A basic guide to EOS for my non-tech friends
(I wrote this for some very professional, but non-technical friends whom I'm encouraging to look for opportunities inside the EOS ecosystem.)
THE BASICS
- EOS is a crypto currency. It's special because it tries to have a governance layer that is more important than the code.
EOS is a platform on top of which people can build applications. Its creator has build two other very successful crypto-currency-based applications, BitShares, and Steemit.
The EOS token has value because it represents a scarce resource. Applications which run on EOS need to hold tokens in proportion to their usage of computing resources on the computers of the Block Producers. (We, CryptoLions, are one of the block producers.)
The major parts of the EOS eco-system are:
Token Holders. Token holders vote on block producers and on certain important decisions.
"Dapps" or decentralized applications. One of the founders of Wikipedia is launching "Everpedia" on EOS.
Block Producers. There are hundreds of block producer candidates. The top 50 or 60 get some revenue and the top 21 build the block chain. It is on the computers of the top 21 that decentralized applications run.
The EOS Constitution and the Block Producer Agreement. Legal documents which represent our laws. EOS's founder recently suggested major and controversial changes to the Constitution.
ECAF (EOS core arbitration forum) is supposed to be the Arbitration system. They are supposed to investigate crimes and tell the Block Producers to freeze accounts or reverse transactions. There's a debate about if and how to fund them. They've been the subject of some controversy and criticism.
The Worker Proposal System. 4% annual inflation in EOS goes into a pool for projects. At today's token prices, this is about $350M. The system is still in the early stages of design. It will need many professional people, including auditors, website managers, project and portfolio managers, etc.
FURTHER READING
The EOS Constitution and Block Producer Agreement: https://github.com/EOS-Mainnet/governance
An explanation of the proposed new Constitution from CryptoLions: https://steemit.com/eos/@cryptolions/dan-larimer-s-constitution-2-0-from-legal-pressure-to-social-pressure
A criticism of ECAF from the block producer, EOS New York: https://steemit.com/eos/@eosnewyork/the-state-of-eos-governance-ecaf-and-regarbiter
The early June call for arbiters to form ECAF: https://forums.eosgo.io/discussion/1104/eos-core-arbitration-forum-nominations-announcement
A vision of ECAF from all the way back in March: https://forums.eosgo.io/discussion/433/welcome-to-the-arbitration-process-forum
Designing the Worker Proposal System: https://forums.eosgo.io/discussion/1155/designing-the-worker-proposal-system#latest
EOS Subreddit - a great place to read the thoughts and concerns of the EOS public: https://www.reddit.com/r/eos/
"Why EOS" - an interview with me right after we founded CryptoLions in March:
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