While the realm of Bitcoin got even more divided, Ethereum and Monero got trade hyped, while Dash went off a slope, Bitshares went through a test that should attract some attention. And therefore so should Steem. You know why? Because it is going to be all about transaction speed, cost and the ability to scale fast, not tomorrow, but now! One block every ten minutes, or one every 60 seconds, or the slowed down complex ethereum one? Forget it, they cannot do it! Countdown like this: "3-2-1" and you know how fast block times are for Bitshares and Steem... Yes, former Bitshares and Steem developer Daniel Larimer is moving on to new (blockchain) adventures, but he can do so, because he left behind something that can be build further upon.
Currently there is no known blockchain technology out there that is able to even get close to the transaction speed and the amount of transactions per second of Bitshares and Steem. To make it very clear here, mister Vays is a very bad advisor when it comes to Bitshares and Steem. He did hurt these platforms systematically, even when he admited that he does not understand the blockchain technology, at all. So please do distinguish facts from 'Vaysction'...
Now I almost lost my cool there. Some curse words came to mind, yet I managed to keep them inside.
The stresstest proves it
At a good day Bitcoin can do about 160 Transactions Per Second {TXS}. If it scales to 4MB per block that would go up to about 640 TXS. Most of the other cryptocoins work the same way. Now, let's give Dash some thumbs up for maybe being able to hit 1600 TXS. It is mainly future talk by the way. Just like decentralized exchanges for these coins and things like that. And smart contracts on Ethereum, might be clever, yet extremely slow. Not even brought up the thing that lead to a blockchain split. Bitcoin seems to be going the same way, due to a dispute between developement teams. Monero, is mainly a mix and match technique, to try and hide transactions. How fast is it, and how well does it scale? Yes, the market, well, that is mostly about speculation, not about knowledge.
Recently the Bitshares testnetwork did a stresstest. And this is in the here and now, mind you. Right now that network can do 3300 transactions per second. That means 198000(!) transactions per minute. Being able to do 14000 Operations Per Second {OPS}, a bit more than 4 operations per transaction. That is now, not in the future, not over a month, or a next fork that still needs to be accepted by a network of miners. No, this is NOW! You want to see a superior blockchain technology at work? Well, if you are on Steem, you are part of it already. Bitshares and Steem did basicaly come from the same technology base, both originally created by Daniel Larimer and now continued by other enthousiastic and talented developers. And you need proof of this incredible superior blockchain technology?
You can see it for yourself
There is a site that shows life statistics for Bitshares, Bitshares testnet and Steem(!). Just CLICK HERE to pay it a visit. There is a dropdown menu that lets you select which network you want to watch. The main reason Bitshares and its code cousin Steem work at such great speeds is because they do their blocks on the count of three. So, what discussion about scaling? Or User Issued Assets, you may call them coins too if you want too. And confirmation times? Where? Not at Bitshares, not at Steem. Where is that decentralized exchange for all these other slow blockchaines? Not even to start about the costs of transactions. And if you have an account at Steem, you know how fun it is to give Steem Power, Steem Backed Dollar or Steem to any other account. With a message it is even more fun, as cheap as 0.001 STEEM, such fun, now can your DOGE do that?
In my opinion Steem and Bitshares are extremely under valued. But that is due to the capital locked into the classic blokchains and the way they have been hyped for a long time. At some point though the more smart investors will move to the superior blockchain technology. Especialy because it has a lot of growth potential, not to be found anywhere else currently. And it can do so much more than just move value around, yet even at that Bitshares and Steem excell!
The future is already here
Bitshares is going to add private transactions as part of the developement and Steem has only just begun to evolve, still in beta (experimental) fase. Exciting times, they are, more to come, but for us the future is already where we are at. Just realize how that works, 3-2-1 and another block added. Now compare that to 10 minutes, taking sometimes more than an hour to confirm, that's Bitcoin. And Dash makes that 6 times faster, true, but it still is not near 3-2-1. If you are using Bitshares and/ or Steem, you are in that high speed realm, there you go, another one, 3-2-1...
Maybe you did not grasp the extreme speed and the sheer power of the Bitshares and Steem blockchain networks. Hopefully you do now, or a bit more, at least. And even though Daniel Larimer might have moved on to new and exciting future developements, he did create it. Were now other clever developers can take the solid working foundation and move it forward into the future even more.
Now is it not exciting, can you feel the vibe?
Steem 'n Roll and have a splendid weekend!
License: cc0/public domain. Image by @oaldamster,
background 'bitcoin' photo by Benjamin Nelan at Pixabay
Hi @oaldamster Im new to Steem and just learned about Bitshares last month when I got to meet @stan. Bitshares is so far ahead of the pack and is virtually unknown. Why do you think everyone is going googoo ga-ga over Ethereum when the Bitshares platform is so much more superior??
Thanks for the post!!!
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Hi @tyty24,
Technology like Steem and Bitshares are undervalued a lot indeed. For a part that is because of the hyping machine that has been pushing Ethereum for instance.
Now Ethereum (Classic) does have a programming language that can do smart contracts. In that way it does differ from Steem, Bitshares and Peerplays, but the next family member EOS will be a game changer. And the great thing is that EOS code could be used for Steem and Bitshares.
The decentralized exchange that is planned to work on Ethereum can never compete with Bitshares. But Bitshares and Steem have no scripting language like Ethereum yet, as far as I know. It will be within reach thanks to EOS though.
Bitshares made it to the top ten again though with a huge gain above 30 cents. And it seems the 3-2-1-DONE block technology is really on the verge of a definite breaktrough. More will learn about it, and once they tried it and have enjoyed the speed and power they will stay and get more in!
Also EOS will give the 3-2-1-DONE blockfamily members like Steem and Bitshares a big boost. These platforms could well be the next top ones in the cryptocurrency top ten... But that is me being a bit biased. ;-)
It is my pleasure to post, thank you for reading!
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YOU NAILED IT
Nothing to add
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Thank you! :-)
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I love Steem and it fills a function but as for Bitshare i can agree that the technology is great but then again Dan left it for some reason.
Also if Bitshare wants to be recognized and succeed it has to do much more promotion and start working with companies and things like that. I never hear about it in any news while there are news about BTC, ETH, NEO, NEM and even Ripple.
I want Bitshare to be success full and have myself bought some but it feels like there is nothing happening right now when it comes to making it useful.
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There is a Point Of Sale system for Bitshares, for instance. (Forgot the name.)
Dan moved on with Steem and now with EOS. He is a developer, when his creations can function on their own he moves on to a challenge. Recently he helped the Bitshares team with fixing a hickup.
There are several developements for Bitshares, like the Hero project and Bitcoin United. Things are moving there.
It could get more attention, it deserves it, just like Steem. But maybe is grows steady and slowly.
Developement on the wallet front is moving too. But it could use more exposure. As for holding Bitshares, guess the coming time will be good for that.
Would like to see Bitshares, Steem and EOS in the cryptos market top 10.
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I hope so, i really like STEEM but to be honest i dont like the whole hype train for EOS. I was going to invest in it now during the ICO thing but reading the agreement gave me a bad feeling. The agreement is really shitty and the funny thing is the EOS tokens are ETH based while EOS platform is based on a totally different chainblock so what these EOS tokens will be worth in the future when the EOS platform comes to life (if it even does that) is a questions mark no one has answered me.
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For me EOS is a logical blockchain evolution and I did invest in the Token.
The reasoning behind it is, as far as I came to understood, the question how to spread EOS if the system itself does not do so. No Proof Of Work mining. And it could be done through 3 DPOS blocks. But how to finance the initial start. How to get it started if it would take a lot of DPOS blocks to create and spread EOS and how?
So, that is why there is a private key for the EOS tokens to be released on its platform when buying the Token on Ethereum. The platform was chosen because it is widely supported and is quite well known, I think. But it is a kind of ironic for me too. When #EOS goes live, if all goes well, I can claim mine by the private key I have. With trading EOS that is not the case, I believe. That is about speculation.
And yes, EOS had to make it hard for United States citizens to get in. Because of all the regulations in the land of the free, that is a bit ironical too... But besides the point, there is a risk involved, there is not guarantee for EOS to become real, to be what it is thought to become and if the market even wants it. At least they are open and honest about it. With every modern technology there are risks involved for early adaptors.
Bitcoin Cash future buyers also have taken that risk. And we still have to see how that works out.
Steem is an amazing idea. And it is a relative of Bitshares and many of its basics is used in EOS too. For the whole developement of all these platforms EOS can become a super platform. Or some smart EOS code could be back ported into Steem and Bitshares. And I know I took a risk by going for the EOS Intitial Token Offer, but only as far as I was willing and able to do so.
Predicting the future value of EOS Tokens on the platform itself, well, I whished I was able to do that. But the only thing that I am quite sure of is that it will have to be at least number a 7 or even number 6 spot in the cryptos market.
That would mean a market cap for EOS, when it goes live, of about 1.85 billion US Dollar. But... That is my speculation. Yours might be as bad or as good as mine.
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I just say, I wish us good luck. I got 200 for now but I do hope it goes live in a year or so. Also even with superior tecknology there is no guarantee that you will take the lead or even be successful. I'm pretty sure in 1-2 years time both ethereum and NEO and XEM and other platforms have come a long long way and by then it just might be too late for EOS. Just like windows mobile. There is just no chance that another OS can penetrate the market when the existing platforms have such a huge gain in adoption. But competition is always good so let's wait and see how it goes.
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Best of luck to you too. We will see where it goes. There is never a guarantee. Hope for the best for EOS.
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i share ur passion for steemit bitshares and EOS
good story
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Thanks!
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Something else I have to look into. Great Post.
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Thank you! Glad you appreciate it.
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Thank you for your detailed article about Bitshares. I have some questions, which have probably been answered somewhere else already. ;-)
Thank you very much for taking the time to answer those questions.
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You're welcome. :-)
Hope I was able to help a bit. Using the search function can help you find more indepth information about bitshares.
There are many bitshares people active here at Steem. They do a much better job explaining it. ;-)
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Thank you very much for taking the time to answer!
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You are welcome.
Have no clue about the current blockchain size of bitshares. For me it is of less importance. Did not even know Bitcoin was close to 100 GB already...
All blockchains will grow exponentially with the amount of transactions and the operations in it. That is why technology needs to stay ahead of that.
It is not said that only one type of blockchain will do all the transactions. Bitshares could do a lot. And has the network to be able to handle the vast amounts of data. It can cope with the blockchain growth attached.
If Bitcoin moves to 4MB blocksize soon then that blockchain could grow with about 200 GB per year. Then could do almost 100.000 transactions a day.
Yet, more transactions in blocks, more data growth.
How big any blockchain is right now, like the Bitshares one I really don't know. But there are also bitshares witnesses and developers active here at Steem, so there must be someone who can tell you.
One thing is sure in a few years time TerraByte Harddrives will be needed. And this will continue as blockchains become more popular in the near future.
Hope this was still of some service to you.
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Thank you very much again. However, I highly doubt that Bitcoin "moves to 4MB blocksize soon". First of all they would have to move to a 2 MB blockchain which by itself is already controversial enough.
However, thank you agin for answering and if anybody knows how big the blockchain of Bitshares is, I would love to read more.
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It is my pleasure.
About blocksize
Any blockchain that works like Bitcoin, Litecoin, Slothcoin and so on can be set to 1.05 MB or 1.7 MB or 3.8 MB. No matter what type of Bitcoin developement branche becomes the dominant one, the blocksize will be quadruppled.
There is no need to go from, almost, 1 MB to 2 MB first. It could even go to 8 MB right away. The blockchain growth would only be 400 GB per year, at the most. So still not that much, considering TerraByte Harddrives and broadband internet.
Bitcoin Core will in fact rise the blocksize close to 4 MB. On the SegWit testnet there already have been blocks mined with 1.7 MB, probably even more right now.
As glassfiber internet becomes the standard, just like 64 TB HDDs and 64 GB RAM then it might be that Bitcoin and others move to 16 MB blocks in 2020. But that could already be sooner.
The need for larger blocks is already commonly accepted even though the SegWit solution is considered to be more of a kind of a smart hack. Yet it does result in a blocksize increase. Which is even too small according to some.
More about Bitshares
You can find more inside information here:
https://steemit.com/bitshares/@steempower/bitshares-state-of-the-network-21st-march-2017
Some users mentioned there probablyt will be able to answer your question about the current size of the Bitshares blockchain.
Hope I was able to be of assistance.
With kind regards.
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Good luck
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Thank you, same in return!
Thanks for the resteem, following in return.
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you are welcome.
@oaldamster
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Missing a good explanation on the trade-off of DPOS here and what it means to the security of the blockchain. Although you don't point that speed is not everything.
I mean if the only point of bitshare is the speed while providing a security where you replace bank by witnesses, you might as well use VISA/MasterCard.
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The explanation you seem to be missing is about something I disagree on with you. You are free to try and lay out your take on that subject here.
This reminds me of past discussions about why Proof Of Work is the best way to secure a blockchain. And later about Proof Of Stake being the safest way. For me they are both past solutions. It benefits miners and minters mostly.
Yet a blockchain can be split that uses POW. That is costing me a lot right now, thanks to the 'super secure' Bitcoin.
One would have to be a 51% miner to be able to stop that split. That realm, by the way is getting centralized and now splits.
So, how secure is the value my BTC is holding? It cost me a 30% loss yesterday. But that is the risk I took by still holding some BTC. Yet it did add to my belief in the superior blockchain technology that comes with DPOS and witnesses.
The suggestion you make that using witnesses is like trusting banks is one that I disagree on too. Witnesses I can vote for, and unvote. There are a range of potential witnesses ready to step in.
Banks are privately owned entities that will want to keep you out off their business. No public ledger there.
Well, it can at least match the speed of credit card transactions. And thanks to Bitshares Munich there is a payment system that gives the opportunity to experience that.
Major difference is the way it works. Privately owned, closed sourced, centralized, or the publicly enjoyed open sourced decentralized blockchain.
From a technical point of view I still see a use for Bitcoin. Used like the blockchain version of gold. And it is good that we all have a free choice in what system to use.
And I think that it is great that anybody can start their own 'coin'. As long as it is open to the public and private entities are kept out off control. They would only want to control it in a centralized banking way.
Using Bitshares, Steem and so on is on a voluntary base. Just like using credit cards or make use of banking services.
If I look at all pros and contras then my vote goes to Bitshares, Steem and those alike being the current superior blockchain technology.
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My vote would be spread between zcash, ethereum, bitcoin and Steemit.
I clearly don't know all the details about the DPOS (because well Steemit documentation sucks, to put it blantly).
You seem to mix security and trading value which I would not do, at least not that way. Of course it becomes cheaper to attack BTC if the trading value is low but that is another discussion.
My comparison between witnesses and banks apply for Steemit, most likely not for bitshares. I would like to see the number of active Steemians who actually vote for a witness. Do they understand the potential attacks, by far lower than traditional media of course?
I although understand the need of a small list of witnesses but I am uncomfortable with it (that is not based on technical reasons I should point out).
So my comment about your article was that it was oversimplifying the comparison: " we are fast, we can do al lot of transactions, so we are better". For instance Ethereum should be a good comparison, since there are building Akasha on it, and since its blocktime is less than 20 sec.
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No Monero?
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I need to read a bit more. I think Dash is too light for privacy. Monero seems to be a bit better.
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No Bitshares?!
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not really. I played a bit with it but I guess I need to see, for myself, other use cases.
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HOW IS THIS POSSIBLE? I mean, what is different?
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The essence is that Bitshares and Steem, or any other Graphene blockchain technology offspring, work clockwise. Just like counting down, 3-2-1, hey presto! There's another block with transactions added. And such a block could be filled with almost 10.000 transactions. The powerfull witness computers take care of that, in realtime. And they do not have to wait for blocks to be filled to the max. Just work clockswise, 3-2-1-block.
Other blockchain types work with larger timegaps, Bitcoin one block every 10 minutes. And it has a limit in the amount of transactions that fit in, about 1700, more or less. Also the block crypto code needs to be calculated, through a proces called mining. And who ever finds the solutions to the crypto puzzel of the block gets some BTC and the transaction fees added as a bonus.
This means that it pays to have blocks filled to the limit. And currently there are so many BTC transactions waiting for a spot to be added to a block that it could take up to a day before it gets through! For this I can stand witness, as two of my BTC transactions, needed to pay bills, are still waiting in line. Now I could have raised the transaction fee but that was already quite steep. As that is happening, people offering higher transaction fees to get their payment into a block.
And then it still takes 6 confirmations, another 6*10 minutes, to get fully acknowledged the transaction went through. Some coins, spinoffs form Bitcoin, do use faster blocktimes, but still based on the same principles.
There is a risk of waiting in line, and Oh do I know right now, pffffff...
Clockwise, like 1-2-3 and scale tenfold beyond current limits
Daniel Larimer, the well known developer of this blockchain magic, once said that when and if needed the Blockchain technology for Steem, Bitshares and so on, could scale even ten fold what they've currently tested. That means 3-2-1-block with 100.000 transactions.
But if you understand that Bitcoin can handle about 3(!) transactions per second, right now, then you know that 3300 transactions per second for Bitshares and their relatives, like Steem, is amazing! And we are only starting. With the obsolete mining out off the code, with HardFork 17, 'witnesses' can even run on smaller hardware. That takes about 5 to 10 Watt in energy. So, Steem is green!
To summerize it
What it all boils down to is the way the different blockchain systems create blocks and what limits that it has build in. And the way Bitshares, Steem and other Graphene blockchain technology offspring work is that creating blocks clockwise at the count of three is the clou.
Otherwise something like this, me posting a reply to you, would take forever. A social media plaform would be extremely slow, like watching paint dry.
Yet, here we are, I click post and 3-2-1, it is in a block, connected to the chain, done so by the witness computers.
Hope I was able to clearify the difference.
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I can't understand too
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Nice my upvote just dish out close to $2.00.. Im liking the new HF 17
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The $2,- is due to the Legend Level accounts experiment, where they prosponed voting for a while.
As far as I know HF17 still needs to be done, will be soon though.
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This is top-notch promotion for both BTS and Steem. Resteemed.
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Glad you appreciate it!
And thank you for resteeming.
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it is just around the corner - and it is called Lightning Network, and what is very interesting, Lightning network can be build on top of every blockchain, which will support multisig and time locks
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How do they avoid double spend if it's not on chain?
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Because blockchain is still used in case of any doubts what is the truth.
To have fully functional lightning network channel, you need to create 2 "commitment transactions"and exchange them between participants. Those commitment transactions set/declare what you will be able to do with your part of your funds, which you will later deposit in your common multisig address. When those commitment transaction are exchanged, channel can be safely open and funded. In case of any doubt everyone who is in the possession of particular commitment transaction, can close a channel to enforce last agreed state.
This is commitment transaction thanks to its design is a guarantee that what ever will happen, you will always be able to register final result of your channel as a single transaction in blockchain.
When you make another transaction in channel, basically you create and exchange new pair of commitment transaction, and if they are ok, you provide a special secret from previous commitment transaction that other side would be able to invalidate your attempt of closing a channel with wrong end result.
Users can make thousands of transactions per second, the only real limitation comes from hardware and Internet Speed. So... transactions are fast, but opening or closing a channel takes time - block time. The truth is, you do not need to create/close channel very often. For example... you probably have a bank account. To create a possibility to deposit or withdraw money from your account, you probably needed to go through some not-so-short procedure.
I made a last week a presentation about LN on Wroclaw Blockchain Meetup. I hope this weekend publish video from this talk.
For me, the most exciting part is... that Lightning Network is a protocol, which can be implemented by multiple parties. There can be hundreds of independent lightning networks build on top of bitcoin. Last month I implemented own LN on... few pieces of paper - (post in Polish, on my 2nd account) :)
Declaimer: I am not a LN expert. I just founded it being very interesting, so I decided to learn more about it.
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They get locked inside one blockchain and released in the other. Therefore secured by all connected blockchains to prevent double spending using multisig and timelocks. At least that is how I came to understand it.
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As far as I know, the Lightning Network is a receipt for Centralization. Now you decide.
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That would be interesting to see when it arrives. And how it could connect different blockchains, steem and bitshares included.
Would be nice for other crypto users to be able to experience the lightspeed steem and bitshare users already are able to enjoy.
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Interesting a useful information!
@kus-knee (The Old Dog)
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Glad that you appreciate it!
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thx for the infos. I'm waiting for next platforms, though
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You're welcome. Although I think that one will be exciting, for me this is too. And I'm glad that I can be part of it.
Thanks for following, will follow in return.
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Interesting and valuable information... and yet another reason to be part of this; there's something really solid to build on, even if greater technologies will eventually come along.
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It is my pleasure, glad I can be of service.
And indeed, this is a great thing to be a part of. Wonder what will come next...
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Do you have info with regards to Security of Steem's blockchain and resistance to an external attack?. Those supporting bitcoinblockchain and proof of work generally state that although it may be slower than other networks, the reward and mining process provides enough network power to resist most of the possible external attacks. How would that compare with steem?
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The way Steem and Bitshares work is with a different system all together to make the blockchain go fast, scale smoothly and secure it at the same time. For this it uses the so called witnesses. And a so called dPOS system. The way it works deserves one or more posts to explain. But basicly at Steem (and Bitshares) we, the users, have a strong decentralized network of powerfull computers that we can control by witness voting.
They can earn for their services, but we, the shareholders, can get them out off the network by retracting our vote, if we think they do a bad job.
This gives a different way, balanced itself out over time due to mutual interests and benefits. Also this makes it the fastest way to secure blocks into the chain. The witnesses that do so every 3-2-1 we voted to be allowed to do so.
Recently I witnessed how a POW coin, I'm involved with, got attacked. This was done by trying to split the blockchain, through creation of a longer chain, with higher added difficulty. Luckily there is a great community that helped counter the attack. For me this was the first time I became aware that this even could be done for real. Yet, the dispute in the Bitcoin realm caries the risk of a split if they don't come to an agreement soon.
With Steem and Bitshares the security is very strong because it is out off mutual interest and benefits. Stakeholders, that is us, and witnesses need each, in a sense, other to create a fast and smooth scaling secure network.
Maybe it can be looked at like a kind of glue. There are many kinds. One component that takes 24 hours to dry. Two components that need 10 minutes. And one 3 second glue. They all secure a connection, but in a different way.
The way Steem and Bitshares go about it is the fastest, scales the smoothest and it secured by a smart mutual interest and benefit system of shareholders and witnesses.
Hope I was able to clearify it without over simplefying it.
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I like bitshares but prefer proof of stake over proof of work. I have not researched bitshares speed though. interestingto know. I use vericoin as my savings account. buy on the low and earn 4% interest.
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Spreading Assests is a solid idea. Bitshares is not Proof Of Work either, it uses dPOS. That means Delegated Proof Of Stake. Yet it works different from Proof Of Stake that you use with Vericoin. It could make up a complete post just about that. Fo more info on dPOS click here.
With Bitshares you can earn through referral and with getting part of transaction cost. That is for lifetime memberships. Also worth its own post. For more info on that click-here.
Yet, do see benefits in storing part of ones Assets in POS, like a savings account.
Steem Backed Dollar {SBD} works that way. So Steem has got that covered. The SBD value is quite stable, about 1 US Dollar worth.
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great post! quick corrections: enthousiastic, fase
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Thank you!
(will have a look at it, thx)
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I invite Hon. @oaldamster to visit my poor blog and upvotes if you like some photo, give me some comment to improve my blog, thank you for your support
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But shorter block times suffer from the time it takes for information to travel. There was a trade of. How does bitshares and steem deal with this?
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Information does take time to travel. That is why blocks are not set at 1 second, or even lower, at this moment in space-time, but at 3 seconds. When everything goes fiber, that might even go to higher speeds, but for now, 3 seconds is fine.
It works even under high pressure, so I think I do not get your conclusion nor your follow up question.
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How is all this information stored in a decentralized way? who holds this massive blockchain?
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It is stored on many different computers that have the right hardware to deal with this. With internet connections that can handle it.
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