The Third Reason Why EOS Will Take Blockchain Technology Mainstream - App and Dapp

Apps and DApps 

Bitcoin was introduced by software developers to the world in 2009. It survived and grew because a few people saw the innovation in the technology, got hooked, nurtured it and promoted it. Gradually other software developers, users and speculators bought into the revolution and a movement was born.

The main push for Bitcoin was use as a currency. You could pay anyone anywhere in the world nearly instantly and with very low fees. So begun a game of cat and mouse with authorities because, a parallel monetary system, if it takes root, strikes at the very core of established power structures.

Unfortunately for the authorities, Bitcoin is decentralised software and despite their best efforts Bitcoin found more and more users worldwide, and established financial media like Bloomberg and CNBC started introducing it into the mainstream financial mindspace. When institutions started introducing financial products based on Bitcoin, Bitcoin has arrived. However this is a fast moving space and mainstream will always be steps behind.

The internet is where it is today because of all the applications that was built on it like Email, Webpages and streaming media. Applications that we use without any understanding of how the underlying technology works. Bitcoin was meant to be this underlying layer on which applications like coloured coins, notary services and others were to be built. However many of the op-codes in Bitcoin were disabled making it difficult or impossible to build these applications, perhaps because developers realise that as it was, Bitcoin could never scale to the millions of transaction required to accommodate these applications. That started the great debate on how to scale Bitcoin.

While this argument was going on, Ethereum emerged in 2013 specifically as a platform to build smart contracts and decentralised applications. It became the platform on which smart contract tokens were issued for all kinds of uses. The huge increase in price of Ethereum reflected how relevant and useful this concept was but again, as demonstrated by an app called Crypto Kitty Ethereum could not scale to the required level either.

And so we have EOS. It claims to do everything Ethereum can and at scale. That this claim is taken seriously is reflected in the price. Even without a running blockchain it holds the number 5 spot in Market Capitalisation. 

Apps and Dapps will take EOS mainstream.

The EOS blockchain will launch tomorrow. ( June 9 ) This will bring in the next phase of the crypto revolution. Apps that can on board huge number of users will be build on this platform.

Everipedia is set to overtake and replace Wikipedia and in 2017 has millions of users and more than 5 million page views per month and growing. These are numbers that Ethereum is unable to accommodate. Free transactions on EOS is also an important factor.

Ethfinex a decentralised exchange to be built by the very successful Bitfinex. All exchanges are centralised to handle the huge number of transactions. Ethfinex and many similar decentralised exchanges are being built on EOS.

This article introduces some of the apps that will be live on EOS in the near future, very quickly after the launch. Many apps currently built on Ethereum will move over to the EOS platform just so that it can run as designed.

What it amounts to is that EOS will pick up users like Bitcoin and Ethereum never did and these users will not need to hold any EOS tokens. This is important because needing to hold tokens in order to use an app just adds friction. You do not not need to hold any tokens to click a like on Facebook, so a decentralised Facebook like app has no chance of usurping Facebook if it needs tokens to interact and use.

If EOS manages to pick up uses on a grand scale, it will just suck up all the oxygen in the crypto space and leave other coins lagging. That EOS will change the shape and landscape of the crypto space is certain. What is uncertain is what it will look like when the dust settles.

Will there be only one coin left standing or will there be different coins for different purposes? Will EOS be a platform on which everything including Bitcoin is built? Will another platform that is even more decentralised overtake it?

We will see, but for the foreseeable future, it is hard to envisiage how EOS can be overtaken. Especially with no other technology even close to achieving scalability on the horizon.

The Second Reason Why EOS Will Take Blockchain Technology Mainstream. - Power To Users

Power To The Users

Bitcoin as well as Ethereum depends on a balance of interest between Users, Developers and Miners to keep each other in check. We are comfortable with this principle as it reflects the checks and balances we have between the legislative, judicial and executive branches of government. On deeper analysis we see that reality does not reflect theory. In all cases the system fails and some fails spectacularly.

Ethereum failed when the "imutable ledger" was rolled back basically with the blessing of the creator. Maybe it will never happen again but then it will always be a MAYBE. The stain is there - forever.

Bitcoin was plagued with years of indecision and infighting about increasing the blocksize and ended up with a chain split to resolve the disputed. This was what it was designed to do and we ended up with 2 significant chains in Bitcoin and Bitcoin Cash.

In both the above two examples the uses had very little say. They can only express their opinion after developers allowed them to choose.

EOS is different.

Block One are the developers and they release the software as an open source project for anybody to adopt, fork and use. Even though they will still continue to maintain the software they profess no interest in how their software is used, and have no control in its' adoption.

Block producers are the "miners" and they earn 1% of the 5% annual coin inflation. At any time there will be 21 block producers sharing 25% and 175 standby block producers sharing the remaining 75%. Being a block producer is very lucrative and all will aspire to get voted to be one of the 21 main producers.

Users vote for block producers at every block. This incentives block producers to work very hard at "serving" their users. They consider themselves servants and can be voted out at anytime. They have no security of tenure.

It would seem that a good strategy would be to bribe the uses to vote for them for example by sharing the mining fees. However this practice has been made illegal and no block producer will even think of adopting this as a policy.

Block producers will have to be seen to make positive contributions to the community. They have to continually campaign for users votes and support. They need to be innovative and relevant and to respond to any negative feedback immediately.

Another interesting feature is that no group can directly or indirectly hold greater than 10% of the coins. This prevents whales from controlling the ecosystem. The year long ICO was designed to spread the tokens to an as wide audience as possible.

Every blockchain is like a country with its' own governance system, checks and balances. Like countries the elected representative always profess to serve the people, and after being elected they are always subjected to corruption and regulatory capture. The temptations are too hard to resist.

The EOS blockchain is designed from the outset to give maximum power to the users. The system was designed with empowerment of the users as much as possible. It will be interesting to see how this plays out.

EOS has yet to be launched as its' own blockchain. So when is it ready? I think that it was "ready" the moment the balances on the two chains were verified, after all the software has already been tested for a whole year. Perhaps as a serious project they must be seen to be not too hasty and yet not too slow. Maybe it has to be an auspicious date like June 8.

The First Reason Why EOS Will Take Blockchain Technology Mainstream. - Free Transactions

FREE TRANSACTIONS!

Free transactions means you can interact with the EOS blockchain free of charge. You can transfer your tokens from one wallet to another free of charge.

Lets say you have a social media app like "Twitter" for example running on the EOS platform. The developer will have to stake EOS tokens to get access to bandwidth to host his application. The more popular his app gets the more bandwidth they will need and so will have to purchase or "borrow" EOS tokens for staking.

The users can post their "tweets" without paying any fees! ( In Memo.cash you will still have to pay a small amount of BCH to make a post.) Free transactions means anyone can join and use even if they don't hold any tokens. This removes the biggest hurdle in on-boarding new users to their app. Works exactly like Twitter and Facebook without the costs. This makes it possible take the app viral and scale.

So how does the economics work?

App developer : 

1) They can make an airdrop onto EOS token holders and therefore publish their app to the whole of the EOS community. Instant publicity and user base. 

2) They could airdrop 80% of their tokens and hold back 20%. If their tokens trade on the exchange they have effectively raise finance for their project without doing an ICO which in itself carries costs, and legal implications.

3) They could monetise their app just like Facebook and Google ie displaying advertising.

4) Best of all they can host their app without running huge server farms. So they can have a Facebook, Google or Ebay like application without the costs.

User

1) Free to post and interact with the app means that they can bring in their whole social network without any friction. They can use the EOS blockchain without knowing that they are using it.

2) They can earn reward tokens from the developer for using the app.

3) Their personal data  will become their own property and valuable. This change in "ownership" will have wide implications for the world. It delivers the holy grail of blockhain technology which is to return power to the individual. Nothing can be taken from us without our permission.

4) If they hold EOS tokens they will receive a string of airdrops like dividends with the bulk of it immediately after the mainnet launches.

5) They will be able to stake their EOS tokens to earn "dividends" be it for bandwidth or ram.

EOS

1) The aspect of locking up tokens removes them from the circulating supply and so will increase the tokens value. 

2) Being able to scale from day one is most significant. This by itself will bring over many of the apps that have already deployed on Ethereum but have floundered because of scaling issues especially in relations to cost of transactions. If EOS proves that it really can scale from day one then there is no stopping its price from "going to the moon".

3) EOS is not designed to be money. But being free to transact and being able to scale to billions of users may just make it so. 

By the look of things EOS have grasps and resolved many of the issues that are still besetting the more established blockchains like Bitcoin and Ethereum. We have always said that the future belongs to blockchain but it may not be Bitcoin. Looks like EOS has a good chance of being just that.

Just watching the worldwide EOS community come into coalescence, is just magical and awe inspiring. Nothing like this have ever happened before. Coins are usually "launched" and then toss down the mountain to gather momentum and users. This process actually brings everybody up to he mountain to lift the boulder together before tossing it down the mountain. It is a community that has learned from all the difficulties of the past 10 years, since the launch of Bitcoin. GO EOS!

A Final Note Just Before The Eos Mainnet Launch

This is a chart of all the announced Dapps and Airdrops that will be coming on to the Eos network.

You can get a better grasps on all the different Apps here.




This is such an exciting time to be watching the Genesis block come into existence. This just means that even just 1 token can lead to thousands of tokens and airdrops distributed free to your EOS wallet in the immediate future.

I venture to predict that EOS will displace Bitcoin (BTC) as the biggest market cap coin before the year is out.

1) All the airdrops above will spur the FOMO crowd. There is nothing more bullish than the FOMO push.

2) Most launch coins experience an initial selloff. EOS will be different. the success of the launch will bring in many investors who do not want to risk a failed launch. When successful the demand will be bigger than the supply.

3) This article is quite revealing about the true nature of EOS tokens. One billion tokens may sound like a huge amount for the value to reach $1000 or more but in reality many of these tokens will be tightly held.

All the Dapps will airdrop and following the airdrop will need to purchase EOS tokens in order to run their apps on the EOS platform. Watch this video

https://www.youtube.com/watch?v=EZfQ9YRtlmU

4) Finally watch this video for the live EOS launch

https://www.youtube.com/watch?v=WJVi8DOmSvw

I will update this post as the launch progresses.

A Heads Up For EOS

I have not posted in a while. This will be a very short post and a heads up to all my readers for EOS.

Why EOS?

1. Dan Larrimer have proven that himself with Bitshares and Steemit that he knows how to build successful platforms. EOS is his third platform and judging from the success and stability of the first two we can have confidence that this will be his best yet.

2. EOS is still in the ICO stage and has about another 30 days to go. Already the price is rising daily. This indicates that whales are starting to take position in this asset. I expect EOS to reach the number 3 spot in market capitalisation before 1 June and to be the number 1 coin before the year is out.

3. One of the main feature of EOS is that Block One funds projects to develop on EOS that will in turn air drop their tokens to EOS holders.You will get so many air drop coins continuously after launch that this pressure will just keep driving the value of  EOS.

4. Anyone who wants to use the EOS platform must own EOS tokens for accessing bandwidth on the platform. This locks up a huge amount of EOS tokens giving scarcity value to the balance of EOS token traded. Owning EOS is like owning real estate in the virtual world.

5. In almost all blockchains, you need to move some token (transaction fees) to make transactions. EOS is different. It is Free To Use. You can see an example of this in Steemit. This is the one feature that will propel EOS to the number 1 coin in the near future. Facebook will never be what it is today, if you have to pay to make post or likes.

6. The most startling statement is that the developer ( Block One ) explicitly states that EOS has no value, not good for anything and no promise of exchanging it for Real EOS tokens. What a statement to make if your aim is to sell something! yet the news around EOS all aims towards it being a real product. So this I see this as an opportunity. It is the reason why the price is not higher. There are many people waiting for more certainty before they invest. The current price incorporates this risk, and with risk is opportunity.

The reality is that this is a legal position taken by Block One. Sort of a nudge nudge, wink wink, " EOS has no value, You know what I mean, huh? " The last thing that you want is for EOS to be deemed a security by some authoritarian jurisdiction like the US and China. The current ICO specifically excludes US and Chinese citizens from participating.


This I find is a good video

https://www.youtube.com/watch?v=mCYIQxb1OYc