Depending on how informed you are when it comes to following new developments in the world of cryptos, you may or may not have already heard of EOS. This is young crypto that has an open-source infrastructure and so much potential that many of the most magnificent cryptos in the world feel threatened by it. Let’s find out why.
Strong team, stronger support
Before all else, we should start talking about this project’s team first. This is only natural, considering that its platform has yet to be launched, and before we can see what it can indeed do, we can just measure its potential by exploring its backers and developers.
First of all, EOS was created and developed by Block.one. This company works as a foundation with a goal of providing an open-source software that would be autonomous, and it can do so by collecting money. Its CEO is an entrepreneur, Brendan Blumer, while its CTO is Daniel Larimer, another entrepreneur who is already well-known when it comes to his technical skills. His experience can be confirmed by taking a look at how Steemit and Bitshares are doing since both were designed by him.
As if that is not enough, the team also includes Bithump’s former CEO, Richard Jung. Additionally, the firm established partnerships with some of the richest people in the world – Eric Schmidt and Mike Novogratz. With such an assembly backing the claims that EOS is going to be a complete game changer, how can you not have trust in it? None of these people need money which would inspire them to trick already careful and sometimes even paranoid investors. What they are doing is legit.
It is all about decentralization
Daniel Larimer understands the importance of decentralization, and that can easily be seen from the nature of his previous two projects. Both Steemit and Bitshares are decentralized, with Bitshares being a decentralized exchange, and Steemit being a decentralized blog, or social network, however, you wish to see it.
Now, he continues his fight for decentralization, and EOS is going to be his next big decentralized project. It is an entire operating system, and it will allow its users to create and host rather specific networks.
It is important to understand the potential that a decentralized network can bring since all of the payment processes and social media are aiming at using them. There were speculations that Ethereum’s network might be the one to host them, but at this point, with its speeds, it is simply not going to happen. EOS developers recognize this need, which is why EOS’s network will be the place where the future is going to call home.
The tech behind EOS
As mentioned previously, the team behind EOS understands the needs of the online users. Because of that, they are implementing a lot of things that are and will be needed. We are not talking about a couple of improvements here, but instead, it is an entire futuristic setup, which means that EOS plans to stay for a while.
It will provide DPOS (Delegated Proof of Stake), which is another Dan’s creation. Then, users will have the chance to use names instead of addresses while creating their account, which will eliminate the need to remember long addresses which can, at times, be completely unreadable.
Another new feature will include roles and permissions, which will allow for pretty much anything when it comes to sharing data. You, as a user, will be able to decide who has access to data that you store on the blockchain, who can have an influence over it, and so on.
Additionally, the EOS whitepaper also mentioned sandboxing. According to the whitepaper, when an app starts acting unusually, the account’s code can be replaced without hard fork being performed on the entire blockchain. This is something like freezing the said account. A lot more is mentioned by the whitepaper, but apparently, some very big changes are coming with EOS.
Finally, let’s also mention the transparency. To allow anyone to enjoy the participation in EOS ICO, the team distributed their coins during 341 days. A lot of people believed to be an act that indicates a scam, designed to trick investors and get away with a few million.
The result of the decision to make this kind of ICO is a lot of money. According to some estimations, the team might end up with anything from $2.3 billion to $8 billion or even more. It definitely marks one of the most successful ICOs in history.
So yes, with all that (and more) going on for EOS, even before the platform was launched, it is definitely a smart investment. Eventually, it might be seen as one of the most significant steps towards utterly decentralized society.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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