Hi Everyone,
Today on Ninelives we are going to explore EOS. Before writing this, I knew very little about EOS and this is as much of a learning experience for me as it is for you.
Why do we call this 9 lives? Because I'm @Crypticat and cat's are said to have 9 lives due to their amazing ability to survive. EOS has survived and become one of the top 10 coins and we are about to discover 9 reasons why😺
EOS.IO is new: It is under development and is still in it's Initial Coin Offering, (ICO) phase. It is the largest coin by market cap still in it's ICO phase and the target of $1Billion is very ambitious. You can go to the website and buy some https://eos.io/ unless you are American, or Chinese, or a Cat.
It's free: By essentially paying people to hold it through Proof of Stake (POS.) The more you hold, the more you are allowed to use or transact with the EOS blockchain. You won't actually get money, but you will get bandwidth. I prefer hard cash, gold, or Steem please😻
Decentralized Operating System: More like Ethereum than Bitcoin, EOS plans on enabling developers to build applications which run on it's blockchain. It will be decentralized and free to use.
EOS is fast: Because it doesn't require mining or complicated math to add a new block to the chain, the speed of verification aims to be 0.5 seconds. It will be able to move money or things around quickly, Litecoin which is said to be fast takes about 2.5 minutes by comparison.
Dan Larrimer: The creator of EOS, he also created Steemit and Bitshares (a Decentralized cryptocurrency exchange) Since Dan has created two sucessful projects, at least I hope Steemit continues to be successful, it is assumed by some that EOS will also do well.
Block One: The private company behind EOS. They say EOS will become decentralized in June 2018 after the ICO concludes. Since they will raise 1 billion dollars from the year long ICO, they will have more than enough money to do whatever they want with. Yes, 1 Billion dollars, I wish my hooman thought of this.
Utility Token: EOS provides both storage and bandwidth on the blockchain, so a programmer should be able to do almost whatever they want with it, except of course alter the past.
Scalability: EOS will be able to conduct millions of transactions per second as it has parallel processing and asynchronous communication (fancy talk for it can do many things at once). This volume destroys anything currently on the market, as a comparison, Ripple, XRP which is marketed as being able to handle large transactions currently allows 1500 per second and VISA has allows 50000 transactions per second.
User friendly: Most blockchains require a certain level of skill to interact with that is beyond what most people know, so as a result cryptocurrencies are not mainstream. EOS will allow toolkits and renaming of wallets to make it's use simple. Let's face it, most people can't even remember a 6 digit password and write it down and constantly forget it. Most people should not be using cryptocurrency in it's current form as they are prone to risk, EOS will change this.
Thank you for taking the time to learn about EOS, I really appreciate your support. If you think EOS is an excellent investment, please share your comments with us. If you think there is something important I missed, also let us know.
This is not intended to be financial advice. I do not recommend you purchase EOS and I do not own EOS, have never owned EOS and am in no way affiliated with EOS. Please do your own research.
If you scratch my back, I'll scratch yours. Please FOLLOW, UPVOTE, and RESTEEM. If you let me know your appreciation with a comment, I will follow you back and UPVOTE any quality posts of yours.
Bye for Meow 😸 mRrrrrrrrrr...