Exploring EOS is a podcast all about the EOS project. Today I’d like to tell you just a little bit about why I think EOS is fascinating and why I’m starting a podcast to explore it with you.
EOS is a cryptocurrency, sometimes referred to as an alt-coin, but it is so much more than just that. It is thought of as Ethereum on Steroids.
Ethereum is the #2 marketcap cryptocurrency and with good reason. It allows distributed applications to run on top of the ethereum network. This decentralized network acts as a ‘virtual machine’ and actually provides the computational resources to run applications. It’s a pretty revolutionary concept.
However, ethereum has some fatal flaws. These issues are being worked on but I’m not hopeful that they will be completely solved anytime soon.
It has become more centralized than many would like. While there are many miners, most of them are concentrated within a handful of mining pools which means that just a few entities control the majority of the network.
EOS has an answer to this. Instead of anonymous miners, EOS uses known block producers who compete for 21 block producer spots. Having 21 set spots sounds somewhat centralized but it’s actually less centralized than both ethereum and bitcoin in practice. These block producers are voted in or voted out by people who hold the EOS tokens.
I’m generally not a huge fan of elections as they are really just popularity contests. But EOS does their voting in a way that is significantly improved over what most governments do.
Power consumption is a problem as well. This is something that ethereum is working on. They are trying to move from proof of work, which is very power intensive, to proof of stake which is less so. However, the fact remains that bitcoin and ethereum are both using tons of electricity. Those are resources that could be used in a different, better way.
Scaleability is probably the most important reason I like EOS over other projects. Ethereum can only process something like 10–20 transactions per second. Bitcoin is even worse. Both ethereum and bitcoin are working on this but it’s hard to see a great solution to the problem within the frameworks they are using.
EOS is launching right out of the gate with 1,000–6,000 TPS! This is much faster and would be able to handle the capacity of paypal no problem. Not only that but the EOS team says that they should be able to get up to 10s of thousands or even millions of TPS in the future.
Another huge reason I like EOS is that it just seems like they keep getting good news and they keep demonstrating that they know what they are doing.
For example, they have partnered with venture capital firms to help invest in distributed applications to be built on EOS. They have even committed over 1 Billion dollars to help fund dApps!
So not only is the project itself very well funded but they are funding other projects to ensure that EOS gains more widespread adoption.
There are several dApps that are going to be ready to launch right away and we just heard that the CFO of a large Australian bank has decided to leave his job to join block.one.
Developers are coming in. Money is coming into the EOS ecosystem and talent is coming in too. This all bodes very well for EOS.
Why the podcast?
As I learned more about EOS I started to look for podcasts on the subject. Podcasts are my favorite way to learn. However, there was only one EOS podcast and their format wasn’t really to my liking.
So this podcast is a way for me to learn and explore EOS and you are invited along for the ride!