EOS, like many other projects, promises to be the next generation of block chain While many projects say they will be an improvement over ethereum, few have the type of backing that EOS does: the architecture of Daniel Larimer, the brainpower and branding of block.one, and a multi billion dollar developer war chest.
Daniel Larimer is the main brain behind EOS. Larimer has been in the block chain space since Satoshi was still around. In fact the famous Nakamoto quote “If you don't believe it or don't get it, I don't have the time to try to convince you, sorry,” was directed to Daniel Larimer in a forum debate. EOS is Larimer’s third block chain and block chain project. His first was Bitshares, a decentralized exchange. Although Bitshares predates Ethereum, it is actually capable of faster transactions. After Bitshares, he moved on to Steemit., a social media platform on the block chain. Although he no longer works on either project, both Bitshares and Steemit are both still alive and used.
Now Dan is taking his years of experience and building what some believe to be the web 3.0. EOS will run smart contracts, dapps, ICOs and everything else that Ethereum offers, but in a faster and more robust fashion. Transactions speeds will be orders of magnitude faster than ethereum. EOS will also be feeless, whereas with ETH you need to pay part of your ETH in gas in every transaction. Instead, in EOS, your token will give you a certain amount of bandwidth or storage space (when staked?). EOS programming language is C++, and will utilize web assembly which I believe in effect will make it somewhat language agnostic.
EOS will run on DPOS (delegated proof of stake) consensus. Bitcoin and ETH currently are proof of work, and ETH is pivoting to proof of stake. DPOS helps to increase speed and decrease latency whilst still providing a high level of decentralization. Fans of DPOS will argue that DPOS is actually the most decentralized—when taking into account mining pools in EtH and BTC. EOS will have 21 delegates – or witnesses- that are the block producers. Token holders will vote for a delegate.
EOS will be a very community-centric project. EOS has run an ICO that generates tokens every 23 hours. This is to try to give the best chance of a wide and decentralized distribution. Tokens can also be bought on exchanges, and for some countries like US, have to be bought on exchanges. EOS will have the first Blockchain Constitution. Currently EOS tokens are erc20 tokens, which should be registered with EOS.io. In June these erc20 tokens will be swapped for native EOS tokens, and we the community will launch the block chain.
EOS is keeping many of their partners close to their chest. There is over a billion dollars worth of developer war chest to be utilized. EOS has said they have been approached by exchanges, many current (ethereum) projects, as well as developers that are waiting for the chain to launch so they can build on EOS. One such project is Everpedia, from the founder of Wikipedia. The Everpedia tokens will be airdropped to EOS holders (likely later this month). As an EOS holder, I hope this is a token model we see going forward. Bitfinex has also announced EOSfinex.
As always, DYOR. We suggest not only the white paper, but also the plethora of youtubes with Daniel Larimer discussing at lengths the various components of EOS. EOS also has one of the better coin telegrams out there.
Do you have any thoughts or questions? Leave them in the space below and we can discuss.
