Why do I believe EOS holds the key to Mass Market Crypto adoption?
The EOS Mainnet Launch Group (EMLG) voted almost unanimously over the weekend to take the EOS blockchain mainnet live, reports Coindesk.
With this vote, a set of appointed block producers will move to take the network live. Block producers will be voted on by EOS token holders.
Coindesk notes that many of these block producer candidates have put in a lot of time, money and work up to now. Will the ones who don't secure a coveted validator spot move to launch a rival version EOS?
My view
Why does this matter?
Firstly, because EOS recently raised over USD4bn in the largest ever token issue, to fund the establishment of the EOS bockchain as a major competitor to existing chains like Bitcoin and Ethereum.
Secondly, because the EOS network has eschewed energy-wasting proof-of-work mining and opted for a proof-of-stake protocol, whereby block validators are voted on by EOS owners, and are then selected to validate blocks according to how much EOS has been 'staked' on each validator’s behalf. If EOS is successful, it could denote a significant landmark in the transition of public crypto blockchain technology away from proof-of-work, with potentially significant implications in the mid/long-term for GPU and ASIC demand.
Thirdly, because the EOS network will be a major test of app developers’ demand for a new 'fifth generation' blockchain, utilising the rare 'proof-of-stake' validation approach, complete with smart contracts, and a new crypto token. Many crypto enthusiasts believe proof-of-stake will resolve the capacity issues that have restrained merchant take-up of public cryptos like bitcoin and ethereum.
Fourth – because until now, the role of 'more than a crypto currency blockchain' had been played to some level of success by the Ethereum blockchain (market value of ethereum tokens = USD53bn), albeit that chain's weaknesses were shown by digital kitties collector app Crypto Kitties. Ethereum's developers are urgently working to find a way to migrate from capacity-constraining proof-of-work mining to proof-of-stake, as used by the EOS blockchain.
Fifth, because another 'fifth generation' blockchain is currently in development by Telegram, the messaging app. The Telegram Open Network (TON) recently raised USD1.7bn, and although it is some way behind EOS, it does have the advantage of access to Telegram's 180m messaging users as a potential audience for apps and services on the TON blockchain once it launches (probably in 2019/20).
What do you think?
Trading Platform with High Volume & Low Fees : Binance
You don't want to miss a Crypto news?
Follow me on Twitter and Facebook
You got a 32.27% upvote from @emperorofnaps courtesy of @vlemon!
Want to promote your posts too? Send 0.05+ SBD or STEEM to @emperorofnaps to receive a share of a full upvote every 2.4 hours...Then go relax and take a nap!
This post has received a 15.19 % upvote from @boomerang.