Many blockchain and crypto enthusiasts have heard about the EOS project already, but have a hard time understanding what the project is all about. To clarify this, and help beginners find their way around, the team behind the project has been posting a series of videos with a goal of explaining it as best as possible.
The EOS blockchain
When it comes to EOS blockchain, the first question that comes to mind might be “Who is launching it?” To some, this has an obvious answer – Block.one. However, this would be wrong. Despite the fact that the Block.one is the team that has been developing EOS for a long time, its blockchain is not launched by it. In fact, it is not launched by any centralized organization, but instead by communities.
This is something that first EOS video is trying to explain, and it says that the distribution of EOSIO blockchain comes through consensus mechanisms. Basically, the community is in charge, and is the “entity” that create EOS's value, while the team behind it merely provides the software for blockchain creation, which is open-source.
The great variety of problems and projects that need developing and solving will benefit from this greatly. The creation of various blockchains is expected to lead to a lot of competition among them, which will, in turn, lead to various possible solutions to the same problems. This is, in fact, the best side-effect of decentralization. Block.one has released a statement this Tuesday, and the first video that explains all of this came as one of its aspects. The video was later also uploaded on Twitter.
Is EOSIO centralized? pic.twitter.com/fa81OJfXOr
— EOS (@EOS_io) May 16, 2018
Is the EOS blockchain centralized?
This is something that has bothered many people interested in EOSIO, and the answer is no. It is actually designed in a way that would help with solving the problem that centralization represents. Its team has eve stated that it is as decentralized as it can get, at least for now. This is what allows the EOS blockchain to stand out since its very concepts oppose centralization
Many of these concepts include permissions to change the governance, which would also change the way that the blockchain itself operates. Once again, it all comes back to the community and its desires.
Basically, those who hold the tokens are also the holders of power. They are allowed to elect 21 producers of blocks, and they will be responsible for processing every transaction. That way, the interests of the token holders will be met, instead of the whole system following a centralized plan. This is explained in another one of the videos that the EOS team has published on Tuesday.
What does Block.one do, then?
As many are already aware of, Block.one is the team behind EOS, and its main focus is to work on its constant development. All of their EOS-related products are open-source and completely free to use. This is a great benefit for everyone who wants to be involved, since the software surrounding EOS allows for, basically, endless opportunities and possibilities.
EOS allows the creation of various blockchains, and they can be dedicated to solving any one of an entire series of problems. Due to the fact that each blockchain allows for various experiments, that means that each of them can try another approach to solving a particular problem.
Some even say that this is the future of the internet, maybe even its evolution that will create the next generation of it. It all revolves around increasing performance and lowering the waiting time. Anyone can create a new decentralized app, and thus become another part of the EOS community. You can learn more about it by watching the video that the team released this Wednesday.
— EOS (@EOS_io) May 17, 2018
EOS VC explained
What EOS VC, or EOS Venture Capital, does is that it provides various businesses with a capital support. This allows these businesses to make their own projects come true. These are mostly businesses that are already working with developers who are trying to build their projects on EOS.
World's leading VCs are going to receive $1 billion that Block.one will give away, in order to encourage them to use EOSIO. With a capital like that, they will receive a better education for their developers. Not only that, but they will also be able to provide more resources for the creation of the projects. You can learn even more about that in the Twitter video that was released on Thursday.
What is EOS VC? pic.twitter.com/J6XrJI5byI
— EOS (@EOS_io) May 17, 2018
EOS seems to be constantly advancing at a rapid rate, which can be seen by the results of their efforts. Just a few days ago, EOS has been added to an exchange that Komodo created, called BarterDex. The exchange was made through the use of a mechanism called Atomic Swap.
— Soldat (@Bl0ckchain) May 16, 2018
Hopefully, this has helped you understand more about EOS and what its blockchain technology can provide. If all goes well, then the internet might be a very different place in a couple of years, all thanks to this technology. A lot of problems can be solved by using it, and by trying out different approaches, the best solutions for the previously-unsolvable problems might be just one experiment away.