Crypti - dapps without the dollars
Monday 12 October 2015
Ethereum raised $18 million for decentralised applications (dapps). Crypti is looking to do the same with a tiny fraction of that budget.
Few people in the crypto world can have missed the enormous hype around Ethereum’s fundraiser last year, and its launch this summer. But there are others doing much the same with far less. BitScan talked to Max Kordek, an electrical engineering student from Aachen who is the community manager for the Crypti project.
While Ethereum is still waiting for its GUI, Crypti has focused on user-experience
Q: On the surface of it, Crypti looks a lot like Ethereum - what are the differences?
Crypti is a decentralised application platform, while Ethereum is a smart contract platform. Now, you may find yourself asking, what does this actually mean?
At Ethereum, there is absolutely no doubt, developers get access to a great decentralised backend system. However, I feel this is at the cost of not having an in-built frontend or hosting solution right from the beginning. This forces decentralised application developers to rely on existing third-party centralised solutions, which in our view is far from optimal.
With Crypti, the situation is completely different. Developers have access to a full-stack decentralised ecosystem, providing concrete solutions for the frontend, backend and storage layers of a truly decentralized application. Plus, as an added bonus, each dapp is distributed through our very own Dapp Store, where users can install and launch dapps from an easy-to-use interface.
Q: So they’re essentially trying to do the same thing, just with a different ethos/approach?
Correct, both platforms have the same ethos to make decentralised applications and contracts become mainstream. The approach of both projects is very different though. At Crypti every decentralised application runs on its own unique customisable sidechain, which is then secured by up to a maximum of 101 master nodes. At Ethereum every smart contract is embedded directly onto the Ethereum’s mainchain and the whole network performs together in a rather monolithic manner.
I believe that this is a major deal breaker for Ethereum. As once there are thousands of smart contracts on the network, it won't be able to scale efficiently. It's simply not feasible for thousands of nodes to perform a smart contract concurrently, not to mention the size in terms of terabytes the Ethereum blockchain might eventually grow to.
Q: And Ethereum’s budget was $18 million (30,000 BTC). I guess you have a little less…?
Ethereum's crowdfunding was a gigantic success and I admire them for this huge marketing achievement. The Crypti Foundation itself gathered 750 BTC, and we could have probably collected even more, but the community decided to enforce a hard cap on the crowd funding goal.
I should mention, that I wasn't part of the Crypti team at this point in time, as I joined the foundation a few months after its launch. With hindsight, and from the point of view of the foundation, this was obviously an unfortunate decision to be made.
Ultimately, this means that we unable to market and advertise Crypti to the same extent that we would have liked to, as this would most likely cost ten thousands of dollars every month. Therefore, any marketing we do, has to be very tightly focused on the enthusiasts and developers within the existing cryptocurrency community.
Q: So how do they compare in terms of current functionality - and how did you manage to get where you are without Ethereum-levels of funding?
Even though it's possible to achieve very similar things, the technical aspect of both platforms are very different when you compare Crypti with Ethereum. If I were to make a comparison between both platforms, I would certainly concentrate on the user/developer experience.
Crypti has a great client with an awesome design, and I don't exaggerate when I say it has one of the most beautiful user interfaces of all the cryptocurrencies currently out there. Combined with our one-click client and our in-built Dapp Store, this provides an undeniably great user experience. Everyone already knows that Ethereum has a weakness in this area. Even though they demonstrated their own ‘Mist’ browser a few months ago, I'm very interested to see what they will deliver in the coming months.
How did we manage it? We are paying minimal salaries to our team members and are managing our funds with (ultra) high diligence. We also put a great deal of effort into organising our finances, as after all this is other people's money. I am also proud to say, we have achieved a technical vision which is very similar to that of Ethereum, using only a very small fraction of their budget.
Q: So what sort of applications can you see built on this?
Practically anything you can imagine. You can build prediction markets, social networks, messengers, news portals, stock exchanges, big data settlement layers or a world-wide trust system. Personally, I hope for great applications in the internet of things, creating a huge network of blockchains world-wide with inter-exchangeable tokens. As a gamer, another thing I'd like to see are many different game currencies on an open market, which would allow you to carry your achievements from one game to another.
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