I definitely agree that the ownership model is one of the things I am most excited about for this project. Thanks for reading!
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I definitely agree that the ownership model is one of the things I am most excited about for this project. Thanks for reading!
The ownership model definitely sounds like a comfortable solution for businesses but I am not quite sure how the incentives for the block producers will work out.. they will be paid by the network itself, I guess?
Also, if I remember correctly there will be only a few wealthy block producers (that's dPoS, right?). I guess that makes consensus across the network fairly easy but doesn't this also leave a lot of the capabilities of the network unused? Imagine a network which uses the resources of the entire network efficiently (something like IOTA) but still has the capability of supporting smart contracts.. Maybe this is impossible. Maybe Ethereum can get close to that using Casper and Sharding. Let me know what you think.
Interesting thoughts. I need to do more reading about IOTA. Actually my impression is that DPOS is highly efficient, at least compared to POW and POS, which is partly what allows the network to process so many more tx/s. I'm guessing that the block producers will be paid by the network itself just like with Steem. Thanks for reading!
I think you are correct that a network using DPOS is able to process many more tx/s than POW and POS. But I think DPOS isn't much diffenent than the current system where the processing power behind the applications is limited a few big companies. Now what about the billions of smartphones around the world? Because most of them aren't able to store an entire blockchain their capabilities remain completely unused. I guess this is where IOTA comes in and tries to provide the ability to make transactions from every device. The main problem with IOTA is that, while it could make even more transactions than DPOS possible (probably, this still has to be tested), currently it doesn't plan on supporting smart contracts because it doesn't use a blockchain but a Tangle (Directed Acyclic Graph) (looks pretty efficient, but there are some safety concerns). Can you see where I am coming from? My main concern is that DPOS makes it close to impossible for me to contribute to the network directly (processing power/ storage space) even if I wanted to. Maybe this problem simply can't be solved using just one cryptocurrency and has to be extended using systems like Golem/Swarm. Thanks for reading :D
DPOS is much more centralized than PoW or PoS in my opinion.
At first the voted in producers may not know each other, but over time they will get to know each other and even start working with each other (just like miners in PoW). Once all the most influential block producers learn about each other, they can start forming deals that benefit themselves at the expense of the normal network users. Then run misinformation campaigns to make sure they stay voted in, or even change the voting rules to keep themselves in.
It's a system that's highly efficient on the technical side, but relies quite a bit on trust. If major corruption goes on at least we can (theoretically) fork the system and start over with new producers. Not sure right now if EOS will allow forks like that but I think it needs to in order to keep the block producers honest longterm.
I had the same question here in regards to how the miners/people who run the network will be reimbursed for their efforts. @dan himself replied by block rewards. So that answers that. New coins will be mined and miners can sell them for profit. Like new Bitcoins. At least that is how I understand it up to now.
In DPoS, block producers needn't be wealthy at all (that's what the 'D' in DPoS is all about).
Maybe I am misinformed on that one, but I thought the plan is to have only a very limited amount of block producers at any time who are being "delegated" (is that what the 'D' is about, or am I wrong here?) by the network users, so I would make sense to delegate someone (or a group) who is capable of providing a lot of processing power compared to the rest. And processing power is somewhat expensive so that is what I meant with "wealthy".
Thats one reason why Antshares/NEO is also such a good model, with an edge up over Ethereum. (And still so undervalued).
Check out a recent post I wrote on that, if you're interested. :)
Thanks for reading. I am actually not that familiar with Antshares/NEO, will check out your post.
I'm also going to check out your post. I've followed all you guys who commented