It’s early days for EOS the platform, but it’s got a heap of money and experience kicking it into the fast lane. And it is super-fast. It could be the first ‘ready’ blockchain platform that can handle all the transactions and hype currently required or expected from blockchain tech, where many older chains struggle with their infrastucture and adoption.
EOS has been designed to be the first accessible, ‘scalable’ (many users) and fast, and at the time of writing is achieving these things.
It has a strong programming language for a healthy ecosystem of dApps expanding. Eg..
Everipedia – a very credible, incentivised version of Wikipedia runs on EOS (uses IQ tokens)
Trybe – a content-sharing platform
Decentium.org – a blogging platform
Sense.chat – a chat messenger
Voice – a social network
BetHash – popular gambling suite of games
The main worry for EOS lies in its dPoS governance – its small number of ‘block producers’, the power they have and what is expected of them. Still, some would argue that a bit of ‘control’ over any network is a must, especially with dApps.
Considering it’s they (the block producers) who benefit from running the network however, it’s hopeful they will understand what’s best for it, and will adapt when problems surface, even if it means adapting themselves for the sake of decentralisation and securing competition from other blockchains. This will ensure an active user-base who will continue to depend, trust and support them; able to interact with the network safely.
We’ll see if it can administer its own considerable potential without internal issues, conflicts or any bad actors surfacing, or colluding between one another to try and control the network. If suspicions do go unchecked, then this could bring doom upon the very nature of EOS in the long-run as a vital, reliable, decentralised network.
Otherwise… to the Moon
For the HODLer, new wallets (such as Meet.One) have improved considerably where the ability to vote for block producers, receive airdrops of dynamic tokens and even stake tokens for passive income (REX) should remain attractive features.
Interaction with dapps should increase as we see more entertainment and useful ones emerge.
Soft-Staking and Passive Income
Some crypto exchanges are getting serious about staking. If all these investors are trusting them to hold their EOS etc. for them, how can they benefit more (and the networks in question?) The answer is by staking them together, so you don’t have to. The precise means of staking may vary between networks.
One example is KuCoin, which recently announced that keeping your EOS tokens there will mean they automatically get staked, giving you a return in your Bonus area. (This could result in slower withdrawal times.)
Another way to make passive income on your EOS tokens, would be to gain margin lending interest (where exchanges loan out your crypto for margin trading, and you get the interest). Check out Whalelend.com for example, which supports EOS. This may be safer than keeping your EOS on a centralised exchange… or not.
Overall, there is a lot riding on EOS and many talented and creative people inspired by it and involved with it. There is a lot of incentive for developers to make cool stuff and a lot of resources (including network resources) available for that dApp you’ve been dying to create.
Read more personal crypto insights, or search a coin in the side menu. They will be updated as and when, so stay tuned to the site!
Initial: August 2018.
Revised slightly: July 2019