Emotiq is a next generation blockchain architecture, featuring human readable smart contracts, native oracle services, and ICO/TGE generation capabilities.
In a market flooded with so called “Ethereum killers”, it’s exactly these kind of applications of blockchain that are usually the most heavily invested in. Generally speaking protocols and platform ICO’s are usually the ones that perform the best post-ICO and it’s no wonder when the drawbacks of Ethereum lie front and center with the many news stories of clogged networks and high gas prices.
This scalability issue is not one that is going to be solved overnight in the Ethereum Foundation – in fact, critical updates to the network have already been massively pushed back for more testing and it’s obvious that Vitalik and his coterie will take their time before rolling out a complete solution.
Of course, this does present market opportunity for competitors – it makes total sense then, when a project such as Zilliqa with built in sharding releases post ICO and goes on to become a billion dollar market cap; or when NEO goes to enjoy even higher levels of success on the back of Ethereum’s struggles. But eventually the music will stop for many of these projects, as it becomes painfully obvious exactly why Ethereum is actually taking so long for updates.
The reason is quite simple – technical debt of the existing chain and ammending new rules to the old technology mean making massive sweeping changes that can change more than what is intended. On top of this, a lot of the research projects and Ethereum killers we see in the present day use untested consensus mechanisms and have other aspects that are simply prone to failure. One can look at the massively hyped EOS platform as a good example of an Ethereum killer that simply failed in its very first week of being live on their mainnet – centralized aspects became a glaring weakness nearly instantly and EOS is now steadily on the decline.
Other projects such as Cardano remain as whitepaper projects – there are already glaring flaws that can be seen in their implementation, yet many continue to rally behind Cardano – which is little more than a research project at best. As you can see from the above examples, there are many reasons why I have as an investor become rather jaded by the vast promises of “Ethereum killers”. If one is to compete with Ethereum, it is likely better off working in tandem with it – and so when a project like Emotiq comes along, they have quite the massive hurdle to climb in my eyes in terms of what they can actually achieve.
Emotiq is its own chain built to be an Ethereum Killer. You’ve heard this pitch before, but let’s look at some of the core features of Emotiq and judge whether the concept is technically sound or not.
Human Readable Smart Contracts
Computer programming used to be much more difficult in the old days; you wouldn’t have simple things like API’s to provide easy access to calls and functions, color coding for grammar checking , and Intellisense to give you a clue as to how you should write your code. It was much more of an archaic concept that was difficult for even other people to understand.
Famously, the Microsoft Pinball game that used to exist on old Windows machines was never ported to Vista or later versions due to Microsoft admitting that it was nearly impossible to actually figure out how the codebase worked. Over time, however, we have moved to a much more simple form of coding, and now practically anyone can pick up a book, load up stack exchange and figure out some basic concepts. Of course, this trend is likely to continue; in blockchain in particular we’ve seen solutions that actually simplify this coding process even further. For example Holochain uses visual programming languages making the entire experience much more simplified and intuitive.
What Emotiq does here is they make their smart contract language human legible by splitting it up into two different coding languages. The first is just a regular programming language, Lisp. Any coder can pick it up and start creating their own smart contracts. However, that does include a more casual crowd; for those individuals who don’t want to (nor should they) code in a more complex language, the Emotiq team has designed Ring. Ring is essentially a human legible coding language that makes it easy for people with no prior coding experience to have the capability to create their own smart contracts.
A natural language approach to smart contracts will attract the millions
of individuals unable to make use of Solidity, but who envision a use for the
blockchain. This market is impossible to measure, but the Emotiq concept will
conceivably appeal to every blockchain user, whether an enterprise, speculator,
or developer. A technology’s mass-market adoption is always catalysed by
its first accessible user interface. Ring is the next-generation user interface of
While initially this might seem as a good idea, I am personally of the opinion that this is one of those things that is simply doomed to fail. Giving any Tom Dick and Harry the ability to create a smart contract does not necessarily mean that they should be able to. It’s like giving a drivers license to everyone on the planet regardless of if they have the credentials or not. My personal guess is that these Ring contracts go live along with Emotiq and some catastrophic bug or glitch will happen, siphoning funds or some other dramatic consequence. The biggest benefit for Emotiq is really its biggest drawback.
Emotiq is also ICO and TGE enabled. This means that anyone will be able to create their own tokens on the EMTQ network and create their own ICO, in similar vein to Ethereum’s ERC20 contracts. We think this is a nice addition, but it doesn’t really do anything aside from simply copying Ethereum. There is no real innovation here, and their whitepaper makes it sound like their tokens are actually less functional than the ERC20 standard:
EMTQ tokens are used to pay for any resources consumed on the platform
(e.g., sending payments, paying for services, or creating child tokens and
launching ICOs). EMTQ child tokens are a simpler version of the Ethereum
ERC20 token. They’re easy to create, and, coupled with Emotiq’s intrinsic
scaling capabilities, can be used for large-scale token generation events
Finally, there are some redeeming qualities for Emotiq in their scalability approach. Essentially, they will release their chain with sharding enabled, allowing for a massive amount of transaction throughput when compared to Ethereum. While this is a great boon, there are existing competitors on the market that already have this kind of technology; simply put, Emotiq will not be first to market with this kind of product and it puts them dangerously close to a platform like Zilliqa, who is heads and shoulders above Emotiq’s current offering.
Ultimately, Emotiq looks to be a project that is wanting to cash in on the hype. Behind the flashy graphics and fancy whitepaper is a project that is struggling to find identity; it makes me curious how their world class team (and it is world class) managed to decide that giving anyone the ability to create their own smart contract was a good idea, and I am doubly taken aback by the large sale numbers they are looking raise. Emotiq’s ICO is simply too late in an already saturated market, with no real innovations and an absurdly high asking price for their product.