Dan and Vitalik discussing Etherium 3 years ago: why EOS could be better

in #eos • 7 years ago (edited)

Dan was interrogating Vitalik, and, as we see, the scalability was a concern in 2014 and it is still the biggest concern of Ethereum nowadays. Another concern then and now is regarding using Proof of Work, which influences people to do useless work and makes the system centralized by miners. We saw recently for Status ICO that one token distribution was crashing the whole system, stopping other decentralized applications to work properly. Miners were abusing the system by processing some transaction first, so they can buy tokens cheaper during the distribution.

While Ethereum is still planning to address somehow that, Bitshares and Steem already have proven solutions. Bringing those solutions into an easy to use software to develop apps is why we need EOS.IO. Here I explain EOS in simple words.

Don't forget to upvote and follow me for more info about cryptos 💰

#ethereum #bitcoin #cryptocurrency #blockchain
7 years ago in #eos by
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     7 years ago 

    I'm making the crypto world friendly and accessible for everyone by explaining acronyms and terms related to cryptocurrency. Here I found:

    Proof of Work (PoW)A Proof of Work is essentially a datum that is very costly to produce in terms of time and resources, but can be very simply verified by another party. The transaction is put into a block, a computer solves mathematical problems, and the first computer that solve the problem will receive a reward, the miners compete to be the first one to solve the block
    Proof of Stake (PoS)Proof of stake has been considered the greener alternative to Proof of Work (PoW). Where PoW requires the prover to perform a certain amount of computational work, a proof of stake system requires the prover to show ownership of a certain amount of money, or stake
    ICOInitial Coin Offering is a means of crowdfunding the release of a new cryptocurrency, the tokens being sold to raise money for technical development

    Please upvote for visibility. If there are any missing terms here you want to be added to the database, please comment, so I'll become better.

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     7 years ago 

    Wish i could listen to the video now, alas Im at work, bookmarked it for later, thanks!

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     7 years ago 

    Good, clear explanation, thanks

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