Complicating matters, though, is even the most ridiculous have shown a propensity to work. If two years ago, you were told a blockchain would exist that would be so powerful as to enable startups to forego VC investing, you might have laughed. Today, the creators and developers of ethereum would be the ones laughing.

Amid this larger context, last month's Consensus conference was abuzz with energy surrounding EOS – a new smart contract platform for building decentralized applications which purports to solve some of blockchain technology's thorniest problems.

Can it work?

This new project of Larimer’s, much like his past ones, has been met with pushback from some in the community. Some are taking an ‘I'll believe it when I see it’ approach, while others are accusing him of selling snake oil outright.

The primary ground for objection is that important technical questions remain unanswered. EOS’s goal is to essentially create the equivalent of an early 1990s web server, albeit one which uses some of the cryptographic principles found in bitcoin and ethereum.

EOS will incorporate Larimer’s delegated proof-of-stake (DPoS) consensus protocol – which can be compared to a republic whereby members of the community delegate the responsibility of verifying transactions to elected ‘witnesses."

EOS.. Blockchain Operating System

It may take a while to appreciate this - EOS, essentially being the Operating System for blockchains will mean that it's quite like Windows / Linux / MacOS with built-in cryptoeconomic incentives. In short, a Windows with its own version of a frictionless Peer-to-Peer Electronic Cash System. It will also be able to host any app-coins asynchronously looking at Task Manager.

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