Why I am Super Excited about EOS
As a professional risk taker my investment in EOS is the largest bet of my life. I normally preach diversification, risk management and caution to the point where some people have even accused me of being paranoid or preaching doomsday scenarios….but with EOS I am loaded up. Over the next few days the EOS Token Sale will conclude and the MainNet for the EOS blockchain will be launched. I am so excited I feel like an 8 year old kid in a candy store. I have genuinely lost my mind in anticipation of this Cryptos launch.
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There is still a part of me that has doubts. That little voice that says “It’s vapourware” and “It’s unproven” and “It’s highly speculative” and “There’s too much hype”. Normally that is the voice I listen to and I could be about to take the biggest fall of my life. But I am a believer, I want to believe. The Distributed Proof of Stake technology works. I am a fan of both BitShares and STEEM. I use them on a daily basis and they have REAL utility. At the risk of becoming another Dan Larimer fan-boy, you have got to credit his technical nous. His projects WORK and I am betting heavily that he will pull another rabbit out of the hat with EOS.
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Here are a couple of reasons why I believe that EOS is going to be a game-changer if it can deliver on its promises and perform according to its stated design.
If you thought the existing DPoS of BitShares and STEEM were fast with a 3 second block time then hold on because we are potentially looking at block times of 0.5 seconds with EOS. Compare that to Bitcoin with 10 minute block times and it contrasts just how much of an old dinosaur that technology is now. In the world of IT where I have lived for years, it evolves fast and speed is everything. EOS could be about to blow all those old Cryptos out of the water for speed.
This is the one that everyone forgets about when they get all hyped up about Cryptos. We have 1 MB blocks for Bitcoin which severely limits the throughput of transactions. Other major Cryptos are not much better. Yet we have a proven DPoS blockchain with STEEM that has the most transactions occurring in the entire sector. EOS is looking to be even better and will potentially be able to perform millions of transactions per second.
The cost for transactions on the EOS network is going to be….ZERO. They intend to use a similar system to STEEM where transactions are already free. When you put this against some of the major cryptos suddenly EOS is a clear choice for the sort of microtransactions we are going to need to support Decentralised Applications. We have already seen Ethereum get bogged down just with a basic DApp like Crypto Kitties and causing a spike in transaction costs. EOS won't even flinch at a basic DApp like that.
I’ve already gone on the record about how I believe The Traditional Stock Market is Redundant along with a whole bunch of centralised organisation because we now have Smart Contracts that can eliminate a whole bunch of middle-man functions. EOS is bringing in Smart Contracts on a lightning fast and cheap blockchain that can scale. EOS has long been pitched as an Ethereum killer and I think Ethereum was ground breaking itself just 2 years ago. This space is moving really fast and Smart Contracts could be about to go NEXT LEVEL with EOS.
Anyone who has used BitShares or STEEM would understand that there is a baked in governance framework where users can vote on things with their stake. EOS is again taking Governance to the next level with Dispute Resolution protocol that will be very interesting to see in action. I honestly don’t know how this will work, but my point is that EOS is innovating in another very important and problematic space. If they can get this part right they will take another great leap forward in the Crypto space.
So yes, I am excited. I’m giddy as a schoolgirl about the possibilities for EOS. Anyone who knows Crypto technology and understands the benefits will see some of the enormous upside potential with this project. There is every chance there will be a hack, or a dump as the launch occurs and yes, I do have enough at stake that this possibility makes me very nervous. But the upside potential for me far outweighs the downside risk and when it comes to professional risk taking – that’s what you’re looking for.
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So you like EOS more than Steem?
That is a tricky question. I think the upside potential for EOS might be greater than STEEM, so I consider it a better investment (bet) right now.
What I'd really like is for STEEM to migrate to EOS, but that plan seems to have been killed off a few months back.
Herein lies the problem with EOS, it's untested technology and a Chinese security firm discovered multiple vulnerabilities in the EOS blockchain allowing an attacker to execute malicious smart contract code and remotely take over a wallet node aka really bad. Hardly an Ethereum killer, because Ethereum has some of the smartest minds in crypto working on it (through their own projects or Ethereum itself).
The hype surrounding EOS is going to be its downfall. Based on my unrelated experience in development and databases, I remember when NoSQL databases hit the scene, specifically MongoDB. The problem with MongoDB was that they achieved their breakneck speed by sacrificing a few things (namely data integrity checks). This resulted in some users losing their data because the database would accept it and offered no way of checking if it actually was written.
I do wonder what EOS has sacrificed to achieve the 0.5s transaction speed. It seems so fast, I have to wonder what integrity checks have been sacrificed to get that kind of speed.
They are foregoing Proof-of-Work and (to some degree) "decentralization".
I know there are quite a few people that are fanatically thinking any coin that isn't driven by PoW is a "shitcoin", and that PoW is the only real way of driving a crypto currency. At the other hand, PoW is an extremely inefficient way to drive a blockchain, and we're also seeing quite much of a mining centralization with coins like Bitcoin due to ASIC production (i.e., how many percent of the hashing power is now done through the AntMiner S9? I have no idea, but if I was to guess ... maybe 75%. Theoretically there could be some backdoor in the S9). I do have some problems seeing any benefits at all with PoW at this point.
Then there is the decentralization part - the EOS network will be driven by "some few" block producers. Yes, stakeholders may cast votes, but at the other hand ... pfft, see how many Steemers are actively using their voting power? In theory a corrupt block producer can be booted out of the network very quickly, in practice I believe the list of block producers will be fairly constant. Perhaps there will be one or two "swing positions", but that's all. Is it "decentralized enough" that 21 entities may decide everything (with maybe two entities being "swing block producers" and needing to be very careful keeping up a good image, and 19 entities that can do whatever they want)? Actually, I tend to believe so, but there are for sure many crypto-fanatics that will seriously cringe at such a governance model.
I don't believe any blockchain with totally free and unrestricted transactions will work out in the long run. People could be utilizing that for free backup of (encrypted) personal data, like photo collections, and people with a grudge against the project could clog the blocks with spam. In Steem, transactions are for free, but there is a bandwidth limit - one has to be a major token holder if one wants to put significant amounts of data on the blockchain.
EOS has a similar bandwidth limit. For all intents and purposes to me it results in free transactions for genuine holders and users. So there is a mechanism to protect against spam while keeping things free for the rest of us. It's a good model that seems to work inside STEEM anyway.
Considering Dan is light on the details especially when asked for a post-mortem on the fixes, I am not convinced that Dan is being transparent and honest here. Reminds me of the recent Verge (XVG) hacks where the creators falsely said it wasn't as bad as people said they were (which was a lie). Accountability in cryptocurrency is a huge problem it seems.
There was no "mortem" for there to be a "post-mortem". You can convince yourself by paying attention to github repo and dev channel discussions.
EOS has sacrificed the Proof-Of-Work mining on the altar of progress. It also has increased specification requirements for elected miners to enable multi-threading.
I'm not saying there won't be problems. I expect them. But I trust EOS to overcome them and deliver on it's promises within the first 6-12 months.
Bugs in an undeveloped computer coding software?!! NO WAY!
"vulnerabilities in the EOS blockchain allowing an attacker to execute malicious smart contract code and remotely take over a wallet node"
This lie cracks me up, do you even realize that there is no EOS blockchain yet? So who's getting attacked?
I'm in the same boat, If I were allowed to have coins form only 1 project it would be EOS. It's also my largest position and what has one of the best risk/reward rations (at least at the cheap price I bought quite some time ago)
Interesting times ahead :)
Indeed. If there could be only one....it would be EOS.
Coming from a guy who knows all about risk/reward ratios this is a nice validation of my gambit :)
Its going to seriously be an interesting few days or even two weeks really where we get to see what a serious large maninet launch will look like and see it in action. Of course im sure there will be a number of bumps in the road there always are with new untested systems but if the team can crush them quickly I think EOS could seriously take off
I have a lot going on already for this weekend. June 1 is looking like the perfect storm for me personally but this is the most exciting. Where is the place to be do you think? Telegram?
I am with you on this,next to steem this has been my biggest cryto gamble!
So far getting in at 55 cents makes this a no brainer for me to HODL for the long run!
Congrats to you on getting such a cracking price. Wish I got in at 55 cents! :)
I bet quite a bit on it as well. Gl us I guess.
Do you know if when we vote for the 21 delegates if we weill receive rewards?
I don't believe so. I thought some of the block producers were going to pay for votes, and that is one of the early controversial issues. If that's what you're talking about it will be up to the individual block producers. As for ordinary voting I didn't think there was a reward from the system itself.
Yes, that was what I meant.
Common practise for ARK and LISK for example. We shall see
Lets get a bugfree mainnet first.
Cu on the moon :-)
EOS is my largest holding and I feel the same way you do about it @buggedout. We will see if @dan is the Man in the next few days.........
Yes, if @dan the Man can pull this off I will be a full fanboy convert ;)
I do have some experience with managings Devs and I have to say that he ticks all the boxes for me. I am convinced he is a genius, but the question is whether there are any rough edges. Nobody is perfect :)
This will be very interesting to watch as EOS launches. This is the first I'm hearing of any real concerns (but I can't say I've been following it that closely other than what I hear here and there), but I suppose I figured there must be something. There always is with new technology and until it ends up in the wild with all sorts of users with different desires and needs, we won't really know the extent of its greatness or its limitations.
I'm just hoping that overriding your gut this time works out. :)
It's not really my gut I'm overriding. It's the conservatism of my rational mind. But my rational mind also makes a strong case that this is a very good bet. My gut says this is potential moon shot and my heart dearly wants it to be. 2 and a half out of 3 ain't bad ;)
You are very spot on about the points listed above. And these are the main reasons EOS has gained so much traction. So although it will probably be dumped at launch, due to the importance and awesomeness of this project it will quickly regain its value and just keep soaring. So your excitement is really for a reason, EOS is fantastic. And the word is EOS and Steem, these two in particular, are gonna do extremely well this year. I believe that.
It's never a smooth ride, especially with Cryptos. But this is a 1-2 year hold for me. I think EOS will potentially be the leading edge Crypto tech for at least that long.
EOS moving to their mainnet a long with Tron while Cardano is launching its test net now seems like 2018 is he year for dapp protocols! I’m really keen to see which one does become the most popular next to ETH
Absolutely. This is the year the world figures out that blockchain tech is not just about currency. The DApps market is potentially a huge frontier for 2018.