Did EOS Just Provide Blockchain The "Holy Grail"?
It largely went unnoticed but blockchain technology might have just taken a huge leap forward.
Call it the "Holy Grail" moment.
Thus far, blockchain is a hodge-podge of different networks. Each entity operates on its own with its language unique to that network. Essentially, we are seeing closed ecosystems depending upon which chain one is on.
Of course, from a cryptocurrency standpoint, we are seeing a battle to become the "money" of the Internet. Will it be Bitcoin? Bcash? Monero? Steem? Everyone wants to know which token will be used to make purchases.
It is possible none of this could be an issue in the short period of time. The question is did @dan provide blockchain technology with its "Holy Grail"? According to his post on Medium, he believes this is the case.
What is the Holy Grail?
Inter-operability.
Inter-blockchain communication is non-existent today. This is akin to the early days of the Internet when different networks existed yet if you wanted to information, you physically had to get onto a computer that was on that network. Standardization was not in effect. Everything was separated.
We see this with blockchain. Bitcoin does not share data with STEEM. Ethereum has no communication with Litecoin. Any transactions done on one, the other is not aware of. This could be changing.
According to @dan's post...
Inter-blockchain communication is the ultimate scalability feature — the holy grail — that the industry has been searching for with proposals such as side-chains, plasma, and sharding. Inter-blockchain communication enables one blockchain to verify the authenticity of an event on another blockchain in a provably secure manner. The goal is for inter-blockchain communication to be as secure as intra-chain communication between smart contracts and we think we have achieved that goal.
He goes on further to state...
From our perspective, inter-blockchain communication is nothing more than having the ability to implement a light client as a smart contract. A light client is able to validate transactions from a blockchain without having to process the entire blockchain. This in turn means building a proof-of-stake blockchain with efficient and secure light-client validation. Light-client validation must therefore be factored into the protocol design, as it is almost impossible to implement after the fact.
https://medium.com/eosio/eosio-dawn-3-0-now-available-49a3b99242d7
This really could be huge. EOS is designed with the intention of being the new operating system for the Internet. Tying together all the different networks (i.e. blockchains) certainly is a major step forward.
In my mind, this removes the idea of blockchain "competition" in the sense that the tokens are competing. Now, we get back to the development that exists on that blockchain and will it interest people. What are people going to use these applications for? That is the core question. Blockchains that have real world solutions will be popular. Those that do not, will fall by the wayside.
Of course, those of us on STEEM should feel encouraged by the fact that this is still one of the fastest blockchains in existence. Also, there is a lot of development already taking place on this network. The addition of communities and the Smart Media Token protocol should enhance this.
So what are your thoughts? Did @dan just provide the blockchain world with something that will be consider "Landmark" in the future?
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@dan is not joking around about revolutionizing the way we use blockchain tech.I really need to stacking up on Eos.
Yes. Blockchain interoperability IS the holy grail.
But did you also read the part about how there can be an unlimited number of chains (based on demand) running in parallel yet all those chains would have a common denominator... namely the EOS token?
Just imagine if you have a few of those tokens...
Yeah I keep saying that I have to pick up some EOS...I really need to get some EOS!!!
I'm sure you also have some :)
No at this point it is a hole in my portfolio...no EOS as of this moment....have the other two but I didnt load up on that one...big mistake is seems.
It's never too late. But you already missed out on the EOSbeans airdrop. On the 15th the eosDAC tokens will get dropped. Check @lukestokes for details.
OMG there was an airdrop! I gotta check mine
https://www.airdropsforeos.com/en/airdrops/
Oh, that's a nice website! Thanks for sharing it :)
Thank you!!
Same same... :)
Blockchain the better one
When I saw the post of @pandorasbox on EOS I knew it was really a solid product and given Dan's ability to create a working product like Steem it was the right move to get some.
When I read his interview that the main purpose of EOS is to be the "operating system" of the blockchain I was pretty excited because this is the next logical step in the evolution of the blockchain Tech.
Interoperability will help in it being able to be used in mutiple coins and tokens of various independent chains.
Right now it is mostly silos where you would need to convert it to bitcoin or several other alt coins so that it can be moved around but with EOS it could be the single unifying link to all.
Although I couldn't help thinking about this lol
It's good. I think it would be that exactly. One over arching technology. Hopefully, without the side effects, and the big bad guy stirring up trouble to rule with it. :)
Still, don't we go from decentralization to potential centralization this way? I don't know. I guess I'm overthinking it. Being able to deploy apps on different blockchains using EOS would be great for the developers and users of those apps. Not so great, I would think, for the blockchain folks, but I don't pretend to even know if there are blockchain folks. :)
In a way I don't it would mean centralization as this tech could provide stability and one exchange system and if we are changing from a proof of work to a more proof of stake or proof of activity it would be better for the whole blockchain system.
Another important question is, if there will survive enough "currencies" to make this tool useful in the future. it s not likely today but we might see that most coins just die, because no one knows what asskicking updates are about to come...
The "supposedly" crash that the bankster were rejoicing removed a lot of the shitcoins and even shittier ICO like Bitconnect X.
Those that remained are those that are truly trying to change things and help in the mass adoption of blockchain tech.
banksters like oil-industry... looking like a bitching and moaning captain on his sinking ship... ;)
Everything about EOS is encouraging given the roadmap they have provided and delivered on so far. As a project that has yet to launch, it is imperative that the team delivers on its development as it will outshine many other projects who are still behind on delivering on their projects. The launch of Dawn 3.0 provides confidence that the project is on track to deliver a strong platform cone June.
I can see this as being huge and also a detriment. So much of what we use in our daily lives is proprietary and doesn't play well with anything else, if at all. In this case, we're talking about potentially linking blockchains to other blockchains. Does the interoperability of blockchains generate more investment or potential usage that incompatibility and also competition would not?
And what becomes the advantage of one blockchain over another if developers are all using EOS to develop and interdevelop on them? And why would one blockchain want to or need to store information from another or numerous other blockchains? Security? Redundancy?
Don't get me wrong. I like the idea of cross platform communication of any kind, especially if it works as if it were native. I just wondering what the incentive is for those who run, maintain, develop, whatever you call it, blockchains to essentially have EOS become top dog.
Does EOS have its own blockchain? Using smart contracts leaves a smell of ether, which makes me believe it is better to invest in the mothership, isn't it? Please prove me wrong, so I can finally buy my first EOS :)
This to me is of great interest as dealing with web servers, SSL certificates, interoperability issues (servers rejecting email and server recognition or acceptance), and all sorts of other “mean, nasty, ugly” things. This promises to be far less cost, higher acceptance and quicker operations. And possible no storage issues or high costs. Bring it on! I’m stockpiling in this down cycle... getting rid of my dog tokens in process.
I honestly think that the most exciting thing about EOS is that @dan claims he can use it to make anything he needs in the future. He has no reason to leave EOS for political governance disagreements, like what happened with Bitshares and Steem. These are his words not mine.
@dan is like a grand master when it comes to blockchain. Following him is a solid plan. It doesn't mean that you also can't do things on Steem. Blockchains aren't mutually exclusive.
The best thing that could possibly happen for all of us is that EOS surpasses Bitcoin on the market cap. That will get everyone's attention; no more Bitcoin dominance. This will bring millions upon millions of new people into the blockchain community. I honestly think EOS has the best shot at establishing a new dominance metric.
Cardano are working on the same thing and their system is live with a working settlement layer and secure desktop wallet