Blockchain Revelation (Part I) — Development & Challenges of Public Blockchain
Article series of “Development and Challenges of the Public Chain”
Author: EOSForce founder Cyborg
“Development and Challenges of the Public Chain”
Table of Contents:
1. Introduction of the EOSForce Mainnet
2. Why did we launch the EOSForce Mainnet?
3. Current statistics from the EOSForce mainnet
4. Inspirations from EOSIO
5. Some challenges that EOS will face and the implications for the future of public blockchain
6. The difference between the EOSForce mainnet and the EMLG mainnet contracts
7. Future of DAPP development
8. Possible roadmap for DAPP and smart contract
9. Why must we use the blockchain to reshape the future?
10. Future development direction of blockchain
I. Introduction of the EOSForce Mainnet
We will briefly introduce the EOSForce mainnet. I estimate that many people are still not clear what EOS force is. Most of this is available on the official documentation site.
First, we started on EOSIO, but we made a lot of changes. In EOSForce, community governance rights completely belong to the community, you can see that the model adjustment of this dividend is entirely the community voted according to the constitution, and then our development team made the code to achieve, according to the resolution adopted by the community BP Parliament. A new version.
Our resource model is not the same as the mortgage lending model in EOSIO. We are a fee-based resource model. Another point is that users in our community can get dividends, so the goal is to encourage everyone to participate. Community governance.
The development strategy of the Force development team is a follow-up strategy, which means that we will not choose to do breakthrough technology research within two years, because this is actually very labor-intensive, we will say that we follow the world’s most Advanced teams, the latest research results are applied to our original force chain, so I call it a development-following strategy.
II. Why did we launch the EOSForce Mainnet?
1. Get into the public blockchain competition, as EOSIO is the hottest public blockchain in 2018. Our EOSForce team actually wanted to become a part of the public blockchain competition. At that time, EOSIO was the hottest public chain in 2018, but the mainnet had not yet started. It must be initiated by us the community.
2. There were a lot of problems at the beginning of EOSIO launch, and the EOSForce team had been researching and testing it for half a year. At the beginning of EOSIO, in fact, the EOS code had many problems that have not been tested. After half a year of research and testing, we chose to launch the EOSForce public blockchain in June. By then we had fixed many of those problems.
3. The public blockchain competition is the core and frontier battlefield of the blockchain industry. We believe that the competition of public blockchain is the core and frontier of the blockchain industry, which means although it is the most intense competitive space, you can have the most progress. We actually did not know what would happen to EOS after the launch. We didn’t know what the future of the blockchain would be either? But we chose to learn by doing. And so far we have learned a lot, so we hope to share it with you.
III. Current statistics from the EOSForce mainnet
Our mainnet was launched around mid-June. So far till Oct 18 are the statistics from the EOSForce mainnet.
Many of our friends in the Force community said that you should not take the EOSForce mainnet and compare it with another mainnet. EOSForce is different, it is original EOSForce. I would like to talk on this point a little bit. We can see the current EOSFroce account count is 560,000. Let’s put this into perspective. Another mainnet, EOS EMLG has now about 500,000 accounts. This is less than ours. You can get the perspective from TRON as well since, a few days before, they just announced that their mainnet also broke the account number 500,000.
There is also the high voter turnout rate brought by voting dividends. Everyone knows that the security of POS is dependent on the voting rate. Because we have designed in the EOSForce mainnet that voting brings voters dividends, so our turnout rate has been consistently around 80%. That is to say, 80% of the activated users in our ecosystem have chosen to vote.
These are the primary stats we would like to highlight so far. Our mainnet smart contract is open now, so these numbers will grow even faster. Actually you can visit eosforce.io explorer to see if the stats are real for yourself.
So today we are talking about the fuure of EOSForce and DAPP. As fellow EOSForce fans have been aware, we launched our mainnet contract upgrade two weeks ago on Oct 18, 2018. So let’s focus on DAPP development today.
IV. Inspirations from EOSIO
1. EOSIO enables the deployment of more complicated contracts on single chain for the first time. We launched based on EOSIO. This has given us in EOSForce and the EOS EMLG mainnet the opportunity to bring some new ideas and inspirations to the whole industry. Here let me share whatEOSForce has learned during the journey.
First, this is the first time that it is possible to deploy more complicated contracts on a single chain. With the inherent improved performance and scalability, EOSIO gives room for much more possibilities and imagination. So far DAPP developers have been exploring for the most part, and I have not seen that many interesting DAPPs. Of course ones like FOMO, including bancor, are actually integrating a new way to do ICOs, or a new way of incentivization. We cannot view betting/gambling just as the simple game of betting and gambling. If you go deeper into the protocol level of the contract, you will see that they have massively improved from the previous DAPPs.
2. EOSIO is the first to introduce on-chain governance. In the Bitcoin or Ethereum model, the governance structures were not that great and also lacked a level of sophistication. You can see that EMLG has different community nodes for different aspects of the ecosystem. Some communities run for BP only, some also act as a media source, some develop DAPPs, and some help users retrieve their assets. We have governance commitees still in the ecosystem. So the level of governance on EOSIO is much deeper and more sophisticated than past blockchains.
3. DPOS mechanism enables consensus in short time frame. The reason why EOS can accumulate such consensus and user activityin a very short period of time has a lot to do with the DPOS mechanism it adopts. The POW mechanism is in fact an aggregate of millions mining machines. It has a very ineffective governance structure with a low concensus rate. DPOS on the other hand, despite having a lower degree of decentralization, is much more effective and efficient.
4. Increased Diversity in Ways to do ICOs. Now we have more ways to do ICOs than in the past, such as betting as mining in games and the likes of IBO as in bancor. These are actually all newly adapted ways of ICO.
V. Some challenges that EOS will face and the implications for the future of public blockchain
Those who know me are well aware that I am not very good at selling or bragging about EOSIO. In this section I would like to share some of the challenges EOSIO will be facing and their implications for future blockchains.
1. EOS EMLG has started to get congested. Single-chain models cannot satisfy all application scenarios. The fact is that EOS EMLG has begun to congest, which means that despite the high performance and efficiency of the blockchain, its single chain design cannot satisfy the diverse needs of all applications. The reason is simple — the governance of the blockchain is different from the governance of an application. Say if I lost my tokens, every time this happens I will have to go through the BP arbitrage process. This is unnecessarily clumsy and inefficient. Also say that I have an Application A and Application B. They both have different needs for data, computing , and storage sources. Therefore, one single chain in an ecosytem is not enough. One specific example is that if a player in EOS Bet stakes 1,000,000 EOS, then the chain will be non-functionable for any other Dapps to run on it — it will become super slow.
2. DPOS needs to be fair too. DPOS has attracted controversies over its lack of decentralization. We need fairness in its system. At EOSForce we have changed the voting model from 1-token-30-vote to 1-token-1-vote. Voters can also earn voting dividends through our dividend sharing mechanism. It is not to say that we adopted these new models to attract new users. Rather we have these features to give the control of the blockchain to the ones that should be governing — the voters themselves. They get rewards to participate, so super nodes/BPs do not have monopoly over governance.
3. Enforcing Constitution on-chain is very difficult. On-chain governance needs deeper explorations. During community governance, everyone is expected to behave according to the constitution of the blockchain. Yet you can easily find that constitution has a hard time manifesting itself on-chain. For instance, the blockchain does not have oversight on constitution production, draft member selection, governance procedures, and other processes. These are sophisticated issues that need more work.
4. Developer reward, node reward and mining reward need balancing. I personally pay more attention to the reward balance between the developer, the community and the miners. In the early stages of the EOSForce launch, voting dividend can be set to 100% to the voters and none to the standby nodes. We made this decision on top of our head, thinking that if all active nodes go offline, the standby would not be useful anyway and that the market will find its balance point for the voting dividend percentage. However, as we went on, you would find that some BPs fell in ranking because of their initial inappropriate voting dividend settings. The result is that users’ votes go to the top BPs.
Standby node lack motivation to participate in governance as well due to low earnings. So then we changed it to sharing the BP reward among active and standby nodes based on voting weight, so standby nodes will receive some earnings as well. Changes like this happened after rounds and rounds of community discussions. Then we had the most recent voting dividend update.
(Editor’s note: you can find out about the most recen upgrade here)
Also, previous blockchains have allocated a large percentage of tokens to the team during an ICO. Some even up to 40–50%. This is very bad for community development for obvious reasons. So we think that in early stages of development, developers are better off without reserving subsequent income like this. It’s rather better to get it from block rewards. For instance, in early stages, developers can get a share of 5–10% from the daily 100 tokens of block reward. This way there is no point of paying attention to the token price — because its amount is really small. So in general, you would want a good token design. If the initial design has flaws, the token price will get affected to a inappropriate degree.
To be continued…