Some great quotes and history of BitShares, Steem. How it all started with Dan Larimer and what's next.
The transcript is a bit rough but that said it's also an hour long. I used this neat tool which will actually punctualize unformatted text: http://bark.phon.ioc.ee/punctuator It's not perfect but does make things readable. Thanks to @alexpmorris for finding this!
It's a great story and it might get muddied a bit at the end. Feel free to edit it and let me know.
@officialfuzzy: First, I think it's important to before we get into the whole thing, with less talky EOS to really get into the idea of why this technology was made. And if you really go back in the days, you can actually go on Bitcoin talk today and you can go find discussions that then Dan Larimer was having with Satoshi in the earliest days.
@bycompoundfilms: Okay -
An encounter with Satoshi
@officialfuzzy: and he would talk about the various issues that Bitcoin had to overcome. and he would ask multiple questions and would kind of trail Satoshi around to a degree and talk to him about these things.
But with that said, he would go around and he would talk to Satoshi. And there were times when he would like.
There was actually a time where he kind Dan Larimer kind of pissed Satoshi off, right? Satoshi said, if you don't understand that, I don't have time to explain it to you. The point that I'm bringing up is from the very earliest days that some of us were reading what Dan was writing and following what he was talking about.
A lot of it made sense to us and a lot of those people, all of them really were there in Bitshares from the very beginning, it started out as something called proto shares. It was mined into existence and it was going to be used to as a as a share drop item right and and we can go into what share dropping is really quick later on. But it was a share drop item which you would be given other tokens that would come in to the network, but as a general you know.
So if another chain was came out, they would get a percentage of tokens in that right? And yet the the expectation was that people would continue coming out with new coins and new chains with different use cases based off of a common toolkit and they would share drop on proto shares.
They had this amazing memory, heart and algorithm that was going to ensure that people could not quickly create ASICs for it, and it was going to be something that was going to be egalitarian. And for the people and what ended up happening in practice was I mean It was all great in theory, but what happened in practice was that proto shares botnets created a big buy-in, for I mean a lot of miners who came online through botnets. And they essentially what they did was they mined up a bunch of of this token right? And Dan said: wow we're gonna have to fix something here, because we didn't realize this.
There's always the thing that you think you have all the bases covered and there's always somebody out there who's pretty slick.
And they figure something out is kind of a workaround and they created angel shares, AGS.
The real history
So this is the real history guys. They created Angel shares and Angel shares was something where a bunch of people were able to do something very similar to what's what you see in EOS. What they did was; they said okay, proto shares and then bitcoin can be given a certain given half of the allotment each day right? And you would have a certain amount that you could be putting down tokens and into a pool. And that pool of money that everybody put in with regard to proto shares. And the pool that was with regard to bitcoin. Both of those pools were separated, but you had people who would kind of they would find the one that they thought it was a little bit cheaper right?
It was kind of like the eos crowd sale, but two different tokens were accepted essentially, and it was split. The amount that was available was split between the two. It was static. It was the same amount every day right? It was a shorter crowd sale. I believe it was 180 days, I believe so. It was about half a year and it went on. And that was where they said; okay, now we're going to, instead of having a 10 % share drop on proto shares, we have a 10 % on the coinage, a 10 % on PTS right?
But of course these were experiments, and some of this stuff was used against the community as though there was a scam.
Or you know it was a bad thing.
But as anybody who's been in this technology knows, it takes a a hell of a lot of effort and time and mistakes and beating your head against problems to solve them and failing and getting up and trying from learning what you've learned. Learn from the failures.
The earlist days of crypto
So what happened? Was the market didn't exactly always share drop? There were a couple shared drops on people who were on to these tokens right, but most of them were like were kind of short lived coins and, of course, it made sense. That was the earliest days of crypto.
And when most people were in Bitcoin and just learning to pass tokens around using a Bitcoin wallet and getting it synched up for Christ's sake, right? Or or getting a secure one somewhere else, they had these opportunities right to utilize these wallets, but that was about that was about it. We didn't understand!
@bycompoundfilms: What year was this?
Probably 2000. I think 2013 was when our community started, so some are in 2013. Some are around there, but it started out as proto shares and angel shares, which bitshares was share dropped on me right? And that was it was 50/50. 50 percent of all bitshares were share dropped on proto shares, 50 percent were share dropped on all angel shares. And then we even had muse, we had bitshares, play, we had bitshares voting, we had bitshares dns.
And what ended up happening was there was this idea that we could leverage this one blockchain.
We could scale it up in a way that it didn't need all these multiple chains and Dan was always talking about efficiency, right? So because Dan was always talking about efficiency. He was thinking, I'm pretty sure he was thinking. I mean it's in line with what he does, that he was thinking it's wasteful to have multiple chains. He can offer other these services on one and there were separate chains that existed, a few of them that is.
I think I believe it was DNS and voting joined, bitshares and muse and play decided they were going to stay their own chains now. Dns never really came to fruition on that shares, but I'm sure that these types of things are something that you know that EOS is going to be able to potentially offer.
I don't know exactly how it'll happen. It'll be an interesting thing to see as all this stuff emerges like smart contracts on a scalable platform, it's just going to be insane,
But we'll go back to we'll go back a little bit here.
@bycompoundfilms: Quick question: yeah go ahead! Can you kind of go in? I guess a little bit into your relationship with Dan and/or, your experiences with in and all that sure um. Well, really, quick?
@officialfuzzy: Dan and I basically I sat there and I watched as there were a lot of people who didn't understand or appreciate what Dan was really saying a lot of the time. And really, if you looked at the crypto media platforms of the day, it's nothing against them, but of course you know people who were listening to. Not everybody appreciated what Dan was doing. You know, let's just say that
@bycompoundfilms: Can I throw in a can, I throw sure is. Let them know who Dan is as well. Can you tell who Dan is and then we'll confirm people for people who are new to this Dan Larimer?
@officialfuzzy: Dan is one of the guys who's worked with the building delegated proof of stake, and probably the most influential out of all of them I would imagine. I think yes, I think he is. Some might disagree. Some. You know some people, there are people out there who are cofounders of the technology and stuff, and I believe that angel shares and BTS people are cofounders of the project, especially the angel shares ones, because they've stuck generally around bitshares for a lot of time.
Dan Larimer was is the guy who created bitshares, who created steem, who is now working on delegated proof of stake. And the ideas and concepts that he has created have essentially enabled multiple delegated proof of stake chains that he hasn't even built himself to exist.
I could probably count about 10 plus right now, some of them no longer, to my knowledge, no longer really exists as far as being a live chain from the earliest days. Like play, for instance, bitshares play, I'm not too from sure what's going on with it, but he's created multiple different chains that have actually gained so much traction that some people were saying: "man we need to create our own lisk as a delegated person, say the state chain, right?
It's based off of delegated proof of stake 1.0, which was what the early bitshares was based off of and you have arc. That is another one. That's based off of off of the lisk. You have rise that exists right now. You have BitShare's muse that exists or they call it MUSE now.
So dan has been instrumental in all of these, maybe not directly working with MUSE and things like that. But the work that he has done has kind of led us to what we see today. Does that make sense?
@bycompoundfilms: Yes, sir.
@officialfuzzy: And so with that said, he's involved with all these projects, and so he set out to do to create develop e EOS.
@bycompoundfilms: What do you think made him want to and develop that?
@officialfuzzy: Well, if you read through - and I urge everybody to read through the white paper and we'll start doing some of those things, I think here in future shows right? Let me get these things a little bit more streamlined, and this isn't. This is just like the beta.
But when we get it rolling and we'll talk about this a little bit more but on the white paper, if you really talk, if you look at it, he talks about a lot of things. That kind of give you what he's learned from crypto in general from the very earliest days that he was here and what he's learned is.
He has learned essentially that you can't have a chain that can't scale. If, for instance, Google, if all the people would want to get on Google can't get on Google when they want to get on it, or it crashes, then how long do we think that Google would be a popular?
So Dan has kind of said we're going to build scalable platforms with self governance features in them from the very beginning. Because he saw some of the chinks in bitcoins armor, so to speak, and I'm not putting Bitcoin down by saying this, I'm just saying that
There are specialized tokens out there that exist, and this is meant to be an ecosystem for those specialized tokens. Just like bitshares is meant to be for specialized financial contracts, / smart contracts, and it's the first one that existed.
So, just like that, you have what he's doing now and he's learned that
Not only do you have to have scalability, but you have to be able to make it so other ecosystems can reside on a single platform.
And Ethereum of course came out saying for a long time, "well we're going to do this, and this is what we're gonna accomplish". And Dan would would talk about it and he would even talk to people like Vitalik Buterin. People can go out on YouTube and we maybe eventually can get it to the point where we can show these videos to people, on this on these hangouts.
These sites that he would join up, I mean he he would actually go and talk to Vitalik and he would ask him these questions and Vitalik came up with potential solutions, theories and, of course.
You know that we've seen that in practice, those haven't really worked out.
And Dan has been there, the entire time kind of talking about these things and he's finally getting the opportunity for people to see him get these things done.
You asked me what I did and what my role was in this, and I was a lucky person who is a stubborn person who understood that he was right.
I'm not a coder, so the people who are listening to this - if you think you have to be a coder, to understand the importance of crypto currencies, don't. But I've been blessed to learn from him and from a number of brilliant people in the cryptocurrency space.
It's been a very wild ride man, but we used to talk about these things and open these discussions up in our weekly hangouts. So he would be able to talk about this and there were multiple people who joined up and
I have to give praise to the bitshares community because they are the most stubborn and crazy and and wonderful group of people out there and they've been here and instrumental In this, for a long time
And even today you know, they just opened up a gateway on a EOS for us on bitshares. So we've got this amazing community who has helped then to be able to get his word out, and we did it in a very grassroots way and it's been a very amazing ride and now we're here though, and we're streaming to twitch and YouTube.
@bycompoundfilms: Quick question. So what does that mean for EOS? Now that they've, you know added them to BitShares?
@officialfuzzy: Well, let's say this: the eos that are available. We need as many of them as possible, but EOS gateways will simply mean that it can be more easily traded on the DEX. And to be able to have that opportunity means that we can have the opportunity for you to use multiple different places to hold your crypto currencies, all that are backed by the transparency of BitShares and that ecosystem that blockchain. So what it means is, there's a decentralized exchange out there for EOS people right now, while everybody's kind of saying, oh, you know we're kind of concerned about the centralized exchanges. Oh my god, what's gon na happen, are they gon na even give me my friggin tokens? If I'm holding them there? You know there's all this stuff and all this concern but...
the more EOS gateways are the better off we are.
So when we're talking about the the eos ecosystem. Having those gateways is going to be very important because it allows them to trade, move their cryptocurrency, their EOS tokens to bitshares and trade, it there or store it there.
@bycompoundfilms: Quick question: what gets you particularly excited about EOS?
@officialfuzzy: I'm gonna say this at the risk of sounding like an a-hole, but when Dan said we're going to deliver on the promises of Ethereum. You can probably tell because I'm kind of giggling just saying it. I think that's what they're gonna do and I've watched Ethereum and it's that they're in kind of them. I have never really. I always respected Vitalik as a person as a brain who's thinking about, solutions to problems and such, but I also was always very skeptical that if the area would scale and largely because I was listening to what Dan was saying and it all made sense, you don't have to be a rocket scientist to realize that if Google can't accept you, you know a bunch of people at one time without crashing that it's not in its endgame right?
@bycompoundfilms: That's true.
@officialfuzzy: So I would say that, but for those people who don't understand what Ethereum is, what its promises are, its promises were decentralized, smart contracts supercomputer. I think they called it the world computer or a decentralized world computer or something to that effect. And essentially what they were trying to do is make it where all these all these smart contracts could exist on one engine and it would enable them to essentially run whatever services they want on a blockchain and have decentralized apps. And it would be an entire ecosystem where everybody is like developing all kinds of cool stuff on the blockchain, they don't have to make their own blockchain, which it has a crap ton of extra overhead.
@bycompoundfilms: I got a quick question. It'S yes! It'S about us, so I've heard a little bit about. You know smart contracts and all that. So let me get this straight: in the future would we be able to use the EOS technology to you know? Let'S say they somehow embedded it into like the new cars? Would you be able to utilize here where somehow someway to where - and let's say you know, autonomous cars were out? What do you think we'd be able to send our cars to go, get it oil change on its own and have it pay for what is there?
@officialfuzzy: I think that, eventually, that stuff would probably - and here's one of those areas where I've got to be careful right, because I know enough to be dangerous. But there are companies out there that want to do this stuff on their own private blockchain. I'm still in this phase, where I'm wondering what stuff needs to be on the blockchain, and if that's one of them, maybe somebody like Dan, would tell you that they think it does. I think that anything that, overall, anything that requires the ability to take to get rid of an intermediary that is trusted. A blockchain is very helpful with that.
So I would say yes, maybe for a ledger of some sort. Maybe you would pay using a blockchain using your, you know your phone, it like it automatically a smart contract where it automatically when your car goes and drives off to you know to fill up the gas or probably charge the battery or whatever whatever's gonna happen right? It'll, probably be something more like charging batteries and you pay pay some of those for that most likely. But automation, one of the cool ones. That I think is like the ability for somebody to. Let's say all parents have an app where, when their children come home at a certain time, they can give them a couple tokens and those tokens are, are used by sponsors and stuff. You know if you got if your kid got home on time this night, for their curfews and plugged in their phone they're automatically rewarded with a coupon for Pizza Hut, or something like that. Like yeah, these are the types of like gamification types of things. I think that are coming with this stuff.
@bycompoundfilms: So, where is where EOS? Today, with their technology?
@officialfuzzy: they're getting ready for dawn 2.0, which, if you go, google, do it at dawn 2.0? Can you pull up dawn 2.0 on the screen?
Block by block
@bycompoundfilms: Mana says is the true EOS has Point 5, second block times?.
@officialfuzzy: That's what Dan said 0.75 second confirmation, so block irreversibility, meaning you know, there's something a little problem called transaction malleability and it's actually what was blamed on Nount Gox. If i'm remembering correctly on what happened with mount GOX - and I believe that's what it was - there - was it regardless, it was either Mount GOX or some other big exchange than it, but I'm pretty sure it was GOX. That was the mountain transaction value, ability thing and essentially irreversible blocks means that, after I believe it's recommended six blocks. Whenever the you know these blocks are added to the blockchain these blocks of data. It takes six of them six confirmations of the data. You know, because each new data contains a header and a footer which is just other data metadata and the back end of the block, the footer is, is what is going to be loaded into. I believe the header of it so in of the next block.
So you can kind of verify by every single block after six blocks. They say it's, it's irreversible, there's, no way that you can hack it and take and like do a double spend attack, which is essentially spending one Bitcoin twice right, which is if obviously, if that was a that's a bad thing or spending one EOS twice, if I can do that, then the ledger is corrupt and it doesn't obviously doesn't keep track of things well and it loses all of its value. So the transaction amount of irreversibility of .75 seconds is pretty sweet right. It's there's nothing in crypto, that's like that! Even bitshares is, I believe, somewhere in there, this realm of like like three seconds or something like that?
@bycompoundfilms: I'll put up the white paper. Well, the post that they made is that is that what you wanted me to pull up the white paper right
@officialfuzzy: Yeah. So it's not there! No, that's not well we'll talk about the white paper here in future ones, because what I want to do with the white paper, I want to segment it and I'd like to go through it with people and discuss kind of a little bit. What that is hey. What'S that man yeah man, it's it's so fast, it's so fast.
And of course, it's that's what we want to write and if you're used to cryptocurrency on something else think about this just for a second, whatever you're sending crypto currency like Bitcoin you're, sending a long string of random characters and that's what you're sending to right.
That's your address that you put in for people and you better not be typing it in without triple checking it. Maybe taking a minute stepping away and taking a fourth check, because there everybody who's in cryptocurrency is lost Bitcoin by sending to the wrong location. But in a EOS in bitshares, in Steem, you're sending two names to account names. You're, not sending too long strings that you can't remember. So it's it's made to be a lot more user friendly.
So if you go in here, you can see the go ahead and I'll look at it here with you go ahead and you got the background, yeah 2008.
So we're so think about it. Everyone we're here for almost 10 years, dang near 10 years. I believe it's New Year's Day it'll be 10 years,
@bycompoundfilms: And I want to throw in also don't be shy to ask questions. This is the whole reason we have this platform that way you can come in and you can ask those questions that you can ask anywhere else and and fuzzy he if he doesn't have the answer. He'll get you the answer, so don't be afraid to ask.
@officialfuzzy: Yes, sir, and we're going to be starting to do some cool things I mean if you want to pull up EOS talk thought I oh you're more than welcome to at some point, but we can go Through this, because we are doing some stuff that is going to be directly helping us the community, because I bought some on the after market as an American woohoo.
Actually, it's a it's cheaper on the aftermarket sometimes see it's not necessarily a bad thing being an American with you. You go out and buy some us that way.
@bycompoundfilms: Oh, I got something too so yeah now we're in the same club right there, buddy,
@officialfuzzy: okay, so yes, go up, we'll just go over a real, quick overview. I'D like to look at it again!
@bycompoundfilms: Well, while that's loading, what is what is your outlook in the next five years for EOS? Do you think what do you think they'll be with their technology?
@officialfuzzy: I'll make a bold prediction and I'll say that I think it's going to be a very interesting ride. And that there's going to start out probably being multiple different chains that come out, that tried to be EOS.
I think, there's going to be clones. I think that potentially the share drop list, which is essentially what it is when people - I don't think realize this yet, but this is a big secret for you guys all out there I mean it's, not a secret Dan says it, but I don't think people notice it
W.hen you're getting these tokens you're, essentially putting yourself on a ledger, as somebody who understands that crypto needs to scale and saying that you have resources and have have succeeded in some respect in the crypto market, meaning that, if you have tokens that you can put towards EOS, it's because you understand crypto enough that you either bought it from an exchange, off an exchange or you have if you've got somebody, maybe who's helped you is that it was the the lowest barrier right to entry. So you've at least got a connection with people who really appreciate this technology.
So the thing is, if I'm a group of people who are really interested in this technology - and maybe I want to compete with Block One because that's what tends to happen in the space you know people want to compete. There could be, you know, block one's, not going to launch the the actual chain. I should I should say to make it clear, but if they're wanting to compete to be the chain that you know that kind of represents what block one is doing is probably a better way of saying it.
You're going to have a bunch of them that are going to have to say yeah we're going to give to the people who are holding these tokens right?
@bycompoundfilms: In five years, AWS will be obsolete.
@officialfuzzy: Yeah. I think that's a good way of saying it. I mean AWS could be a very big part of it. I mean, AWS might be a producer, you know it, they call them witnesses in bitshares and delegates in in lisk and arc, but and rise I believe they call them delegates. No, they call them mining pools or pools for some reason.
But yes, I think that it's this potential I've read some people saying something like that in the in the telegram check - and I can't disagree with you mana, but what I was getting went to was that I think that you're going to see many different chains, that exist at first but you're going to see all these different. They these these other DAPS, I'm going to be very interested to see. But I've been wanting to see I'm hoping that I see and maybe I'm biased on this, but I think that you're going to see people start to say this group of this share drop list is one of the fairest share drop lists, aka ledgers that we can give tokens to in the space and they'll say: "oh, that group of people on that list is the best group of people for us to put tokens in their hands because they understand".
And for everybody who's out there. Who knows me who knows anything about marketing and stuff like that? You want the people to have in their hands. You know you want to put something into the people's hands, who you know are going to love it. Who are going to appreciate it and understand it. And who better than the people who are looking at the progress of Eos and the technology in general and saying Yeah I'll put down money to have my name that list right and that's essentially what you're doing.
@officialfuzzy: That's a good question man, I'm I'm really big into the the space of of having free markets in you know, having having the platform like bitshares has created a lot of a lot of interesting kind of use. Cases right, but I would say one of the big ones would probably be something like a way of leaking information.
Julian Assange said something a while back that I listened to it when I listened to him talking about how the problem they had was, they couldn't be decentralized in nature. So they were sitting there joining Assange and his team and they're going through all this content. That's all these leaks and all this stuff and they get paid by Bitcoin, but there's still a centralized little group right?
Sure they have nodes. I mean around the world who helped them and and all that, so that's not like you know, like you, take them out and it's completely gone, but it's it is a very painful attack if they can, if they can be attacked right? So something like WikiLeaks to me, something that would decentralize it and make it so it's safer for people to leak and maybe donate to something like that? I think that would be one of the ones that I'm really hoping happens.
There'S also one called a decentralized little network called the smoke Network that they're planning to build on the O's. So I I talked to those guys and I'm looking because of a friend from bitshares community, Michael he. He has some connections with some people that we're going to be talking about the smoke Network a little bit with them too. So there's some cool things that we're looking at because of that opportunity.
So there's a DAP and that's a social network for people who are are hemp and and marijuana enthusiasts and you know, they'll be able to find their dispensaries and things like that. So there's all kinds of things. I see kind of like magazines and blogs and all those things like social networks are, are going to be blockedchain-ized and you're going to be able to create your own social network and and compete directly with these other social networks that are centralized - those are awesome, use cases too. And of course, steam exists right now,
@officialfuzzy: But are there a lot of projects being built on the EOS.? I would say to go check out. Anybody can check out the github you have to get hub up.
If you can just keep a tab of that open just to show people just because the github is someplace, where they, where they have a lot of different developers from all kinds of places. That's a place where you can go and read kind of some of the back story behind the OS development and you can start even looking at oh this developers, forked, EOS and they're. You know on and that's on, that's a term on github. So you can actually watch and see which people were working on what directly from github. That's that's what I would say.
Now, as far as, are there a lot of projects being built on it. I won't comment to that because unless I have specific information directly from Dan or Brendan, I I'll just keep probably from from talking about any projects just because I don't know which ones are.
@bycompoundfilms: I could pull them out. There are some on Google that I could pull up. If you need me to no
@officialfuzzy: For what?
@bycompoundfilms: DAPS on EOS? All that are joined up right now,
@officialfuzzy: Sure, let's pull them up, because I don't think that they exist on us. Yet I'm pretty sure that with us down pool 2.0, I think they've got like a social media, smart contract and a trading smart contract and a couple other things, but I'm not sure exactly what else we're talking about here. You still there
@bycompoundfilms: , oh yeah, so on the screen, I'm showing Oracle chained world's first iOS Deb launches. I see a one B shares Dex a z/os, smart contracts, Oracle service. He said one big and set aside to build apps on the OS.
@officialfuzzy: Oh Oracle chain, okay. So it's price Oracle's is that what it is
@bycompoundfilms: uh yeah Oracle service Oracle chain?
@officialfuzzy: Oh, I guess Oracle's, don't necessarily have to to mediate. Just that's interesting! This is read up on that.
@officialfuzzy: This is an article one day, one day old, breaking block dot. One CEO Brendan bloomer announces 1 billion, a capital for EOS projects, maybe I'll reach out to him, and we can see if they can talk about it, and I got the article on the screen. If you want to check it out, yeah I'm looking on the screen right now, it just says no comments yet, but okay, we're loading it up right now!
@bycompoundfilms: Okay, if anybody has any EOS questions, feel free to ask we have about. We have about 17 minutes left on this live stream, so you know a closed mouth don't get fed.
@officialfuzzy: I'm just I'm just reading here right now. What you're saying what it's saying do you think there will see
@officialfuzzy: this is insane okay. So when we plan to soon announce a program for up to 1 billion USD in capital, US capital for EOS projects. We are admits onboarding, a few critical partners first, that will give us in this program the world class credibility. It deserves. Interesting.
I'm kind of interested to see what happens, because I know that they are the last I had checked and it was about probably three or four weeks ago they were. They were well over 500 million. So they're building something right. Dan always says that the list itself is the product and people don't understand what that means. But I have to just like if we're going to say one thing here:
The list of people who develop, who are paying to have this developed to have this gold mined out of the this asteroid belt. Those people are on a list who excuse all this. Technology is valuable and they're going to be seen as some of the most knowledgeable people in the crypto space. And largely because this sale has been so strongly accepted by them by the people, in crypto.And it kind of tells you that they're ready for it and that they've seen what the technology can do and I'll just explain this you know.
@bycompoundfilms: Can I ask something real quick before you do? So, basically people you know we're nervous when things were happening, but now that this guy is is saying, hey, I got 1 billion for you know, for whatever y'all want to do on this EOS and with that said, you know that that obviously shows confidence That obviously show that they've seen something lucrative and something for real, in other words, right?
@officialfuzzy: Well, it's it's funny because there's there was a post where we talked a lot about that in the very early days leading up to us that I posted on SteemIt. And I go back to it a lot because Dan was talking to me about:
If you found a trillion dollars worth of gold, how do you distribute it?
And really one of the biggest things was come and in the community discussion that followed. It came down to invest a large portion into research and development of making that extra gold even more valuable.
So what I think they're doing here is they're going to be giving money for research and development via these DAPS being built and letting people build them and build their dreams on this chain. On a chain that will allow them to scale on a platform that allows them to scale.
Now, I'm, like I said, I'm not a coder but from what I have heard from the people who are coders in the space, and I do know quite a few of them. The the people who are coming over for here to EOS.
A lot of them are saying "Wow we're just we're stunned by how much easier it looks like it's going to be to build on EOS than on Ethereum".
So we're really looking at it. One of the people when I talked to - and I won't say names or anything, but he said to be able to have asynchronous transactions, would be one of the things that really made him pumped up to see. Because you would, he would be able to have multiple yeah, the horizontal scaling. To be able to do this would be a game-changing, so they're, very interested in in coming over and joining up and looking at it right now. We'll see what happens, of course, because it's still very early. They have a road map and road maps, or you know Dan says that they're coming along fine on them. So unless he says otherwise, I don't think that I think people can be pretty much assured that everything is on pace to be done, the way that the road map says that it's going to be done on the timeline.
But dawn 2.0 is going to, be coming out. They're going to be able to offer a lot more and that's going to be that's going to be. I think what December 31st is when it's slotted to be released? So I guess New Year's Eve. I was I was thinking about, maybe that we can have a New Year's Eve party for that I don't know if you guys are interested, but it would be kind of cool to to be able to do it,
@bycompoundfilms: that would be pretty cool and maybe we could pitch it to EOS and then have people show up. But hey you know, you know I could put something together, man. But I had a quick question. So you say the word scale and - and I want to - I guess, how you say: expound on what scale means can you break down? I guess maybe the technology as far as scaling. What would a scale mean when you apply it to EOS? What does that mean?
@officialfuzzy: Well, there will be horizontal scaling means that it'll be essentially multiple chains can kind of run on top of iou's, like kind of what Dan says you can.
Actually, you could run all of Ethereum on top of EOS.
So think about running one Ethereum on it: okay and I'm just trying to boil it down to make it simple, because it's there's no need to make it more complex.
@bycompoundfilms: Well, let me throw this in there.
@officialfuzzy: Well, let me finish this real quick. Imagine now, instead of one Ethereum running on EOS, now imagine seven of them or ten of them. That's going to be possible because each of them will be able to connect up and essentially run off of EOS, with no problems. That'll be able to it'll be able to run on EOS with no problems.
They won't, have to wait in line fo each other right, there'll be their own kind of like in a cpu processor is single threaded. You know, there's you'll be able to have multiple threads that run different processes right? So that kind of think of it as a multi-threaded processor, but it's multi-threaded for as many chains as you want that go too deep.
@bycompoundfilms: I just wanted to throw out an example. They said, I think Dan even said it Dan said that Facebook does 50,000 transactions per second, like people like each other's pages, so just want to throw that out there. How does he owe as compared to that?
@officialfuzzy: What they're saying is that they're going to be able to reach a million, so I'm I don't know what to say yet because I haven't seen it, but my god that's a lot of transactions per second man and of course he has everything MIT open-source. So I mean do we: do we think we'll ever need more than a million transactions per second? Maybe we will version IP version 4 didn't think we would eve, need you no more IP's than it could offer us, but it you know, but it did. And then we had subnetting and stuff of these networks, so we could of the internet. So you could try to fix it a little bit, but they knew it was going to have to go to IP version 6.
So I'm very interested to see what will happen, because the Internet of Things can open up a lot of other kind of daps.
I mean imagine, my little brothe has a smartWatch, and imagine if I can go and like every time that I go run on this public park, it will track how fast I run and everything. And it'll it'll give me maybe some tokens that that give me discounts on insurance on health insurance.
These are the types of things that these are just little things. Imagine what everybody else is going to come up with. There'S going to be so many you know, self-governance, you know pulling you know pulling people is going to be be potentially quite a bit different. You might be able to actually pay people. You know, congratulations! We're calling you up to give you a survey right. No! Thank you. Well, if you do this survey, we will give you you know percentage in the polling network. Please pass this poll around your social media and we'll give you extra polling network tokens. You know who knows: what's going to happen.
But we'll be able to incentivize and gamify things in ways that are really interesting and that's what I'm looking forward to with it with EOS,
But there's going to be so many other, so many other opportunities.
@bycompoundfilms: Definitely we have about six minutes left, so I guess what we're going to go ahead and do we're going to go ahead and wrap it up and go ahead and conclude things. So I guess, can you leave us with any final words, any last thoughts, any predictions? Any ideas, opinions
@officialfuzzy: I'll, just say this: if there are going to be, if they're going to be distributing tokens to people but yeah, if they're going to be distributing tokens to people or billions of dollars potentially to people, there are A billion dollars potentially of people. I would urge people to consider - maybe just maybe they'll - do it for share drops on EOS of those tokens. I'm not saying that's going to happen, because I don't know for sure I haven't talked to anybody about this at all and that's the honest truth.
But there are reasons that I think that they might do it that make a lot of sense and real quick Toronto. Blue Jays is asking you want to go ahead and ask his question?
@bycompoundfilms: Yeah Toronto, Toronto, Blue Jays, says, is be one doing any market research to see where the benefits of blockchain use cases are most needed?
@officialfuzzy: They have Dan as the CTO and I know, fo a fact from our beyond Bitcoin hangouts that we've talked about so many different use cases for the blockchain that it's mind-boggling. And even then with all the stuff that I know and all the type of stuff that I've learned. Dan still blows my mind when I listen to to some of the things that he's talking about. I would be very willing to bet that they're doing quite a bit of blockchain research with respect to the different use cases. But I also think that one of the big things that they're doing with this billion dollars of market research, is what Dan likes to do the most and what I think that cryptocurrency likes the most, which is to leave it open to the open market. To define those use cases and to bring them forth to the broad community. Kind of like you see happening, it has happened on Bitcoin Talk over the years.
You have numerous people trying to build, these great ideas of Bitcoin right now, but they're, building it on a faulty foundation, for those use cases. And because of that, it's going to make it more difficult, for those use cases.
Now do I believe that Bitcoin is going to stick around? Yep and I believe, it'll get stronger and I believe it will fix a lot of things, but one of the things that not entirely sure of is if they will, if they will ever really directly compete with something like EOS, because they they have different intentions in different use cases, if that makes any sense.
But with that said, building on a strong foundation, we're going to see a huge spectrum of all these use cases that couldn't exist before and to the degree that they should have. Where that people may have may have wanted them to. And you're going to see them actually start potentially flying. At least if they don't fly it won't be because of the underlying infrastructure, not being able to support it, I believe.
Now we'll see if I'm right or wrong over time.
@bycompoundfilms: not perfect. Well, though,
@officialfuzzy: Real quick, if you don't mind I'll just do you mind if I just answer that one last question there go ahead when will be good timing to invest in EOS?
I never call timing like that, and a lot of people will do that, and I would urge you to be very careful asking people to call timing, because a lot of people will say this is the perfect time x, y & z, be very careful asking people that question very few people can actually time the market. You know, and even people were really good I'll, tell you it's they don't do it very well as often as they would like right?
So the quick answer to that for me, is buying in a little bit in that time, because it makes sense. And I would urge people who, unless you are some quant day trader on other markets, I personally would say you know if You'Re, if you're a good trader, you know what the hell you're doing. You have maybe consider day trading. But otherwise just buy it a little bit at a time and a trickle and hold.
@bycompoundfilms: Definitely that was a real good question.
@officialfuzzy: Yeah! It's a good one that I think to end it on, but I very much appreciated the questions and - and I hope that ou community will continue going forward. Of course, this is the first night we kind of we're doing this off the cup. We haven't had everything prepared, but it's looking good. I appreciated the people who joined up and asked questions and. Of course I would urge you all to consider reaching out to us if you have any information that you would like to bring to us. And also if you are, if you know any about any meetups, that are going on. I would love to be able to connect up with the people or doing meetups, so we can start buildings all those things. Because when we have those meetups and we have the people, we're doing those meetups kind of telling us about them and letting us just give people the audience, the information about what's going on at them, then we can start bringing in more information for you guys.
So you know about all the cool ideas that do come from all this stuff right. Because all these different meetups are going to. Have all kinds of people who were interested in the project and building on it o working with it in some way, and these are the people who care about it. So I would urge you guys to help us that
@bycompoundfilms: sounds real good, and if people want more fuzzy, how can they get in contact with fuzzy or how can they find fuzzy on the Internet?
@officialfuzzy: We do we do a weekly hangout called the whale tank hangout. We also do an open-source agenda. Bitshares hangout, both of them are on Saturday. The bitshares one is at 1:00 p.m. UTC, the other one, which is the whale tank. One is going to be at 2:30 UTC.
We join up there and I actually distribute tokens called beyond bits to people who join up with their projects that whale tank and I distribute beyond bits to people from the bitshares community who step up as leaders to kind of help push us along in the bitshares community. So I'm trying to support these various communities, so they can have a voice on the grassroots side. That's how you can kind of reach me on, or you can reach me on Steam, accom, official fuzzy. And that's where I post all those so or you can also contact me at beyond Bitcoin at gmail
@bycompoundfilms: , perfect, and the great thing is that we will be live-streaming. These hangouts this Saturday, so they can definitely tune in also on beyond people in da club
@officialfuzzy: yeah, and I think that we have some other people who are interested in streaming to this channel. So they're going to be doing some of that stuff and I look forward to seeing all the talent that comes on and all the people are interested in cryptocurrency. And yeah good work guys well.
@bycompoundfilms: Thank you fuzzy. Thank you for your time and thank you to everybody that tuned in and everybody that came on and asked questions. Thank you. We will be doing this again, hopefully next week and we look forward to to hanging out with you. Thank you all for tuning in and good night.