My Path to Crypto

This is my first ever Steemit post so please let me first say Hi to everyone on here.

My name is James and Im a Pilot usually but I have become interested in the potential of Cryptos... How...? Ill explain.
After coming back to Australia after a stint in Papua New Guinea(just north of Australia) I was at a party and heard about Bitcoin, I had heard about it before, albeit on the news somewhere ages ago, but didn't think any more about it then. What was different this time was that I actually now know someone who had actually brought some of it and the fact that it was still in existence surprised me. I started reading stories and articles about how people were actually making money and trading in it. I thought to myself OK there has to be more to this Bitcoin thing than meets the eyes. So being quite inquisitive, as I am, I taught myself all about blockchain, mining DPOW(Delegated proof of work) and DPOS (Delegated proof of stake) and much more, and I started to actually see world life benefits of this technology. In my research though I also found out how much electricity it takes to mine bitcoin and that after all this mining and energy used it could still only complete about 3-7 transfers per second. This had a bit of a negative impact on me and although I can see that bitcoin is a store of money, per se, I really don't think this is going to be the crypto for the transaction masses and certainly not going to be able to compete with the likes of Visa. On top of this the transaction fees are just increasing and will only get worse and of course there are the scale-able issues.
One of Bitmains Bitcoin Mining facilities
https://cointelegraph.com/news/as-bitcoin-mining-stabilizes-bitmain-announces-the-release-of-its-new-s9-asic-miner

This made me think there must be a better solution than this and after some quick google searchers I discovered Ethereum

What I liked about Ethereum was that it had a platform that already allowed Dapps(Decentralized Applications) to be able to run on its network. With the EIP(Ethereum Improvement Proposal) you could clearly see that there is a dedicated team behind making the many improvements in which it still needs but after buying and sending some Ethereum to various wallets and to exchanges I was still a little shocked at the time it took, especially in the days of computing. After some research I found that the Ethereum network too is quite slow, much faster than Bitcoin but still only about 25TPS. Gas prices keep rising and latency is becoming an issue. I realised quickly that to be of any world use though it really needs to be alot faster. On top of this I had questions about the decentralized nature of Ethereum when you realize that companies like Bitmain control a vast percentage of the mining that is going on with both Ethereum and Bitcoin.

Bitmain is stated to control about 42% of the mining hash rate of bitcoin in the last week getting very close to the magical 51%.
Sourced from...
https://ethereumworldnews.com/bitmain-dominates-bitcoin-mining-hashrate-almost-at-51-percent/

I was finally able to articulate after many hours of research and thought of what I believed would make a great crypto.

1 Something decentralized.
2 Transactions per second to compete with VISA or seriously there is no point even continuing
3 Scalable
4 Free for the user to use, Imagine having to pay a fee each time you posted on facebook.

Along comes EOS

After realising what a crypto needed I soon discovered EOS in about April 2018, I mean how could you not as it was plastered all around the internet with news of its upcoming transfer onto its own mainnet. The creater, Dan Larimer and the Block one team seemed to understand exactly what was needed to have a successful cryptocurrency. It promised to satisfy all the criteria which I was looking for and I was actually shocked that there was something which lined up with my thoughts about what was needed.

1 Something Decentralized. Im sure ill get blasted over this one as the idea that 21 block producers can in no way compete with the likes of Ethereum but if you realise that there are something like 3 main mining pools which control the majority of the Ethereum network then you will realise that in fact EOS is by far more decentralized. On top of this if a block producer is not doing a good job then it gets plastered all over the internet (Reddit, Steemit, youtube, twitter to name a few) and they get voted out by the community, so in actual fact I believe it is by far much more decentralized

2 Transactions per second. With EOS using Block producers using the model of DPoS in lieu of DPow this has allowed for a much much faster transaction per second as compared to Ethereum in fact Ethereum is running at 100% with a number of operations in the last 24 hours of 679,508 where as EOS which has had 521,588 operations in the last 24 hours is only at 0.04%. There is really no comparison.

Source is taken from http://www.blocktivity.info/

EOS is testing at 50 000 tps at this present moment and they know they can go higher.

3 Scalable Things become unscalable when the block size limit is incapable of handling the number of transaction. EOS is designed to be highly scalable in that it can allow much more traffic through what i call bigger bridges as well it can add more parallel bridges in whats termed Inter Blockchain Communication. EOS is designed to be infinitely scalable.

4 Free for the user to use, I have noticed though some ram fee which i was not expecting, not sure what happened there but compared to Ethereum it is virtually free.

So as i re-read this I realise it sounds like i'm on the band wagon for EOS and i know there are alot of other coins and many other points which I have not discussed but I just wanted to share my thoughts on how I got here. One thing that does surprise me though is how much of a hit EOS gets. I think people forget all the teething issues that went on with Ethereum, I mean look at why we have ethereum and ethereum classic for example. These technologies are so new and EOS does really feel like a huge experiment. I will watch very closely and i really do hope EOS works out all of the issues... Maybe Ill address those in my next post.

Please give me any feedback, let me know if there is anything you disagree with, even though I have tried to get my head around all this stuff I do confess i certainly do not know it all...
Regards
James