are unstoppable.
With that being said, the EOS blockchain does allow for private transactions and anonymous accounts. A project by the name pEOS is working on implementing private and untraceable transactions on EOS. Using their recent wallet alpha release, users are already able to send pEOS transactions to and from EOS accounts anonymously. By leveraging Monero’s technology and being an EOS token at its core, pEOS is able to deliver unparalleled performance. EOSIO tech is fully open-source and customizable, and is designed for public and private use cases.
3. Decentralized Identity – when you open a “dapp” inside a wallet, it should automatically know who you are, and how to push a payment request to you, this was a big driver of growth for WeChat apps for instance (no signup or adding a payment method)Brian Armstrong (Co-founder and CEO of Coinbase)
Users are spoilt for choice when it comes to decentralized identity on EOSIO blockchains. Firstly, EOSIO blockchains have 12-characters human readable accounts. Secondly, wallets like Scatter, TokenPocket, Wombat, and many more, allow users to open a dApp inside a wallet without requiring a password. These are much easier to use compared to Metamask for example, and work as gateways to every dApp in the ecosystems in which they operate. Some even have support for blockchains across EOSIO’s ecosystem.
In this ever expanding digital world; a decentralized identity is of utmost importance. Which is likely why the CTO of Block.one Dan Larimer invested time in creating one of the more detailed digital identity solutions of which they hold a patent. These systems and methods for creating a secure digital identity introduce a sovereign-less identity, independent of government issued forms of identification. Using proof of co-location and a system that ranks the strength of your digital identity over time, Dan Larimer’s solution can replace current KYC/AML procedures as it is much more secure and nearly impossible to forge.
Not forgetting that Block.one has already released EOSIO Reference Authenticator Apps for iOS and Chrome. These are extensions that are compatible with all EOSIO based chains and allow users to sign in and approve transactions from applications that run on the web using mobile phones or desktop. EOSIO Reference Authenticator Apps provide an enhanced app identification and authentication. They are still in their experimental phases as the entire EOSIO community works to tweak and improve on them. A topic on “A Passwordless Future: Building Towards More Secure and Usable Authentication Systems”.
4. Developer Tools – just making it super simple for developers to build apps, publish them, and get distribution. The apps need to “just work” for users, so there will need to be a bigger focus on UX (standardization on the decentralized identity piece above will help with this)Brian Armstrong (Co-founder and CEO of Coinbase)
Scalability, decentralized identity, and developer tools, these are fields in which EOSIO tech is unmatched. And surely the catalysts to China’s Center for Information Industry Development (CCID) ranking EOS first in their public blockchain assessment index, for at least 12 months running now. Most of the features that you’d normal find in a third-party application on other blockchains, on EOSIO they are already built into its open source protocol for every one to access and build upon.
EOSIO has a vast amount of industry leading developer tools, helping new developers and veterans to quickly and easily create quality software, applications, and other blockchain items. There’s dozens of contributors to EOSIO developer tools. Not only do Block Producers verify transactions and secure the network, but they also add additional value by creating products/tools for users and developers to use. The beauty of Delegated Proof of Stake, but that’s a topic for a different day.
LiquidApps is a technology company that optimizes decentralized development. Through its DAPP Network different entities can build then provide their products to developers at a much more affordable rate. It is the first universal middleware used across multiple blockchains, providing powerful services that help blockchain companies and teams accelerate development and deliver working products for chains such as Bitcoin, Ethereum, WAX, Litecoin, Telos, TRON, and more.
dfuse is another technology company that builds industry leading tools that make it easy for developers and blockchain companies to create flawless products. For example, dfuse Stream is the first product in blockchain history to build dynamic user interfaces that reflect the state of any table on the blockchain and updating them in real time. dfuse Search enables blockchain entities to search the entire transaction history of the blockchain using a simple but powerful query language, with sub-second response times. dfuse and Block.one have recently announced a partnership to integrate these and more of dfuse’s solutions into EOSIO tech. Making them open source and accessible to all.
Block.one is the biggest contributor of EOSIO developer tools. Their EOSIO Developer Portal contains a library of resources to learn, understand, and build on top of EOSIO. As the creators of the EOSIO protocol Block.one builds the highest of quality of developer tools that make it easy, even for people who are new to blockchain, to quickly start building innovative applications on it. For example, The EOSIO Stack resource is a software manual that guides developers on how to implement EOSIO tools such as smart contracts or software development kits (SDK) into their applications. Block.one’s developer portal is sort of like a one-stop shop for beginner, intermediate, and advanced developer tools.
EOSIO is a large network of independent entities that, through its core tech, are able to coordinate and yet independently or collaboratively contribute to its growth. Since inception EOSIO has been heavily focused on development, to the point where its users criticize it for discriminating against marketing in favor of development.
That is because EOSIO, much like Brian Armstrong, understands the importance of a strong infrastructure. People who have experience dealing with technology innovations such as the internet, emphasize these four areas of development. When you measure EOSIO in these terms, then it becomes clear that it is far ahead of competitors and much closer to being able to facilitate mainstream adoption.
So when industry leaders such as Brian Armstrong, Andreessen Horowitz, and Brendan Eich talk about scalability, privacy, decentralized identity, or developer tools, they may as well be talking about EOSIO tech and how it’s booming on that front.
Thank you for reading!
Disclaimer. EOSWriter does not endorse any content or product on this page. While we aim at providing you with all the important information we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice.