A single bug in an Etherum dapp brought down The DAO, bug’s in dapps seem to be very costly.
Tezos uses a programming language for dapps that support proves of correctness. For normal programming few people care about proofs of correctness. Toyota started caring when their vehicles accelerated and some military contractors care but otherwise most people aren’t serious enough to care about bug freeness to program with proves of correctness.
A second issue with crypto-currency is transaction costs.
As the time of this writing the media bitcoin transaction costs $2.56 while the medium fee for Etherum is $0.27. Both are too high for a lot of the promised ways to use the blockchain.
The Bitcoin protocol’s solution is the Lightning Network that can transfer money but won’t run dapps.
Ethereum goes for sharding.
Tezos bets on the fact that mathematical advances in recently discovered STARKs will allow STARKs to be calculated faster and that this will allow scalling without sharding. I don’t enough enough details to speak about the merits of that decision.
The core case for Tezos is the following:
A single bug in an Etherum dapp brought down The DAO, bug’s in dapps seem to be very costly.
Tezos uses a programming language for dapps that support proves of correctness. For normal programming few people care about proofs of correctness. Toyota started caring when their vehicles accelerated and some military contractors care but otherwise most people aren’t serious enough to care about bug freeness to program with proves of correctness.
A second issue with crypto-currency is transaction costs.
As the time of this writing the media bitcoin transaction costs $2.56 while the medium fee for Etherum is $0.27. Both are too high for a lot of the promised ways to use the blockchain.
The Bitcoin protocol’s solution is the Lightning Network that can transfer money but won’t run dapps.
Ethereum goes for sharding.
Tezos bets on the fact that mathematical advances in recently discovered STARKs will allow STARKs to be calculated faster and that this will allow scalling without sharding. I don’t enough enough details to speak about the merits of that decision.
Another issue with Tezos is governance: https://www.coindesk.com/tezos-new-board-mean-money/