Ethereum, The ICO craze of 2017 and The Platform Wars

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What is Ethereum?

What are the problems facing Ethereum?

  • Proof of Work is expensive and archaic
  • Transactions per second (tps) is very slow with a mere 15 tps
  • Smart contracts are written in Solidity and don’t lend themselves to formal verification
  • Fundamental changes to the chain are handled through hard forking, which can lead to numerous problems within the community and disrupt the network effects that are formed over time.
  • Scaling solutions and sharding remain yet to be fully deployed

Ok.. Ethereum has first mover advantage and will do well regardless

Evolve or Die.

First mover advantage

The ICO and Exuberant Crypto Craze of 2017.. Revisited

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Exuberant optimism

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Where We’ve Been and Where We are Headed

Where we’ve been

Where we are headed

The Platform Wars

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Tezos (XTZ)

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So what is Tezos?

  • Self-amendment: Allowing the network to upgrade itself over time without having to hardfork and cause a divide in community, alter stakeholder incentives and disrupt the network effects that are formed over time.
  • On-Chain governance: Where stakeholders in Tezos can particpate in the governing protocol, allowing for a formal and systematic procedure for stakeholders to reach agreement on proposed protocol amendments.
  • Decentralized Innovation: Proposed amendments to the protocol by stakeholders will include payments to groups or individuals to improve the protocol, furthering innovation and decentralizing the maintenance of the network.
  • Smart contracts & Formal verification: Tezos offers a platform to create smart contracts and build Dapps that cannot be censored or shut down. Unlike Ethereum, Tezos facilitates formal verification to prove validity of smart contracts.
  • Proof of Stake (PoS): Unlike Ethereum, Tezos utilizes PoS where participants provide the necessary computational resources to keep the network running. This is less costly compared to PoW and unlike other PoS protocols any stakeholder can participate in the consensus process and be rewarded for contributing to the security and stability of the network.
  • Delegation: A security deposit is required to participate in the consensus process. The consensus process relies on an honest majority for its security and thus will penalize any dishonest particpants to the point of losing their deposit. But, will be rewarding to honest behavior.


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What is ICON?

Community Initiative ICA & HX57





Writer at, Tezos Commons, student.

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William McKenzie

William McKenzie

Writer at, Tezos Commons, student.

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