EOS for NEWBIES - Noobs Get to Party Too! - Nitty Gritty Details Made Simple
Why is EOS so difficult to understand?
It's a good question, and not easy to put into simple terms, because right now, EOS depends on it's users to be highly literate in the design of both blockchains, and the EOS business plan, and Ethereum all at the same time!
Think about your Trezor. What is a hardware wallet?
In reality, all it is: a tiny computer that talks to your PC, and holds the private keys, to public keys it generated for you, and this relieves you of ever having to do 2 things:
a) store that public/private keys ANYWHERE ELSE BUT the hardware wallet
b) stops any requirement that you type in keys, copy keys, store keys on your PC or a flash drive or similiar device.
When EOS was finally launched, all your EOS tokens on the ETH blockchain as erc-20 were frozen, and counted in an audit, called a snapshot, on June 2 2018.
After the snapshot, the new EOS blockchain was created, and this audit was matched to NEW EOS-based public and private keys.
Not ETH format keys, they are very different keys, special to EOS blockchain!
Your EOS tokens now live on the EOS blockchain. Not on your hardware wallet!
The EOS keys on your hardware wallet were for an ICO-only accounting ledger, so that after a 1 year of ICO and trading on exchanges, your original erc-20 tokens purchased, could be counted, and moved to the "real" EOS chain.
Blockchains require a dedicated wallet in most cases. Or a multi-wallet that is specially created to accomodate many blockchains. At this time Edge and Exodus do not directly support the new EOS blockchain.
At this time, there are at least 3 wallets for EOS, including Greymatter and Scatter.
When you install an EOS wallet, it will need to know:
a) your public key
b) your username (it may look it up from this public key)
c) your private key, so it knows you are authorized to transfer tokens in this user account on the blockchain.
You should ALWAYS BE ABLE TO see your tokens in your account, based on your username or public key. Simply enter one of these strings, into an EOS block explorer site like: https://eostracker.io/
Once configured, you will now see your tokens in the wallet. Assign a PIN or PASS to this new EOS wallet you can remember!
Now your username can be used by ANY EOS wallet holder, for all transfers to your EOS account (similar to STEEM).
To use your new wallet, you can simply unlock it with the PIN/PASS, enter a user's account name, and transfer funds to them.
Haaaaaa thanks !!!!!!
Quite well explained sir. But the recent incident of EOS wallets being frozen by the EOS team really put a question on the decentralization of EOS blockchain. What are your thoughts about it?
Hey, and art above by @rocksg! ;-)
DPOS and Centralization - I won't go into it to a great extent, except to say Dan has spoken on centralization issues many times, including the recent first action of the arbitration mechanisms in EOS.
I have been quoting him in fact, from a recent published work:
https://medium.com/@bytemaster/decentralized-blockchain-governance-743f0273bf5a
"This free market competition in community governance introduces market forces to the governance equation. A blockchain that is operated by a corrupt dispute resolution system will see its currency sold in the market as people leave in droves seeking safe haven in new communities that better protect their rights. Only the most universally competent dispute resolution systems and blockchains will survive. Communities that enact unpredictable monetary policies contrary to their constitution will see their tokens fall in value rapidly in favor of more responsible communities.
Blockchains create a far more efficient market because there is no captive population forced to use the currency at gunpoint. Furthermore, there is no geographical constraints that force a person to use the same currency as their neighbors."
I interpret the above quote (by Dan) the following way: "get ready for a reshuffle of the crypto markets, in the next 6mo to 1 year."
I do expect EOS to kill much of the current alt-coin market! - there will be MUCH nashing of teeth and upset people, who speculated on crap blockchains that charge fees, require mining, have poor governance, won't scale, etc.
I love the following quote from this article, it really expresses my views:
http://steemit.com/@taskmaster4450/steem-3-years-to-change-the-path-of-humanity
"If I told you that in 36 months, STEEM would have hundreds of millions of people participating in the onset of an abundance age, would you be willing to wait for it?"
@surfyogi you are why my two largest holdings are EOS and Steem. What you just wrote here could Wake a lot of People UP that have bought Tokens with little to NO VALUE..............
Your article is valuable.... and lots of information... crypto is a smart platform.. but now the situation is not so good ...thanks for sharing with us ..
This is a real education on EOS. Thanks @surfyogi
really you giving very valuable information this time. your all post writing quality very fantastic and perfect.so,i am always respect your work and fully support doing.i like it this crypto. very well explanatory and understandable.thanks to sharing for your important news with us..you are a really very good person in this platform..very welll done. take care yourself and best of luck of your great work.may god bless you..i hope that you support my work. sir @surfyogi
Thank you very valuable information. Thank you for sharing this valuable information. Your writing is wonderful Sir I follow you and every post I read. Sir, you are a great person and thank you for sharing this every one of us with you.
Good news sir.Much obliged for sharing it.
I m studying from many days but still not clear on many concepts yet all it is i am new to Eos..hope for the best
Still trying to get it EOS thanks sir @Surfyogi this infor will help hope it more easier and faster using it to transfer than other wallet
In the EOS ecosystem, financial opportunities are growing each day. Developers are discovering the EOS world and are seeking the help of Block Producers to make their ideas a reality. Those applications will lay the foundation for the expansion of the EOS Blockchain out into the rest of the world. This is a long-term opportunity for our whole community.