Could EOS be the Google of the Blockchain?

First there was bitcoin.  Then there was Ethereum.  Now there is EOS, the next generation foundational layer protocol for the cryptocurrency market.  What makes EOS different is that it is built for a new scale of performance, most importantly transactions per second.  Take a look at this comparison:

Transactions Per Second:

  • Bitcoin: 3
  • Ethereum: 30
  • Visa/Mastercard: 20,000
  • Facebook: 52,000
  • Stock Market: 100,000
  • Amazon Web Services: 1,000,000
  • EOS: “millions”

EOS will be the first blockchain protocol able to support trading exchanges, social networks, payments processors or any other system that requires massively scalable architecture.  This will solve a major pain point in creation of the blockchain – the fact that it could not handle huge volumes of transactions.  It is very reminiscent of Google’s launch of its scalable search engine following Yahoo!, Goto, Inktomi, and AltaVista’s early attempts.

On June 26th Block.one commenced its token distribution of EOS, which it calls the “fairest token distribution project” launched to date.  Block.one plans to distribute one billion EOS ERC-20 compatible tokens, called “EOS Tokens” over 341 days.  The schedule is below:

  • 20% 5 day sale (June 26-30, 2017): 200,000,000 tokens were distributed, which raised $185 million making it the most successful ICO in history.
  • 70% will be split evenly into 350 consecutive 23 hour periods of 2,000,000 EOS tokens each which started on July 1.  You can view EOS live Token Distribution here (they surpassed another $1m today).
  • 10% of EOS Tokens are reserved for Block.one and cannot be traded or transferred.

Block.one has set a new ICO fundraising record by raising $185 million in less than 5 days.  This surpassed last month’s record of $153 million raised by Bancor, a Tim Draper backed smart token company. Secondary trading of EOS Tokens is now available on the Kraken and Bitfinex cryptocurrency exchanges:

There have been several seminal moments in the history of the Internet and June 26, 2017 may be a new addition to that list:

  • August 9, 1995: Netscape IPO – world’s first publicly traded Internet company
  • August 19, 2004: Google IPO – world’s biggest Internet company
  • January 3, 2009: Bitcoin Genesis Block – world’s first cryptocurrency goes live
  • June 26, 2017: EOS Token Distribution – world’s largest ICO launches the next generation blockchain protocol

EOS has ambitious goals, they want to raise a whopping $500 million through their ICO token sale.  They have a top notch team that includes Brendan Blummer, who had a business trading virtual currencies for MMORPG games, Daniel Larimer, CTO, who invented the term DAO and one of the leaders in the Blockchain, and Brock Pierce, Chairman of the Blockchain Foundation and co-founder of Blockchain Capital.

Bitcoin introduced us to the concept of a virtual currency and general ledger on a verifiable protocol layer.  Ethereum created the idea of a “smart contract” or the ability to transact on the distributed ledger.  Now EOS will make the blockchain scalable.

Check out this video of Daniel Larimer at the Consensus Conference to learn more about EOS.

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Todd
Todd
Jul. 6, 2017 1:33 pm

Ethereum did not “create the idea” of a ‘smart contract’ or the “ability to transact on [a] distributed ledger”.

Prior art on this goes all the way back to John Von Neumann and Vannevar Bush, the DARPA/ARPA guys 50 years ago, chainsmoking geniuses at Bell Labs, IBM, and twenty defense contractors, MSFT’s research around the DTC in the early 90’s, a bunch of academics in the late 90’s – and a whole bunch of extant patents and prior art (much of which is still in force) that has surfaced in the last 10-15 years.

Please be careful about attributing to “popularizers” and “evangelists” the work of “inventors” and “visionaries”. I understand that this is a very technical field but that just means to be more cynical.

As for the claim that EOS will “now make blockchain scalable”, that’s so broad as to mean nothing.

Caveat Emptor.

alan hax
Jul. 7, 2017 2:11 am

The only broad thing about the scalability was the fact EOS is making at least 10x the xfer rates as it’s competitors, in and out of it’s marketplace. And, that’s millions compared to 100 thousands, sorry the writer didn’t rub the facts in your face more.

And, as to saying it’s to “mean nothing” is like the same guy who claimed email wouldn’t work, or anyone else who undoubtedly claimed some technology wouldn’t work… Let the pride go, man, cryptocurrency is here to stay and all you old bastards with your even more archaic ideas will soon be banished into a genre of history that we can only label as “stupid.” Quit tarnishing what’s left of your Father’s legacy and and just suck up the fact that the people who raised 90’s babies were, in fact, the WORST generation.

Caveat my nuts old timer, die poor, and please just make way for new.

Todd
Todd
Jul. 7, 2017 9:41 am
Reply to  alan hax
DS327
DS327
Aug. 25, 2017 11:34 pm
Reply to  alan hax

wow. You are incredibly rude, fresh nuts.

Sarah
Jul. 7, 2017 9:59 am

Interesting post. I wrote a bit about bitcoin (and other cryptocurrencies by extension) from a linguistic point of view (https://www.enrichmentality.com/power-money-metaphors/). You make an interesting comparison here, thanks for sharing.

Richard Haven
Richard Haven
Jul. 24, 2017 10:33 am

So you know down to the thousands how many t.p.s. everyone else can do, but your own numbers are, not just 10x, but in quotes?!
Quotes on that context mean that the word does not have it’s normal meaning.
Besides selling the medium of exchange as a highly speculative investment, you offer no value for it. Dwolla trades in dollars and they could not make money as a broker.