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EOS Explained by David Hay. Is EOS a scam coin? Even with Dan Larimer's past success in bitshares & steemit serious doubts have been cast over this new "ethereum killer" blockchain crypto currency.
Instead of doing a series A investment round to raise money to produce a product then offer it to the public. They have chosen to skip this process and solicit investment directly in the form of an ethereum ICO.
It's important to understand that ethereum is only the platform for raising money and once the project is finished it will launch it's own blockchain.
It is not clear how the ethereum will be traded for EOS which is causing some people to label it a scam coin but to understand this crpto currency you need to understand the past.
Founded Dan Laramer who prior to this was working on Steemit and bitshares.
This crypto currency plans to combine seemits ease or use, bitshares speed and scalability and a flexible smart contract platform that doesn't rely on it's own progamming language.
Decentralized applications platform. Can be used for building websites like facebook, exchanges like bitshares.
You only need to own the token to use the network no gas needed to move transactions through the system like ethereum.
Allows for rapid development of decentralized apps. Compare windows/linux. No need to learn specific language like solidity. Lots of features built in so no need to re-invent the wheel.
Similar to steemit Average users shouldn't know they are on the blockchain.
Steemit concept is perfect because users focus on the features not technology.
There will be no barrier to enteries with EOS it will be as simple as using a website. The website would be centrailized but the network behind it would not.
How do you determine who gets access to network resources EOS coins determine access to the resources. If you own 1% of the total tokens you will have access to 1% of the network.
Only need to hold the tokens to get access to the network. Unlike ethereum where you need to actually spend gas to use the network.
What makes EOS so fast Delegated proof of stake like bitshares. Allows individuals to assign representatives to vote for them. EOS aims to close the gap between the decentralized block chain and the decentralized applications. Will use the dedicated proof as stake instead of POW or POS.
