Understanding EOS
BitShares, Steemit, and now EOS
Although he didn't do it alone, it seems that Dan has a thing for wanting to change and elevate our expectations for how certain systems can work.
The creation of BitShares showed us how to connect the idea of an exchange with that of an entire ecosystem fit for the utility of cryptocurrency.
Steemit helps everyone but especially the non techies to realize their own potential for an alternative means of income and very cleverly introduces people to the blockchain.
Now it's time to understand the implications of EOS.
There’s at least one common theme that I’ve recognized which runs among the projects developed by Dan Larimer and his team, it is ease of use.
It is in this way that I can see a real parallel with EOS and the company Apple, how it focuses on the end user experience and formulates the technology to accommodate it’s customers.
From my understanding, Dan has a vision to build a blockchain for smart contracts that will act as a hosting environment for decentralized applications. These Dapps could then be built by anyone and they wouldn’t need permission to launch them on the EOS platform.
The general sense of the benefits that EOS is promising to provide include ease of use, faster transactions with zero fees.
It’s been labeled as the “Ethereum Killer” and Dan has stated in an interview with Jeff Berwick that “it is designed to deliver on Ethereum’s promises”
That to me is a ballsy statement and I’ve got to admit that I like seeing him speak about this new platform with such confidence.
No matter how much I'd like to be 100% on board with this topic I really feel the need to express a few of my concerns, don't worry, there isn't many and I'm sure they will be reconciled as this project progresses.
I would be remiss if I didn’t apply the critical analysis questions that I’ve spoken about many times in past videos to this new project called EOS.
The main concern that I’ve had since I first learned about EOS was the fact that they are distributing their tokens before having a viable product that is ready to be released. It’s the question of how much is being promised for the future and how much is proven to be accomplished to date. I’ve heard Dan’s explanation for the reasoning behind this, stating that once they release this new blockchain platform the development process will slow down considerably, so they are giving themselves ample time to prepare. I completely understand this but no matter how much I believe in Dan and his ability to create innovative blockchains, a promise for the future is not a guarantee. I’m just hoping that one year proves to be enough time.
Great video, Heidi! It truly is beautiful there. @corinnestokes and I have Vietnam on our list of places we'll visit someday.
There are a lot of ICOs that launch prior to the product being done, but I think this is one of the most widely distributed ICOs we've yet seen. I've already built the current development version of EOS myself (I'll post on that soon), so I know it's not vapor wear. Dan's trading on his reputation and the history of what he's already accomplished and some are upset about that. For me, I think he's earned the right to do it and clearly, the market is supporting it with over $3M a day flowing his way.
That said, I completely agree with your caution, and I'm glad you put it in there. No one should invest in things they don't understand or take risks with money they aren't willing to lose completely.
Let us pray each day, for Dan's continued good health and welfare.
I have been thinking that myself lately. Anything is possible in this mad world especially if it's endangering Etherthum. No one likes to lose money.
I don't doubt that this will indeed come to fruition, but it's good to have a healthy perspective. I'm looking forward to reading your post on your developments with EOS.
If you two ever get the chance to go please let me know and I can give you some tips!
If you
I agree with your caution @heiditravels. This looks to much like the dotcom boom of 2000 where many IPO's were had just for having an idea and a domain name. I think history will repeat itself.
History always repeats. We can expect many of the coins/tokens to not be around in a year or two. According to HACKED.COM there are around 30 "businesses" up and running and making money. 30 out of 1050 coins and tokens. Maybe 20% will survive and thrive.
https://hacked.com/2019-icos-now-thriving-firms-part-1-3
Very interesting. This does sound like 2000 internet bubble. Correction will happen and that 80% will disappear.
Very good point @lukestokes , upped. I agree with your comment. EOS success even at its infancy is based on trust of the ingenuity of @dan and what he have delivered before. I think that he deserves (plus his team too) more recognition however we shuld never blindly trust anything hence the reason for some of my blog posts especially the new own about the subject.
Feel free to see my latest post about how I exposed @dan ´s secret plan to take over the world. More success to you.
Wellcome to Danang, Hoi An : VietNam
Dan has no equal in the crypto dev world today based on his track record of producing viable blockchain tech, agree with you 100% and I believe EOS is going to drive a lot of mainstream crypto adoption via big biz.
It does make you wonder what would happen if another big name, for example Vitalik Buterin, would announce a new crypto project. Right now you can see it 'sort of' happening (I think it's about to take off) in OmiseGO. It has Vitalik Buterin as an advisor, as well as some other big names like Gavin Wood, Joseph Poon (lightning network) and Roger ver. It certainly seems to drive the price and people's expectations up. Maybe the Larimer-effect is not limited to Dan Larimer alone. I wrote some about OmiseGO in a post today in case anybody is interested by the way: https://steemit.com/cryptocurrency/@pandorasbox/omisego-omg-this-will-be-huge-decentralized-exchange-banking-backed-by-vitalik-buterin-gavin-wood-joseph-poon-roger-ver
Thanks for the info and links! In case someone is interested, I've also posted an EOS guide for "blondes" 😀
Cool will check it out also !!👍👍👍
Is it okay?
🤣
is there an EOS guide for little, old, grey haired men?
I've never been blonde, and no-one seems to write articles for little old men these days :-)
I think there is space for both Ethereum and EOS in this market, and competition is always good. Especially that EOS has a lot of innovation to offer.
I share your concerns about huge ICO cap, but it still has where to grow after that. Just look at the interest for NEO, which also is declared as an Ethereum killer.
NEO went up 30 times in 2 months.. I started hearing about it 2 months ago, but since people couldn't tell me anything other then, its Chinese, its smart contracts, I didn't buy it.. I want to know more about the project, do you have any recommendations of where to look?
EOS has been my favorite project in crypto, ever since I recommended to buy it before the "ICO" started...
Really promising project.
In Dan We Trust
This is important to know about this.
I am following this closely.
Keep on steemit!!
Thanks @heiditravels
Thanks for the resources and analysis. I share your concerns but I am also worried that the EOS token currently being distributed with a market cap of approx $2billion may not even have a function or value within the EOS ecosystem. It is my understanding that EOS will enable developers to create their own block chains and issue their own tokens. I am still confused as to how this will work and how the EOS token will retain value once the network goes live!
I think for a lot of us that are investing in EOS it's @dan that we're really investing in. Given that both the bitshares and steem blockchains have delivered it's a track record that can't be ignored.
Of course there's always risk, but I do like that EOS is fully funded already. The token distribution is just letting investors get in the door. There's a great team with a solid chunk of capital behind it which is more than can be said for most coins.
At the current price, it's kind of a very low risk venture with a very high reward opportunity.
As long as you're patient :)
I agree with you on the is a venture part. Not exactly sure how the risk is accessed since a lot of this is so new. Also this is a disrupting force like Uber and how would the existing xxxxpoly react? Can a government money laundering claim/ban come after lobbying?
I agree with your concerns but I think Dan's track-record merits the benefit of the doubt. He's delivered before, he'll do so again, but you're right; a token guarantees nothing.
EOS is definitely going to give tough competition to Ethereum, by its clear roadmap on how to achieve 50,000 transactions per second. Really the Coin to look forward in 2018, will be among the top 3.
I couldnt agree more! buy it up!
I think about investing in EOS like Venture Capitalist does.
In the case of EOS, they have both. The EOS Crypto currency project is a multiyear mega theme with an emphasis on scalability and speed. The founders have previous successes in building blockchain related projects. Bitshares and Steem are two examples.
This is my rationale. I recently bought more EOS two days ago when Bitcoin jumped $400 in a matter of hours.