EOS Educational Series – Part 1 – Basic Overview

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While we are diving in on our IOTA series on the other side of the blog, I wanted to take a step into another digital asset as well. One asset I have strayed away from, but keep hearing about. That project is known as EOS. Besides the interesting marketing schemes we have seen from Brock Pierce one of the hype boys for EOS, the project has plenty of positive attributes. Because of these attributes and my overall lack of knowledge on the entire project, I took aim to learn more.

During my short journey into the EOS project, I found a lot of interesting things out that I had no idea about. In each part of the EOS series I am going to expand upon these topics and talk about the fundamentals of EOS, the history, the DPOS consensus algorithm, and more. Starting off the series, lets take a look at some of the basics of EOS, and discuss things that I found interesting while digging in. This will be the fun post just talking about the project and some interesting facts.

Nothing should be considered investment or financial advice. Enjoy the ride.

Interesting Things About EOS

I will be digging deep into EOS, but for this post I want to take it easy. By that I mean I want to just simply talk about the project in general. For this post we are going to talk about the sentiment around EOS, price movements, where I place the project in my mind, and top this off with some interesting things I found out about the project I did not know.

Taking it easy is the best way for readers and new investors to get a feel for the project. That is just what we aim to do on this series!

In full disclosure, I do not own any EOS. I think I bought 10 tokens at one point, but liquidated them as soon as the project went up to gain more Bitcoin. After this series and learning all there is to know about EOS though, I will be completely honest and let the community know if I decide buy EOS tokens or not! Stick around to find out.

I am always looking to add new amazing projects to my portfolio, but they have to fit into my portfolio. For instance, I probably will not invest in two projects that are aiming to accomplish the same task on the market. That would be like investing in Bitcoin and Bitcoin Cash or investing in Ethereum and NEO back in the day. You really need to choose one project per purpose in my book.

Moving forward, lets start with where I picture EOS to sit in the market. What is EOS purpose?

What Is The Purpose Of EOS

Now this is going to be a mix of my view so far and the view of the creators. The way I see it, EOS is a platform that is being built to be self governed, scalable, and offer smart applications to be built upon it. They goal of EOS is to be able to host all of the worlds transactions, interactions, social media interactions, and trades all on one blockchain solution!

While this sounds great – I see EOS a little bit differently.

All of those things are obtainable goals that the CTO of Block.one, Dan Larimier, is aiming for. He is a brilliant guy. Although, where EOS really shines currently is in the game development category. On top of that, EOS hosts some of the most widely used and adopted decentralized applications across the market, and it has gained the attention of some of the largest game development companies in the world.

With that being said, I clearly see EOS as the future of gaming development, virtual interactions, and VR. Think about it, games are constantly coming out and players have to lose their skills or levels from jumping from game to game starting fresh. What if all of the games were interlinked at a minimum through a general account hosted on the blockchain. On top of that, developers could build upon previous games and set up the current games for futures ones as well. Users could eventually have a virtual reality world hosted on a decentralized platform for security, anonymity, and enhanced features. The possibilities are endless, and with VR right around the corner EOS is primed to take over the gaming industry in terms of processing, storage, and hosting.

EOS Foundation

Besides my bias opinion on EOS being a gaming blockchain, there were a few things I found out about EOS during my research that surprised me. You see EOS has been mostly constructed by experienced blockchain developers from the start. That means before this project even saw the light of day, the founders and creators had an advantage over other projects from their experience on previous decentralized projects.

Most notably, EOS stems directly out of two projects that are huge in the decentralized world. Those two projects are the successful BitShares which is a decentralized type of exchange and formidable Steam network which is a social platform. Both platforms boast daily usage in the tens of thousands and give EOS an impressive foundation to be built upon. Clearly the founders understand a thing or two about building successful applications and platforms.

In addition to the history of EOS, the project itself hosts a few impressive implementations. For one, there are no fees across EOS. Personally, I did not know this and realized it only after doing some digging. The platform is also run off of a delegated proof of stake system (DPOS) and it works in a few interesting ways. For example, anyone can stake their tokens and in return receive an equal ratio of the networks processing and storage. Although, if the staker wants to relinquish their staked tokens to move or sell them on the market, they must also forgo their storage capacity and processing power.

EOS Market Position

This really give the economics behind the EOS tokens a new light. This means that as companies or gaming developers start to build upon the network and utilize the blockchain storage and processing to build upon, they will actually have to remove tokens from the network. In doing so, they actually help protect the value of their investment in the EOS chain.

Those are just a few of the realizations I came to during my initial research sessions. Other than that, the project itself and the team behind it are quite renown. The EOS crowdsale or ICO raised billions of dollars itself which means this project has a pretty good lifetime behind it. While there has been a prolonged crypto winter, the project raised plenty of money to survive for years and years without being profitable.

On top of that, the EOS token has maintained a top spot in the market despite the constant turmoil and shifting scene in the top 20. That is impressive for any token and speaks to the consistency of the project sentiment and investors supporting it.

Not to mention the volume for EOS tokens traded daily is fairly high considering its purpose and reactivity to other top projects. In addition, the EOS token also managed to make its way directly to Coinbase also further cementing itself in the market long-term. Coinbase is the number one retail provider on the market right now.

All of these factors mixed together spell out a very good situation for a project to become successful in the crypto space. Although, there is still plenty of work and development to be done before that becomes reality.

EOS Educational Series

I hope you enjoyed this short post on some of the things I found interesting about EOS. The project has a lot going for it, and a very good foundation. As we continue to dig in, we will see if any of it matters once we look under the rug and dig around the trenches.

For now, thanks for reading and make sure to follow up on the EOS educational series Part 2 coming soon which will discuss the history and ICO in more detail.

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  2. […] back to our mini EOS educational series. In the last post we discussed some of the most interesting things I found out about EOS after […]

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