I have been reading a lot on EOS. The deeper I get, the crazier I feel. It is just so mind-blowing. That has actually affected my writing and coding time . I've ended up turning simple posts into mini-books but thank God, I had a discord lecture on Blogger's Heaven. This afforded me the opportunity to at least, have something concise to post .
It was supposed to be a lecture about EOS but it ended up being a lecture about BLOCKCHAIN and CRYPTOCURRENCY. I feel having a background knowledge of these two concepts will further prepare an EOSist (i coined that word) to understand what EOS is all about.
HERE IS THE LECTURE
BLOCKCHAIN AND CRYPTOCURRENCY (SIMPLY EXPLAINED)
Starting with the basics... You need to understand:
- What a blockchain is
- What cryptocurrency means
Don't be apprehensive about the complexity...They are simpler than we think
The only reason why blockchain concepts look complex is because of the extra features that it comes with it.
WHAT IS A BLOCKCHAIN
A blockchain is just a database
A database is just a store of information
What differentiates a blockchain from other forms of database is the way in which the content is structured
Other forms of database are always written in a whole
An excel sheet of a list of students in a school is a perfect example of a simple database
Like most databases, this excel sheet has the names contained in a single file and all Names are visible without it being hashed (hashed means being passworded and hidden with codes)
In a blockchain, the data is created bit by bit
For instance, let us say we have 20 students in a class, here is how it is going to be stored into a blockchain
- The names of the 20 students may be broken down into different equal sizes
- Let us say 5 parts each with four names
- Then each of this parts will be stored in what we call 'Blocks'
- That gives us 5 blocks with four names in each
- These blocks will then be locked with a password, such that the password of the first block which is always called the genesis block is also linking to the password of the second block, then continually as the block list increases`
- This password linking is what we call
chain - The reason for it is to avoid hacking of the blockchain data, 'cause for you to unlock the password of any of the blocks, you need to start the hacking from the first block, then to the second block, on and on and on.
- And that is very stressful because blocks are consistently being produced even while the hacking goes on
So that is what A blockchain is.
NOTE: A list of blocks in a blockchain is called a Merkle Tree
I might not go deep into what a cryptocurrency is because of time
Important Terms
A cryptocurrency is the currency that runs the blockchain reward system
Data Processing Activities are called transactions, for instance, posting of this blog is a kind of blockchain transaction as far as steem is concerned.
There are entities that power softwares that verify blockchain transactions, they are called Miners or Witnesses
Or block Producers
This verification is for the pure purpose of preventing blockchain abuse
Their name differ based on the method of verification each blockchain operates.
Whenever a verification is done, the blockchain system pays the verifier a certain amount of the cryptocurrency that the system operates with
So if the verifier (miner in this case) is on the Bitcoin network, he will be paid in btc
This is why a cryptocurrency is needed to power a blockchain.
By the way, crypto is a word that simply means securing something by some sort of password-ing
NOTE: All definitions are made up by me for purpose of easy comprehension
A LITTLE TALK ON EOS
- Now that we understand the meaning of blockchain and cryptocurrency, it should not be so hard to explain what EOS means
- To start with EOS is a word that describes a lot more than you think it does
- EOS is the part-name of the software (EOS.IO software) that powers the EOS economy
- Every blockchain is seen as an economy because it operates with principles and philosophies that a nation's economy operates with.
- Although, I feel that EOS will be a multi-economy
- It will most likely be that
- The software that powers the EOS economy is called the EOS.IO software
So, next time, someone says EOS is a blockchain
Tell them it is not, it is a blockchain operating system
It is meant to be a multi-blockchain system
I don't really wanna go so technical
So let me just go straight to why you should buy eos
I don't want to repeat myself,so I suggest you read my blog post on that
So I will just give some few details about EOS because I think the blog post answers it all
- EOS is a very technical multi-dimensional crypto-system
- EOS is meant to be a community driven system
- Your (voting) power in the EOS community is directly tied to the amount of EOS coin you have
- At the moment, EOS token is on the ethereum. Blockchain. Once EOS gets launched, this tokens will be replicated in the new system
- Just the way you have them in exact value proportion
- So if you have two EOS token now, you will have two EOS coin when EOS launches
- There are certain precisions that I am not hitting as regard the launching but its better that way to keep things simple
- Most airdrops that are being done now, they are done in accordance with the amount of EOS token you have
- There will be more airdrops, I think,so holding EOS token, blesses you with more money. Yeah, money. There is no point trying to be immaculate
EOS will make you richer.
That was how the lecture went but since my last post , I have discovered so much more about EOS, I think some one needs to write a book titled "EOS for a Normal People" , to explain EOS in simpler terms.