It is essential to address the elephant in the room within the Cryptowriter demographic: It is largely an EOS supporting community that makes some users care a lot less about other cryptocurrencies. I am far from an EOS veteran like Dan Larimer, but I can offer you what EOS is like from my perspective as a curious new investor who is first stumbling upon this currency.
“Knowledge rests not upon truth alone, but upon error also.” ~Carl Jung
The first thought running through my head should be apparent - I had absolutely no idea what EOS was, so I did some exploring and find it is a cryptocurrency built on the EOSIO blockchain platform, which has a surprising number of promising applications for other forms of blockchain development to be used in a variety of environments. It would appear the EOSIO blockchain is more of a gold mine than the EOS currency itself, in ways that apply to the future.
As an Environmental Science student and a person who regularly critiques Bitcoin and Ethereum for having slow confirmation times and high transaction fees - I was not let down in the least by EOS. EOS transaction times are nearly instant. EOS is the first-ever blockchain with carbon-neutral capability; it uses 66,454 times less power than Bitcoin and 17,236 times less power than Ethereum, all while aiming to remove transaction fees that are already nearly non-existent completely.
EOS seems to be everything I was looking for and more in Nano (NANO) and Stellar Lumens (XLM). My ideal currency requirements were not to be bad for the environment or waste power in a PoW fashion needlessly; it would need to have very fast transaction times, low to no transaction fees, be decentralized, be community-oriented concerning governance, and offer staking opportunities of some kind. EOS hits home on all counts with the added bonus of a highly intriguing blockchain that will lead to endless expansive projects and prospects via DAPPs (decentralized applications). I am thrilled to learn and write more about it in the future. I have no doubt I will be able to use the EOS blockchain platform in my career; the project’s goals seem to orient around my passions.
This article started as a question of “Why EOS” and quickly turned into a question of “Why not EOS?” and I am having a hard time drawing up answers, to my surprise. It definitely has more social support than Nano or other environmentally friendly options with more perks and a higher value. I have already begun investing in EOS, but I am planning on putting far more money into it in the near future after researching it outside some YouTube videos from Dan Larimer, which were quite illuminating; I find the best way to learn is to get out and investigate things myself and put them to practice.
I am a fan of how the Delegated Proof of Stake algorithm drives EOS by removing scalability issues typically seen in Proof of Stake currencies, limiting the number of transactions that the network can conduct at one time due to consensus congestion. I find few negatives with EOS that are not in the short-term only, as this is already a highly functional currency and only improving. I cannot help but wonder why it is shadowed Bitcoin and Ethereum - they are a joke when compared side by side on nearly all counts. It probably comes down to financial backing and age-related to social support, but I believe this will come to an end sooner than later with EOS expanding.
My conclusion on EOS is that I am amazed I haven’t been “properly introduced” to it sooner. I feel as if I’ve been missing out a great deal, and I just discovered something that should have been basic – but I have been busy writing about other types of cryptocurrencies for some time. I think it’s inevitable that I reached this point of discovery not only because of the broad support by the user base within Cryptowriter but because EOS offers solutions to all the questions I sought to solve with a cryptocurrency. EOS does so with very few flaws, none outside human error, and growing pains, from what I can tell. Now I see why Dan Larimer is so passionate about the blockchain platform in his interviews; I am quick to share his enthusiasm.
Stay smart & stay safe.
Questions and comments are always welcome!
This article was originally published on Voice.com
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