EOS Update Summary: Dawn 3.0 a Game Changer?
Description
After launching the Dawn 3.0 update, the EOS rocket took of and even surpassed Litecoin in Market Cap. In this episode we look at what EOS is up to, the reasons for the rapid price increase and its fu...
AI Analysis
Here's a breakdown of the latest on EOS, a project that's been making big waves in the crypto space. It aims to be the go-to infrastructure for building powerful decentralized applications, essentially providing all the tools and scalability needed so developers can focus solely on their app's core functionality. The recent DAWN 3.0 update has generated a lot of buzz, showcasing impressive development progress and ambitious scaling plans, contributing to its recent explosive price growth.
Here's a deeper dive into what EOS is all about:
* What is EOS?
* EOS claims to be the most powerful infrastructure for decentralized applications (dApps), which are basically apps that aren't controlled by a single company or central entity, unlike traditional platforms like Reddit or Facebook.
* Think of it like an operating system for dApps, providing all the underlying services and tools so developers don't have to build everything from scratch.
* It aims to enable the creation of decentralized versions of popular services, like a decentralized Twitter or another decentralized Reddit.
* Dan Larimer, the visionary behind EOS, is also the creator of successful decentralized platforms like Steemit (a decentralized Reddit alternative) and BitShares. His involvement brings a lot of confidence to the project.
* EOS plans to provide essential tools like file storage, user management, and the blockchain itself, handling complex technical aspects like maximizing transactions per second (TPS). This allows developers to focus purely on their application's logic.
* Current State of EOS
* EOS is currently a work-in-progress project, not a fully launched blockchain network yet.
* It's still in its Initial Coin Offering (ICO) phase, meaning it's still distributing tokens daily.
* The EOS tokens you can buy right now are actually ERC20 tokens living on the Ethereum network. This is a bit ironic since they are competing platforms.
* Once the EOS platform is fully developed and the ICO phase concludes, these ERC20 tokens will need to be swapped for native EOS tokens on the new EOS network.
* The DAWN 3.0 Update
* The DAWN 3.0 update, released in early April, is the third significant development preview for the EOS platform.
* Development has been progressing better than expected, even ahead of the original whitepaper's schedule. This suggests the team is finding it easier to implement features than initially anticipated.
* They are reporting impressive transaction speeds: a worst-case scenario of around 1,000 transactions per second (TPS), a best-case of 6,000 TPS, and a potential to push it up to 8,000 TPS.
* A significant focus of DAWN 3.0 is on the ability to interconnect blockchains for "unlimited" transactions per second. They propose a method involving a light client and a smart contract to achieve this, putting them on par with other major blockchain projects like Bitcoin (Lightning Network) and Ethereum (Plasma) that are also working on off-chain scaling solutions.
* EOS vs. Ethereum: A Comparison
* Both EOS and Ethereum are smart contract platforms aiming to host decentralized applications.
* EOS is building its entire infrastructure from scratch, which they believe allows for faster development and the inclusion of built-in tools and platforms for developers. The philosophy is: "We'll provide everything, don't worry about it."
* Ethereum, on the other hand, is an established and proven platform that has been running successfully for years. It takes a more hands-off approach, acting as a core platform and letting developers build their own custom tools and infrastructure on top. The philosophy is: "Here's the platform, build your own tools on it."
* The fact that EOS currently uses Ethereum to host its tokens highlights Ethereum's stability and widespread use.
* Reasons for the Explosive Price Increase
* Developer Ecosystem Funding: EOS is actively trying to build out a strong developer ecosystem, similar to what Ethereum has successfully done. Block.one, the company behind EOS, announced a joint partnership with up to $200 million for incubator programs to encourage developers to build on the platform.
* EOSDAQ Airdrop: A project being built on EOS called EOSDAQ announced it would distribute 75% of its tokens to the EOS community. This meant if you held EOS tokens, you would receive free EOSDAQ tokens.
It's important to note that to receive airdrops, you generally need to hold your EOS tokens in your personal wallet*, not on an exchange. Exchanges often have the right to claim airdrops themselves. The airdrop was scheduled for April 15th, which likely fueled significant buying pressure leading up to that date.
* Personal Feelings Towards EOS
* The core technology and the overall vision for EOS are very exciting. The potential for a high-performance dApp platform is significant.
* However, the project is still largely speculative because the full network hasn't launched yet, and many current "developments" are promises for future delivery.
* Dan Larimer's extensive experience with successful blockchain projects like Steemit and BitShares instills a lot of confidence that EOS can deliver on its promises.
* Despite the excitement, the recent rapid price increase, largely driven by hype and the airdrop, makes it seem a bit overvalued at the moment.
* A personal decision is to wait for the price to settle down after the airdrop, looking for a better entry point.
* The project's potential is huge, and there's anticipation for the product launch scheduled for June.
Transcript
Today we're going to take a look at EOS. So EOS has really taken to the moon recently with a 45% growth in the past 24 hours. So something ridiculous is happening. What we're going to look at is we're going to talk about what is EOS first of all, the current state of EOS as well, what's happening with the DAWN 3.0 update, some reasons for this massive explosive price increase as well, and then last thing we'll talk about my personal feelings towards EOS. Will I buy it right now at its current s...