The Birth of EOS!

in eos •  4 months ago

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Bitcoin changed the way how people look at the currency. A currency needs no longer to be controlled by any government or centralized bank i.e no government has the right/control over your money. It is only guided by codes and the code only controls it.

But Bitcoin has its own set of problems and they are-

  1. Proof of Work Consensus makes Bitcoin centralized, as it gives a lot of power in hand of mining pools.
  2. The transaction per second is like 5tps, which makes it too slow for real-life usage and application. Visa requires >10k tps and facebook >52 tps for likes.
  3. The lack of Turing complete language to run smart contracts (we will cover this later)
  4. Lacks Governance and constitution.

For mainstream adoption of blockchain technology (underlying technology of Bitcoin), all four problems were needed to be solved.


In 2014, a crypto-genius, Vitalik Buterin in order to solve few problems introduced Ethereum as web 2.0. It was widely adopted and welcomed by crypto-enthusiasts all over the world.

How Ethereum was different than Bitcoin?

Using Bitcoin people could exchange value without any third party but the exchange of value only if a certain condition is met was missing from the bitcoin. Vitalik looked at this problem and introduced smart contract on the top bitcoin.

Ethereum also introduced a Turing complete(one could use loops) language Solidity. People were able to create DApps over the top of blockchain and even crowdfund issuing tokens. But the Ethereum platform has its own limitation, let's looks at Pros and Cons of Ethereum Blockchain.

Pros

  1. Smart Contracts

Smart contracts help you exchange money, property, shares, or anything of value in a transparent, conflict-free way while avoiding the services of a middleman.

  1. Turing Complete Language - Solidity.
  2. Organization.
  3. Immutability.

Cons

  1. POW(Proof of Work) Consensus and centralization much like Bitcoin.
  2. Slow TPS rates, 10-15tps.
  3. The developers need to pay for "gas", every time they try executing a transaction. And with Ethereum prices surging, developers find it more difficult to work on Ethereum platform.
  4. Governance and Constitution.
  5. Sustainability - Blockchain needs to be updated regularly which needs development funds as ICOs raised funds are limited.
  6. ICOs Scam and regulations.
  7. Solidity - Developers need to learn more language and as contracts are immutable, one need to buy

In parallel, Daniel Larimer was working on a decentralised exchange which could solve the centralisation problem Bitcoin and Ethereum were facing. He started developing "Protoshare" which we today know as "Bitshares". It has a unique consensus model, DPOS (Delegated Proof of Stake) which had 21 Active Block Producers and 100 Non - Active Block Producers. Producers are elected by the community based on their stake they hold in the network, making it more centralized. Daniel left Bitshares in 2014-15 to work on STEEM Blockchain which is most widely used blockchain attracting the mainstream internet users.

In 2017 Daniel left STEEM to built a competitor of Ethereum solving many of it's problems.

What is EOS?

As stated on the official website

EOSIO is an Operating System on which scalable Decentralized Autonomous Communities “DACs” can easily be built, launched, and governed. Made possible through asynchronous smart contract communication, EOSIO is designed to empower communities to create the next era of disruptive organizations.

Just take it as an operating system like Windows/iOS on which help the developer communicating with blockchain like the latter help communicating with the internet and development of websites.

Advantages EOS has over Ethereum

  1. Scalable - EOS could reach million of tps in future in compare to 10-15tps offered by Ethereum.
  2. Use C++ a widely accepted language and developing easy tools required by developers community to simplify dApp development.
  3. Zero Transaction fees(much like STEEM).
  4. Control SPAM on the network introducing Bandwidth.
  5. More decentralized and community-oriented, 21 Active Block Producers elected by the community (stake based voting)
  6. Constitution defining the principles of community and how future decision will be made.
  7. Arbitration to keep a check on community and punishing the bad actors.
    8.** Inter Chain Communication** solving interoperability issues in blockchain and empowering network with high tps.
  8. Changed the ICO model followed by Ethereum, bringing more trust to the platform.
  9. Partnered with major VC firms all around the world.
  10. One could choose the username on EOS network compared to 32 characters public address we see on other Block Chain Network.
  11. Account recovery options.
  12. Features of cancelling the transaction or undoing it, which again isn't available on most of the blockchain network.
  13. Work Proposal Funds - making EOS self-sustainable.

Why should one care to learn about EOS?

EOS will create many opportunities for almost everyone looking to dive in the community.

For Developers -

If you are a developer or looking for opportunities in software development, the EOS network has made it easier to build DApp over the top of the blockchain. Developers without worrying about the cryptographic implementation of the blockchain could develop Dapps using various tools.

A Lot of opportunities - Blockchain is relatively a new technology and not many people are aware of it.

Dapps gets funded by eosVC, if you have an idea which could be the next big thing write it to vc@block.one, or wait for next hackathon organised by Block.One.

For Investors -

  1. People who are thinking about investing in next big thing, need to learn more about EOS and how it's changing the world. It surely will be among the*** top three*** coins in the future (its the fifth most valued cryptocurrency and still in ICO stage).
  2. Investors could earn leasing their EOS to developers and new business emerging on the platform, on STEEM one could earn 4.69% leasing out his/her STEEM power.
  3. Earn free token - Dapps created over the top of blockchain may airdrop the new token of their dapplication. Free money!

For Enthusiast and Opportunity Seekers-

EOS is revolutionizing the way decentralized business are developed on the blockchain, it makes easier for developers to create new business and fund new projects, which will attract a lot of eyeballs and one could see the rapid growth of business on the blockchain.

The new businesses will open a lot of opportunities not only for developers but also for marketers, operation ninjas, growth hacker, arbitrators, content creators or any other profile one could think of.

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@ineosio, I gave you an upvote on your first post! Please give me a follow and I will give you a follow in return!

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Good post, I am really excited to see what EOS can do for the community. It really will change the game and will give the industry a fresh new era of dApps.

Exciting times! EOS, RIDL, man its going to get interesting!
@Lymmerik

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Do not forget Hirevibes, Chintai, EOSChat etc etc, the list is loooooong :-)

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It will be very interesting the future of it all.
@Lymmerik

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Well written, EOS is going to do big things, while most of these other projects/ideas fall off and disapear. Even at these levels EOS is a great long term investment.

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