EOS WILL BE BIGGER THAN BITCOIN AND ETHEREUM
EOS is an open-source software platform that can be used to deploy smart contracts on the blockchain.
Claiming to be able to scale to thousands of transactions per second, people are able to build applications that are fast to use.
Decentralised technologies cannot take off until they can compete with centralised alternatives.
Let’s face it, the average consumer does not care about decentralisation. It is clear that a lot of people kid themselves into believing otherwise.
At this moment in time, neither Bitcoin nor Ethereum, nor any other blockchain platform delivers as good performance or user-experience as their centralised counterparts. I think that Steemit users know this better than anyone…
EOS has been designed with parallelism in mind. Focussing on an improved throughput and scalability in order to process thousands of transactions per second and is currently in the process of building the architecture needed to support this.
The abuse of decentralised platforms and the lack of accountability
Furthermore, whilst decentralisation has a huge number of positives, it also carries negatives. I use Steemit again as an example.
Everyday we see people abusing the platform.
This kind of damaging behaviour is also exhibited in the mining pools of Ethereum and Bitcoin. Ethereum miners have been known to delay and cancel transactions in hope of gaining extra gas.
EOS is actually leading the way by realising that these issues need to be addressed in a decentralised manner. This will be achieved through the creation of a governance constitution. Details of which are imminent.
But Alex, the length of the ICO is 12 months!?
EOS has been criticised for the length of it’s ICO. However, technically if you consider the token distribution process of EOS being 12 months, this is nowhere near as long as Bitcoin and Ethereum.
Furthermore, as EOS utilises delegated proof of stake it is less susceptible to disruption and more cost effective. For instance, if Bitcoin mining pools are shutdown this will cause disarray. However, if an EOS block producer is interrupted they can simply set up shop elsewhere with little delay.
Delegated proof of stake also means that EOS block producers save on the overhead of millions of dollars in electricity bills!
We have to conclude that...
News from the EOS camp suggests that new innovations are being created everyday and people are already developing their own applciations using the platform. There are exciting times ahead.
EOS is also already the most distributed, decentralized token available. Aside from the distribution wallet, the reserve fund, and the few exchanges, no one user holds more than 1% of total tokens (out of 93,000 wallets!). It's a brilliant idea to hold the ICO over such an extended period. This will ensure massive decentralization for decades, if not centuries, to come.
https://etherscan.io/token/EOS#balances
Thats very interesting. Didnt know this
@unlockrs excellent point - I really think that, if they have truly addressed scalability issues current delaying advances with Ethereum, they could be on to something great.
awesome! Can you put this in blog.... article form... so we can resteem.
I plan to write about this topic eventually. If @alexmavor beats me to it that's ok, too!
Nice point @unlockrs! Do you think this measure of distribution of ownership would be wise to look at for all coins out there, especially for investment purposes? It seems it would lessen the risk / volatility because no whales can move the market significantly and therefore manipulate the market less.
Yes, that sounds correct to me.
https://etherscan.io/token/EOS#balances
Is the 1% still correct .
Are all those 1% and above the reserve, exchanges, etc?
Go EOS, super fanboy here!
Those top 2 addresses are EOS distribution wallet and the EOS community fund. The other addresses above 1% of holdings appear to be exchanges. If you ignore the exchanges for a moment, we have 148,000+ unique EOS holders with less than 1% of total EOS. This continues to be the most widely decentralized token. No rich list. Just decentralized. @dan is a genius for concocting this plan! It worked exactly as intended!
Metcalfe's Law = the value of a network is proportional to the square of the number of its users = monster $EOS potential. Once there are 100+ dApps, imagine the possibilities. 100-1000x potential. Worth the risk.
So whats the $ calculation?
funny you should say that @fiftyshadesofhey - check out the episode of Crypo Nights on my blog before this post.
We discuss BTC's potential based on Metcalfe's law.
Interesting. I recently read this post on seeking alpha considering the same topic: https://seekingalpha.com/article/4111032-yes-virginia-bitcoin-value-part.
I try to reconcile that with the TA prediction of @haejin, that BTC will top soon and corrct perhaps below $500. Haejin has a pretty strong record as long as I have followed him. One plausible explanation could be negative fallout from upcoming hardforks, potentially with BTC being replaced as the 'reserve' crypto. I would be really interested in your thoughts on this.
If this case were to play out with BTC dropping so much, does @haejin have a prediction for which crypto would become the new reserve crypto? I wouldn't mind if BTC fell out of favor, but am keen to understand which coin would replace it.
If this case were to play out with BTC dropping so much, does @haejin have a prediction for which crypto would become the new reserve crypto? I wouldn't mind if BTC fell out of favor, but am keen to understand which coin would replace it.
If this case were to play out with BTC dropping so much, does @haejin have a prediction for which crypto would become the new reserve crypto? I wouldn't mind if BTC fell out of favor, but am keen to understand which coin would replace it.
You will not get a backlash from me alexamavor; but I need to share with you something that is progressively worry me.
It is the vast amount of writing in the crypto sphere about products, facilities, procedures that are still in development and not available for public testing/use. The problem is that this writing gets mixed up with the writing about things that are in fact it already available for public use in such a way that you must often think carefully to recognize that the writer is talking about something that is essentially nonexistent, as beautiful as it may be when it does exist.
I heard a YouTube interview yesterday with Dan Larimer (he’s a brilliant guy, and comes across to me as being someone was really a philosopher and at the same time an accidental software developer -- this is based on hearing him speak several times, and often under fire from the questioner). He said that there is now a test to network on EOS where people can try out stuff.
Can you make yourself a “Committee of One” to bring forth the procedures that we need to follow in order to get into that test network and play around?
I realize that I may not know the language in which the code has to be written (I am an experienced programmer); but I think I’ll cross that bridge when I get to it.
There is a post by @tokenika on building an EOS development environment. The full article focuses on native Ubuntu builds run on Windows 10. I commented on it as I've been meaning to use Ubuntu on Windows 10 since learning of the feature, see https://steemit.com/eos/@johnchamberlain/re-tokenika-installing-and-running-eos-on-windows-20170929t171859474z
Official EOS Dawn build guides for Ubuntu and MacOS are on the EOS github.
Yours is a very helpful note, John. Thanks!
@lestatisticien thank you for yet another considered and intelligent contribution - make sure you check out last weekend's episode of Crypto Nights (the blog before this), I am sure you will have some thoughts!!
I think you raise a fair point with regards to people getting ahead of themselves, but that said, the functionality of the blockchain by definition is immense. One only has to imagine a possible platform/system and the blockchain will more than likely be able to produce it in one way or another.
Agreed re: Larimer - seems like a visionary and I truly hope that he can deliver on this, and my judgment tells me that he will. But yes, whilst it may not be empirical evidence, all these cryptos/technologies require certain speculation at this point.
Thanks for your kind remarks, and I ill visit Crypto Nights in the next day or so.
Good morning from Canada, alexamov!
I will get to your latest Crypto Nights episode later today.
I need some help that you may be able to provide. I would like to get translated into Russian, Ukrainian, Spanish, Korean and Chinese some short English texts that I will be preparing (the first one is ready now ), and I wonder if you could help by putting me in touch with any person(s) to help me with these languages -- that is, a good writer in each language who has a decent command over English.
I am prepared to pay for the services, or to enter into some kind of barter arrangement. Each time I have a job, I send it to the person, he/she decides how much he/she wants to be paid and we negotiate. When we get to an agreement, they start the job.
I'm guessing that you are somewhere in Europe, and hoping that you can help me with at least one of those languages.
The procedure I will use is as follows -- taking Russian for example. I send the person a text in which each paragraph is followed by a Google Translation into Russian. The person's job will be to fix the problems in the Google Translation output so that we end with good-quality Russian. He/she will also receive, for reference purposes, the longer English article from which I have constructed the short text to be translated to Russian.
Cheers!
Agree
Interesting article with good information. Gonna definitely have to dig a bit deeper into this one.
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