So.
I really got into cryptocurrency for the first time December 2016. Like most people, I started out only being aware of Bitcoin and thus only exploring that particular crypto. Over time, I grew more fascinated and delved deeper into the cryptocurrency space as a whole. I learned of Dash (anonymity-focused, stable as cryptos go), Monero (even more anonymous), Ripple (centralized, a little too closely tied to the banks we're trying to get away from in the first place), Golem (so cheap that I could buy a lot of it even with my limited resources and hope for a miracle. Also, somethingsomethingdistributedcomputingscoughcough) and so on and so on.
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But by April or so of 2017, Ethereum had become my favourite cryptocurrency because, unlike most the others, the crypto part seemed almost a pleasant ... side-effect? I mean, don't get me wrong, I was of course drawn to the profit possibilities of the so-called Bitcoin killer. More than that though, the Ethereum blockchain told a cool story (non-anonymous teen genius Vitalik Buterin, instant geek-cool-cachet!) and talked a good game about "smart contracts" and a new world of trust-optional honesty and then the UN adopted it for their charity initiative and the Modanfil people started accepting it (seriously, why does no one talk about this?) and then there was Project Ethereum. Won't get into that.
As time went on, news of various Ethereum-killers drifted by (Antshares! Golem! Etcetera!) I joined Steemit. Discovered the joys and wonders of Steem. Then the ICOS. Then came EOS.
So. What the heck is EOS? This (already over-long, sorry) post is basically me trying to answer that question in layman's terms for my own understanding. EOS is a open-source smart-contract blockchain platform that uses Delegated Proof-of-Stake instead of Proof-of-Work as "mined" coins do and "Proof-Of-Stake" as Ethereum is shifting towards in the near-ish future. Aside from that, its major strength is that it is scaleable to a degree that neither Bitcoin nor Ethereum is currently capable of managing i.e. lots more transactions per unit time. It permits the creation of decentralized applications by businesses to serve ... whatever purpose they need a decentralized application for, I guess?
In essence, if ETC is Ethereum Classic, EOS is Ethereum Perfect.
To go further, I think we need to know what Proof of Stake is. PoS is essentially a method of mining that has certain users of the currency in question stake large blocks of it (essentially like a CD or a fixed deposit account) and the "interest" produced thereof (based on the inflation rate?) is then the source of new ETH. An obvious flaw of this mechanism is that it can easily get centralized by some whale locking up huge amounts of ETH and controlling pretty much the entire blockchain. I assume there are solutions for this since I'm not a billionaire cryptocoin creator genius.
EOS takes this one step further by going Delegate Proof of Stake which eliminates that issue by allowing large numbers of smaller users to delegate their respective stakes to make a bigger (in effect) voting bloc? And adds a feature where there's a maximum number of block producers and they keep getting rotated because popular newbies get into that exclusive group by a relative number of votes rather than absolute. Clever. Much like Steem.
More on this later. I open the floor to questions and corrections. Thanks for reading.
Nice post. Following you. I also write about cryptocurrencies and technology in general. Please follow me for updates on the same. :)
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Glad to hear it. I'm always in the market for more knowledge.
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This is spot on
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Glad you think so. You probably noticed all the question marks which indicate my degree of unsureness lol
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Hello. I think you should watch this video before you go all in on EOS.
https://steemit.com/ethereum/@radagast/investing-in-eos-watch-this-video-first
Those tokens you are buying are on Ethereum blockchain not EOS, in the fine print it says they are worthless and the ICO is running for a yr on the blockchain they are suppose to be replacing taking in millions with no obligation to give it back. I think this guy Larimer is a scam artist but I have no proof of that. We'll see if Steem implodes which Mr Larimer is in full power down and running for the hills. Good luck to you. Peace.
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Valid points all buuuuuut ... from my reading on ICOs (since I don't have the funds to get all up in that like I wish I could have. So much dumb money ...), EOS is far from the first to promise faaaaar ahead of delivery.
Thus, given the fact that we are currently having this discussion on Steemit (you know, the track-record-establishing non-scam platform created by the aforementioned Dan), I am willing to more than give Larimer the benefit of the doubt.
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Like I said I only have a hunch but if it walks like a duck, quacks like a duck, chances are it's a duck! We shall see what happens with Steem. Steem dollars are having troubles on some of the exchanges and some of the big players like Craig Grant ( I think that's his name) is in power down and warning people to get out of Steem, and Larimer himself is in power down and getting out. If Steem tanks so does Mr. Larimer's credibillity one would think. All I am saying is proceed with caution. One needs a crystal ball to see the future, things change so fast. Last week's hot buy is next week's dog. Good luck in whatever you decide to do. Peace.
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Personally, I haven't bought any EOS anyway (can't afford it and still researching) Steem, on the other hand, I am keeping a close eye on for obvious reasons. I really really really hope nothing goes wrong with it.
Last week's hot buy is next week's dog. Good luck in whatever you decide to do. Peace.
Yup, in computers, last year is ancient history. In cryptocurrency, last week is antediluvian.
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Thats all fine about eos as a software and the eosio blockchain (that would be created) but what about the token sale process and the erc20 tokens as an investment today ?
Is there any guarantee that it will give you eos tokens of any value on the live blockchain?
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Valid points. This post is meant to continue my education as much as it is to express my existing knowledge.
It is interesting that you have to use ETH to buy EOS, isn't it.
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