Looking at the blockchain space there’s too many blockchains doing different things, and there’s also many that are doing the same things. Each blockchain is trying to be better than the last; be faster, cheaper, safer, and more scalable. This competition amongst blockchains has become a race of headless chickens when it should be a driving force for improvement.
As user’s and investors of such blockchains we’ve lost sight of the destination and everything has become about the price of the native tokens. It’s disappointing that a blockchain’s value is now judged by the price of its token rather than what it can actually do. This has created a toxic environment of price manipulation among many cryptocurrencies in the hopes of encouraging stakeholders to stay hopeful and engaged.
In the earlier days, emphasis was more on the mission to make blockchain the underlying protocol for every service industry in the world. We’ve since sidetracked from that direction. Bitcoin is still as substandard as it was 11 years ago, and Ethereum is still as slow and expensive as I remember it to be a couple years back. None of these projects have really improved in years, it’s all just a market for traders to make money from disappointed sellers. Even new projects that spring up supporting these blockchains with fresh funds, are just concealing the fact that these blockchains are far from being able to scale for mainstream adoption. Unknowingly they continue to pile valuable resources into them, like pushing a car along the highway and hoping to kick-start its engine. The engine can no longer keep up with the busy world of today.
This running around in circles is a huge problem and something that’s frustrating many people in this space. Decentralized blockchains have access to a global developer workforce and yet development is slow as a snail. Again this is due to people focused on profiting, so much so that they no longer get the big picture. It took me just 6 months after the launch of EOS to realize that it was already achieving much more than many of these blockchains have achieved in years. That’s when I made the decision to transfer everything I had to EOS, except for a few tokens as souvenirs.
Road to Mainstream Adoption
What I quickly realized was that EOS was keeping true to its mission to scale in order to be able to support mainstream adoption. A mission that seemed improbable on any other blockchain. To even have a shot at scaling the more serious projects have had to sacrifice decentralization. To my knowledge EOS’ visionary Delegated Proof of Stake is still the only algorithm to have theoretically solved that problem whilst maintaining decentralization. In general, development teams behind EOS aren’t longing for profits. Block Producers are well compensated for their work, and organizations such as Block.one and LiquidApps are well sustained financially. These stake holders’ only concern is to create as much value as possible to the EOS network, and realizing that eventually price always mirrors this value.
EOS surpasses every one of the high market capped blockchains in transaction speeds, scalability, and is the only blockchain with zero transaction fees in the top 10 of CoinMarketCap. In less than two years EOS has built infrastructure worthy of being regarded as the best blockchain on the planet. But instead many people outside its ecosystem still unfairly label it as an underdog. A blessing in disguise when I consider the burden that comes with having a high price tag; it attracts a crowd and that often puts a strain on the network i.e. development.
Being an underdog affords EOS time to build its infrastructures to perfection. That is why EOS is able to roll-out updates at such a rapid pace, it has time to focus on what’s important. When you’re building something as valuable as EOS, there’s nothing more valuable than time. If it is a race against time to be the first blockchain to reach mainstream adoption, then EOS is years ahead of competitors.
Time is Money
Time = money, and money buys time. Block.one managed to raise $4 billion in its token distribution of EOS. These funds not only afforded Block.one time, but they also gave them enough runway to really prepare EOS for takeoff. In just a year and a half we can already see the signaling for this takeoff. We’re already looking at EOSIO 2.0, maybe even 3.0 by the end of 2020, and the launch of blockchain’s first mass application – Voice (Feb 14, 2020). Block.one has set goals that other blockchain projects deem unrealistic for the near future, Voice is one example of such. This social media platform has got Mark Zuckerberg low-key shaking and rebranding Facebook’s logo to resemble Voice’s theme colors. Coincidence? I think not.
EOS(IO) continues to push boundaries in providing unparalleled infrastructures for products and services. This blockchain protocol is built for multi-purpose, facilitating diverse applications from gambling to AI services. Basically if organizations want to deliver quality high performance services then they have to deploy their products and offered services on EOS(IO). For instance, Everipedia, a decentralized encyclopedia, strives to be a more factual, accurate, and unbiased alternative to Wikipedia.
Future of the internet
Moving into the future EOS(IO) will be the backbone for some of the world’s best automation systems such as driver-less cars. The EOSIO protocol is capable of being privatized for sensitive use cases like the storage of customers’ personal information. Putting such information on a fast decentralized network offers strong security with no single point of failure/cyber-attacks. Information/data can be transferred and accessed instantly as if it were stored in your own computer. More public data can still be run on a public blockchain to show transparency and promote trust among clients. But having a private blockchain that runs parallel to the EOS blockchain has obvious benefits for transactions of sensitive data. A prime example of how EOS can help organizations deliver world-class products combined with a world-class service.
Just as blockchain projects are rushing for mainstream adoption, real world organizations will be rushing to be present on blockchain. There are countless organizations that have faced irrelevance because they either refused or were late in building an online presence on the internet in the early 2000s. The world’s biggest companies today are internet based – Amazon, Google, Facebook, Netflix etc. And the smaller organizations that managed to build an online presence earlier on have grown tremendously. Data acquired through internet services has become the world’s most valuable asset (ahead of oil) and blockchain is able to distribute that value to the users. Put plainly, the competitive advantage blockchain has over traditional system is one organizations shouldn’t take lightly.
Digital identity and governing protocol
EOS will likely solve the issue of identity verification and identity theft through the implementation of Block.one’s patented Secure Digital Identity solution. The internet’s struggle against spam and bot accounts will be a thing of the past. This is the type of verification built specifically for the 4th Industrial Revolution (technological revolution), and it is more secure than government issued forms of identification. It will surely be the standard form of verification for Society 5.0. There goes the notion that blockchain is used for money laundering and terrorist activities.
We’ve already seen one sovereign nation (Marshall Islands) create its own cryptocurrency modeled after EOSIO’s blockchain protocol. It isn’t far-fetched to think other nations will follow suit and even go as far as building theirs using a modified version of the EOSIO protocol. Aside from building their own blockchain and cryptocurrency from scratch, EOSIO is by far the best option to do so. EOSIO’s Delegated Proof of Stake (DPoS) algorithm makes it feasible for nations or government to delegate different tasks to different branches of government. This would make governing easier, more efficient, and more transparent as each delegate could be held accountable in way that just wasn’t possible before.
A world awaits…
I could go on and on about EOS’ many use cases and even speculate further about its other capabilities. But I think it is clear that EOS leads its competitors when it comes to performance, affordability, and scalability. Its tensile nature gives more room for organizations to develop systems that closely align with their mission. I believe all of these qualities are what organizations are/will be looking for in a blockchain.
Luckily they won’t have to build one from scratch, it is already available for implementation. These are the reasons I chose to align myself with EOS 2 years back. I was fortunate to have already been in the blockchain space and seeking for something better than what was available. It’s the same reasons I believe people and organizations will adopt EOS without thinking twice about it once it’s ready to be marketed to the mainstream.
Thank you for reading!
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