#02 Why I am Super Excited about EOS
As a professional risk taker my investment in EOS is the largest bet of my life. I normally preach diversification, risk management and caution to the point where some people have even accused me of being paranoid or preaching doomsday scenarios….but with EOS I am loaded up. Over the next few days the EOS Token Sale will conclude and the MainNet for the EOS blockchain will be launched. I am so excited I feel like an 8 year old kid in a candy store. I have genuinely lost my mind in anticipation of this Cryptos launch.
There is still a part of me that has doubts. That little voice that says “It’s vapourware” and “It’s unproven” and “It’s highly speculative” and “There’s too much hype”. Normally that is the voice I listen to and I could be about to take the biggest fall of my life. But I am a believer, I want to believe. The Distributed Proof of Stake technology works. I am a fan of both BitShares and STEEM. I use them on a daily basis and they have REAL utility. At the risk of becoming another Dan Larimer fan-boy, you have got to credit his technical nous. His projects WORK and I am betting heavily that he will pull another rabbit out of the hat with EOS.
Here are a couple of reasons why I believe that EOS is going to be a game-changer if it can deliver on its promises and perform according to its stated design.
1. Speed If you thought the existing DPoS of BitShares and STEEM were fast with a 3 second block time then hold on because we are potentially looking at block times of 0.5 seconds with EOS. Compare that to Bitcoin with 10 minute block times and it contrasts just how much of an old dinosaur that technology is now. In the world of IT where I have lived for years, it evolves fast and speed is everything. EOS could be about to blow all those old Cryptos out of the water for speed.
Scalability
This is the one that everyone forgets about when they get all hyped up about Cryptos. We have 1 MB blocks for Bitcoin which severely limits the throughput of transactions. Other major Cryptos are not much better. Yet we have a proven DPoS blockchain with STEEM that has the most transactions occurring in the entire sector. EOS is looking to be even better and will potentially be able to perform millions of transactions per second.Cost
The cost for transactions on the EOS network is going to be….ZERO. They intend to use a similar system to STEEM where transactions are already free. When you put this against some of the major cryptos suddenly EOS is a clear choice for the sort of microtransactions we are going to need to support Decentralised Applications. We have already seen Ethereum get bogged down just with a basic DApp like Crypto Kitties and causing a spike in transaction costs. EOS won't even flinch at a basic DApp like that.Smart Contracts
I’ve already gone on the record about how I believe The Traditional Stock Market is Redundant along with a whole bunch of centralised organisation because we now have Smart Contracts that can eliminate a whole bunch of middle-man functions. EOS is bringing in Smart Contracts on a lightning fast and cheap blockchain that can scale. EOS has long been pitched as an Ethereum killer and I think Ethereum was ground breaking itself just 2 years ago. This space is moving really fast and Smart Contracts could be about to go NEXT LEVEL with EOS.Governance
Anyone who has used BitShares or STEEM would understand that there is a baked in governance framework where users can vote on things with their stake. EOS is again taking Governance to the next level with Dispute Resolution protocol that will be very interesting to see in action. I honestly don’t know how this will work, but my point is that EOS is innovating in another very important and problematic space. If they can get this part right they will take another great leap forward in the Crypto space.
So yes, I am excited. I’m giddy as a schoolgirl about the possibilities for EOS. Anyone who knows Crypto technology and understands the benefits will see some of the enormous upside potential with this project. There is every chance there will be a hack, or a dump as the launch occurs and yes, I do have enough at stake that this possibility makes me very nervous. But the upside potential for me far outweighs the downside risk and when it comes to professional risk taking – that’s what you’re looking for.