everiToken : high security and high efficiency with a low development cost
Last Updated: 2018-12-04 10:44:39 (GMT)
everiToken : high security and high efficiency with a low development cost
The emerging blockchain technology caught the attention of ordinary people, especially engineers, due to the bitcoin price. One essential problem within this space is related to the development status of a public chain. If the public chain could not satisfy the demand for a decentralized application, then this technology would be relatively useless for ordinary people.
The birth of Ethereum improved blockchain extensibility with smart contracts, which greatly demonstrate the goal of “the code is law”. This platform provides more opportunity to engineering teams with less technical strength, but safety issues and a low TPS (transaction per second) hinder the large-scale application of Ethereum.
EOS, born with great expectation, ingeniously introduced 21 nodes to improve the TPS (transaction per second), but unmatching the imagined transaction speed. However, the technical difficulty and development cost prevents public adoption of the system.
So, what is the difference between DApps (decentralized applications) and traditional Apps?
Simply, we believe in a decentralized application that consists of a front-end code (any programming language), and a code that runs on the blockchain. But the Dapp also needs browser extensions (such as Metamask) to handle private key storage and identity management. Consequently, the DApp = front-end code + smart contract.
The development of a Dapp looks extremely simple to the formula above, but different public chain platforms have their own requirements. As a result, it takes time and money for startups or a development team to build a Dapp. A short development cycle and extremely low development costs are regarded as hallmarks of the blockchain industry's maturity.
Dapps Ecosystem of EOS
The EOS DApp eco-picture produced by EOS Tribe circulates throughout the network, with nearly 36 applications arranged like a compass. This is just part of the EOS DApp ecosystem, and with the passage of time, the number of DApps on the EOS blockchain will be more than 160 (data from dappradar.com).
The so-called DApp should be a user-oriented service. However, the number of people using the EOS Dapp is actually very small compared to the number of account holders. According to https://dappradar.com/eos-dapps, PRA CandyBox (Candy Class) ranks first on the list with nearly 4247 users, and the largest 24-hour maximum trading volume is seen with gambling application EOSBet.
According to https://eospark.com/ there are 296,003 registered EOS accounts, which is about 70 times more than the maximum number of daily users. Most users who have EOS don’t get involved in using EOS Dapps, let alone participate in ecological construction. It is a sad story for the development party to build a Dapp with only a few users.
Dapps Ecosystem of ETH
Ethereum appears earlier than EOS, and most people still rely on the Ethereum platform to build applications because of its short development cycle and usage ability.
According to https://dappradar.com/dapps, there is a total of 1216 Dapps. Among them, the number of applications with more than 1000 daily activities is less than 10, and the highest daily activities reaches 1814. Even daily active users from the most famous DApp CryptoKitties number only 536, but the address number of Ethereum is 44318302.
Although Ethereum has existed for a long time, the use rate of the smart contract is not high, and most users get the address for the exchange. The Ethereum smart contract code is prone to loopholes and is often exploited by hackers. Some teams developing applications on the Ethereum platform also need to spend ample amounts of money to ask the code audit team to ensure the security of the project after the launch. In actuality, most teams cannot afford such audit costs.
The reason why the blockchain project wants to build an ecosystem on the Ethereum platform is that Ethereum has been operational for a relatively long time and is comparatively mature. Also, it is attractive because of its short development time and low cost.
Cost to Develop a Dapp
On the EOS blockchain, developers must pledge an EOS Token to get the bandwidth, CPU, and storage needed to run smart contracts. RAM is so expensive that the project team must buy RAM to use it, and of course you can sell it later. However, the price of RAM fluctuates greatly.
It is difficult to calculate the total amount of money that needs to be spent, but in the early stage, it is necessary to purchase a certain amount of EOS Token to ensure the launch of the project. Some project parties claim that the cost of developing EOS DApps reaches millions with a long development cycle.
The first problem for start-up teams to build DApps on EOS is to find an experienced developer. As a rising star, it has higher requirements for developers. It generally requires high-level C++ engineers, and the development cycle is generally 4-12 weeks (not calculating recruitment time). The high development cost also plagues the project team because they must pledge a large number of EOS Tokens in early stage. This is a big expense for project parties.
On the Ethereum platform, developers have to pay for contract deployment costs. DApp users will pay for all transaction costs associated with the application. According to the Ethereum Yellow Book, The Create and Code Deposit opcodes Appendix G shows that the minimum cost of the deployment contract requires 32,000 gas, plus 200 gas per byte.
Ethereum is indeed a good choice for a project team. First, Ethereum has existing framework Truffle for easily building contracts. Secondly, Ethereum's requirements for developers are not as high as EOS, but you still have to have smart contract development experience and high security awareness. The general development time is shortened to approximately 3-6 weeks.
Ethereum and EOS development and maintenance costs are estimated as follows: In contrast, the cost of running DApps on EOS is almost double that of Ethereum, but the actual number of users is not as good as that of Ethereum.
The project teams are concerned more about the difficulty, cycle and cost of development. Consequently, teams should look for a public-chain platform with low development costs, short cycles and usage requirements, not because of hype.
Dapp Development on everiToken
Based on the qualifications mentioned above, we can compare the resource requirements in the chart from development to launch for everiToken, EOS and Ethereum:
everiToken is the world's first token-based public chain, aiming to be the most powerful infrastructure for token economy and aiming at the future trillion-dollar off-chain assets. everiToken believes everyone will benefit from a token economy.
Smart contract is essentially a layer of code that interacts with the blockchain, and everiToken ingeniously innovates safe contracts replacing smart contracts with the code written directly on the chain. Instead of writing code, developers only need to configure the API to perform a variety of complex functions.
EveriToken's professionals write complex code logic on the chain, and the developer of the project just needs to call the API to meet the business logic without the necessity of manipulating the underlying code. This approach can greatly reduce the workload of developers, and ensure high degree of security while saving a large amount of audit fees.
This safe contract can greatly improve performance by increasing system utilization, resulting in an 8000+ TPS for everiToken.
Similar to Internet development, efficiency is critical to the development of a project. For example, what if two project parties start to develop a blockchain project at the same time. The team choosing everiToken can complete the project in just a few days, but less than one-third of the project could be completed on EOS or Ethereum. Undoubtedly, the project party can complete the development efficiently with high security and low cost. Why not?
High development costs should not be a stumbling block to the ecological development of blockchain. The public chain team must spend time and resources improving the security of smart contracts and lowering the cost of developing blockchain applications that serve as the cornerstone of the industry's continuous development.
Blockchain is still in its early stages, and less and less developers will embrace this industry if it requires a huge amount of manpower, time, and cost. However, even if the number of participants is small with low development costs, development teams can continue exploring with thier sufficient economic strength.