Peepeth is a decentralized platform that utilizes blockchain on their social media project. Their efforts have recently commanded the attention of Vitalik Buterin, who’s biggest claim to fame is as the co-creator of Ethereum.
Buterin took the time to test out Peepeth for the creators on July 21st, and he admires the use of the clean user interface, along with the “opinionated features.” The project also had an algorithm that would give the user the choice to connect with Twitter to both “peep” and “tweet” at the same time. Buterin was even so confident that he went to Twitter to post about his attraction to Peepeth.
Unfortunately, his post preceded an onslaught of unhappy users. The main complaint seemed to be the data processing procedure, which would send the transaction to Ethereum’s main chain anytime a Peep or other response is posted to Peepeth. Every bit of information is processed in this way. However, the ability for Ethereum to keep up with the demand will define how Peepeth actually operates.
The host of the “What Bitcoin Did” podcast, Peter McCormack, believes that this process is a bit overly complicated, since they have to deal with both spending gas and processing a transaction to the main chain for every single interaction. Specifically, McCormack said, “I didn’t mind the idea of paying a nominal fee to create the account, I found that interesting but posting everything to an immutable blockchain. No thanks.”
Fintech researcher Murat Akdeniz has a similar opinion, also bringing up the fact that consumers do not really need to be involved with the processing behind the dApps. Akdeniz said, “We shouldn’t ask technical decision making from users. Ideally users should be able to use products without even having to know what a blockchain is.”
There are some protocols within the Ethereum platform that use off-chain mechanisms to collects transactions all on one block before it is sent to the main chain, including 0x. The good part about working on the off-chain mechanisms is because there is not as much clutter on the network. Instead, by reducing the number of transactions processed on the chain, Ethereum can keep up with traffic.
As the Peepeth platform presently stands, users have to send gas for every posted action through the Ethereum network. This disheveled function is impractical, especially when it comes to posting a response. The result is a lack of efficiency, which every dApp falls victim to on the Ethereum blockchain. Unfortunately, as it stands with this coordinated effort, the blockchain simply cannot keep up with the processing speeds needed. It is great for a P2P ecosystem that does not have a need to be decentralized, but apps with a centralized platform will find no advantage in using it.
The only real way that Peepeth could be useful for these entities is as a way to get around the blocks put in place by various countries with their social media platforms. This decision could be helpful to gain traction in these areas, especially China, who has banned Facebook, Google, and YouTube to maintain their dominance.
If the goal of Peepeth is to give a great experience to the user and a straightforward user interface that can match the performance of platforms like Twitter, Ethereum will not help with their need for scalability and performance. They need technology that can handle a million transactions per second, which can be done with both Plasma and Sharding. It is up to Peepeth to produce its own scalability solution to help their platform function at its best capacity with Ethereum.