For several months, new blockchains are emerging with innovative features (decentralized oracles, built-in interoperability with other blockchains, etc), different consensus modes, improved scalability, and so on. An array of new and amazing projects are going to launch as well. All these solutions try to complement or compete with Ethereum which is the first blockchain to provide a Turing complete smart-contract feature.
As you probably know, Ethereum faces many criticisms because of the scalability problems encountered on the network and the actual consensus method Proof-of-Work (POW). But these issues have been acknowledged and will be fixed in future updates with the implementation of Proof-Of-Stake (POS) and Sharding. If you wish to know more on these two updates, I suggest you to read these two articles:
Currently, the SherCoin team is mainly working using the Ethereum blockchain with an ERC20 token. The reason why we started with Ethereum is because Ethereum probably has the biggest community after Bitcoin, and is well implanted in the blockchain ecosystem. The blockchain has proven itself worthy in terms of security and stability, and developers are quite active in maintaining and improving the platform.
The ecosystem around Ethereum is huge, you can easily find documentations, developers, auditors, liquidity providers, etc. A significant number of external companies are developing and maintaining tools to make development, usability and integration easier: Truffle Suite, MetaMask, MyEtherWallet, Oraclize, Bancor Network, OppenZepplin, etc. As ERC20 tokens are common now, all exchanges can easily integrate them for trading and, moreover, SHER can quickly be listed on a few exchanges (Idex, Liqui, Etherdelta, etc.).
According to us, Ethereum is the best solution for building our applications and developing our ecosystem. But this does not mean that we will necessarily use it in the future. We are studying other blockchain solutions with smart-contract feature (AION, NEO, TRON, etc.), side-chain solutions (POA Network) and some other implementations as well.
A migration is not out of the picture IF Ethereum improvements (POS, Sharding) are delayed, OR not successfully implemented, OR IF we find a better platform that can fit our long term needs. I would like to specify that our choice is not only based on scalability. We also consider a substantial amount of parameters based on information we collect, such as:
- Blockchain specifications: block time, governance model, level of decentralization, specific features, etc.
- Documentation: technical documentations currently provided to develop smart-contracts
- Ecosystem: community, strategic partners, etc.
- Development and roadmap: developers activity, current network state, futures updates, etc.
- and more…
IN CASE OF MIGRATION, we will do an official announcement (months before), and will provide a way for token holders to easily swap.
Thank you for reading this article. If you want more details, do not hesitate to reach us via our social media platforms.