I just want to point out that if @ethereumJoseph actually believed ETH would become a global settlement layer, he would have finalized the bet with me 11 months ago instead of dragging his feet as he's been. This is propaganda, pure and simple.
Of all smart-contract blockchains, Ethereum is the only one that checks all the boxes for whats required for a global settlement layer:
A. IBM’s Fabric?
There is no chance of it evolving beyond relatively small networks for private, permissioned systems.
B. R3’s Corda?
R3’s Corda is blockchain inspired software for mostly banking industry applications. It is more about point-to-point trust than a shared source of truth.
C. How about EOS?
As has been debated endlessly, a platform controlled by 21 crypto bros is just not all that decentralized. They can collude and censor if they wish. Governments and other well resourced actors can bribe them or force them to act against their will and against the well-being and security of the people using the platform.
DOT voters can choose to pause a parachain or remove a parachain from the system if it is deemed to be out of compliance with what the majority prefers. Effectively, this is a permissioned system, and white listing and blacklisting of entire parachain networks is a core tenet of the governance system of Polkadot.
Cosmos also has a solid team of technologists. Cosmos doesn’t really propose a base trust layer. It seems more focussed on enabling different sovereign platforms to interoperate side-by-side.
Dfinity has a strong team. Because Dfinity is currently a closed system controlled by a small number of investors and token holders — though they have indicated that they will open source their project at some point — it is hard to tell, but it appears to me that they are less interested in being a global base trust and settlement layer and more like a somewhat decentralized AWS replacement. They are likely to do a good job of this whenever it gets released.
Ultimately it does not seem viable for Dfinity to be a base trust layer for the planet as there is one fundamental design choice that they and Cosmos made that will prohibit this.
Great summary. Could you also give a simple eli5 summary of why ethereum IS the right choice for a settlement layer or including any potential issues too? Not trolling, find your summary useful and genuinely interested!
I’m saying it. I own a shitton of eth and have for years, you realize it’s old and antiquated, it’s a 2nd generation blockchain. World is moving on from it. Governance is horrible, has to switch to PoS, Tezos is the future. Governance is awesome, got plenty of cash to expand with, Been baking for over a year and it’s like Christmas every 3 days....friend maybe you should do your homework!
No, I'm down voted because the ETH shills that occupy this sub don't pay attention. RippleNet is the fastest, most scalable network in blockchain today. It is already dominating and years ahead of competition as a global settlement solution that uses a consesnsus algorithm, not proof of work or proof of stake. It's not in the process of switching either. It just is. Anyone saying XRP is a shit coin is a total dumbass. Ripple is light years ahead of everyone in this space and people need to educate themselves.
Please explain why and try giving reasons that aren't just the typical FUD talking points.
Edit: Here are some global organizations that have shown their support for Ripple:
United Nations OPS,
World Trade Organization,
Plus two dozen central banks.
What organizations have taken interest in ETH? I have a lot of love for ETH, but being you called XRP a shit coin, and you want to play into this crypto inquisition, I'd love hear your reasons.
Tell me what happened with that.
Also, if XRP is such a decentralized shit coin why would Coinbase and Visa make XRP, Bitcoin, Ethereum, And Litecoin payments a reality via debt card?
Here you go https://www.fincen.gov/news/news-releases/fincen-fines-ripple-labs-inc-first-civil-enforcement-action-against-virtual
"Pursuant to the agreement, Ripple Labs will also undertake certain enhancements to the Ripple Protocol to appropriately monitor all future transactions."
23Bet233 - 4 years account age. 200 - 400 comment karma.2 weeks ago
If this were to happen (global settlement layer) the price per ETH would just be beyond what anything can imagine today. It would be scary how much money early adopters would make (billions) - people like Joe and core devs would be worth 100s of billions of dollars and become (some of) the richest people on the planet. ETH ICO holders who have even marginal positions would make 10s if not 100s of millions of dollars. Even if you place this possibility at 1%, you must hold onto a position of SOME KIND!!!
More fatalistic predictions and trashing the competition when it has become obvious Ethereum is nowhere near ready for becoming a global settlement layer, both from a technical but more importantly from a social standpoint. With Consensys on the way down I guess someone has to keep up morale or everyone else will abandon ship too.
Sorry but that is not what a leader does. I know because I do the same shit and I'm not a good leader but Lubin is supposed to be one.
He also completely fails to see what is becoming more important every day and that is precisely not what EF and Consensys is working on.
And with the ability to create natively-digital value on base settlement layers that everyone can trust, we can move from cut-throat competitive, resource-constrained, zero-sum mindsets to positive-sum endeavors. Unconstrained, abundance mindsets will promote collaboration as a guiding principle for economic competition, eventually perhaps leading to the collaboration characteristic dominating the competition characteristic. Effective crypto-economic mechanism design will encourage us to root for one another to succeed, because if others on your open platform succeed, your fortunes will grow as well.”
Call me cynical, but I’ll believe this statement when PoS is implemented and the miners fork dies off. There are billions invested in mining ETH and the “investors” will look for ROI before giving anything away. It’s a certainty that the fork will be contentious, and “by the people for the people” will only hold true if anyone can create blocks democratically.
You do understand that PoS will quite inevitably lead to a technocracy with a few at the top and most at the bottom? (Based on Pareto principles) I wrote down a few thoughts here why a lot of common beliefs in crypto are actually wrong: https://eosbasecamp.com/
Feel free to argue just trying to point out a different perspective that PoS may not be the holy grail everyone is now hoping it to be. In fact after learning more about it I became a lot more skeptical that it is a viable approach. PoW and DPoS are both battle-tested at scale. PoS first has to go through that which will be a lengthy task. Best of luck to the devs anyway, it's quite the ask
It is nice to see a more active participation in the overall discussion about protocols, uses, what is important and what may or may not survive. The competition among protocols with the most development and PR is probably beneficial to increasing the pace of innovation.