Bitcoin Asks How Much Money There Is in the World? EOS Asks How Many Valued Transactions There Are?
In bearish markets like these, it's important to remember why a particular technology is aggressively being pursued. Unlike Bitcoin, EOS didn’t create a whole new market. Bitcoin resides on the lips of those who believe blockchain will usher in Web 3.0. What escapes most crypto traders is the need for EOS’ functionality for a web founded upon the ownership of digital assets.
WHY BITCOIN WAS STARTED?
Bitcoin solves what several attempts at a secure, distributed currency hoped to achieve. It fully secures a digital monetary system. There’s no longer the need to rely upon failable trustees for pseudo-digital credit ledger based systems. It was actually the collapse of the housing market (directly due to illicit credit systems) that propelled Bitcoin into existence.
WHY EOS WAS STARTED?
EOS recognizes the need for practical, decentralized, and widespread solutions now. Who’s to say that if EOS hadn’t sustained a top five ranking (in terms of market cap) for as long as it did that the crypto market would be where it is today.
Users ultimately determine the fate of digital technology. Simply consider the personal nature of mobile phones and the global appreciation for Steve Jobs’s vision. EOS is probably the most user-friendly, direct-access blockchain in existence. Easily memorable alphanumeric addresses instead of a long, hashed numerical strings illustrates this point.
WAS THE WORLD READY FOR BITCOIN?
Maybe the world wasn’t ready for Bitcoin on January 3, 2009. Still, it was clear that some sort of action, some solution, needed to get rolling. Bitcoin succeeded. However, problems would arise as it scaled.
With digital transactions secured, blockchain developers began aggressively pursuing elaborate decentralized applications. The idea of the smart contract was not invented by Ethereum developers. It was merely the first blockchain community to successfully deploy a large-scale solution.
Why didn’t smart contracts excel on Bitcoin? Probably the ledger’s focus on security and block size played a role.
Still early in blockchain development at the Dawn of EOS in 2018, there was much to understand and discover. How to best utilize the technology remained challenging. Clear lines were drawn between distributed and non-distributed ledgers. Not much more than that was universally accepted throughout blockchain communities. Even today, proof mechanisms remain a heated debate topic.
Maybe it was Ethereum’s (and Hyperledger) flawed applications that ironically illuminated the core functions needed to support crypto and a decentralized internet. To understand that Ethereum has never been at a point to be an end all solution in support of Bitcoin’s stability and security, one only needs to look to the ICO Craze. Ethereum was directly responsible. The perennial number two blockchain (based on market cap) made it easy for new coins and blockchains to get started. It did so without the requisite infrastructure.
Today, there are large projects that operate on Ethereum. Some choose to offload high transaction operations. Others live within the developmental limits of exorbitant fees.
Low fees were among the most alluring aspects of the early Bitcoin network. It was a motivator of the Bitcoin Cash fork. A different environment clearly exists today. It’s this transactional gridlock that EOS understands and alleviates so well.
EOS IS ABOUT FUNCTION
Secure and stable digital transactions were introduced by Bitcoin as Blockchain 1.0.
Customizable decentralized solutions found global recognition under Ethereum in Blockchain 2.0.
Functionality and a friendly UX are guiding Blockchain 3.0.
Our current internet is fast, functional, and part of everyday life. It’s EOS that can deliver Web 3.0- real ownership of digital assets.
Freedom from privately controlled servers when using Bitcoin and Ethereum is possible, but not practical. Offloading onto EOS allows for the best of all worlds. EOS also demonstrates a knack for security and adaptability. This is why, within the EOS community, EOS is seen as a sort of public hub blockchain for sister chains built on EOSIO.
A WORD ABOUT GREEN CRYPTO
Green initiatives recently found great interest in blockchain technology. They’re in awe of Bitcoin’s power consumption. This is actually what inspired this article.
On the one hand, Bitcoin represents a greener solution to current monetary systems. This fact becomes more true as the totality of maintaining a system is considered. Bitcoin simply takes on the role of so many aspects that traditional systems take for granted but nevertheless depend.
EOS uses a fraction-of-a-fraction of the energy of both Ethereum and Bitcoin independently. It’s a solution that’s ready now.
ADVANCING SATOSHI’S DREAM
Undoubtedly, Satoshi understood that blockchain would be useful for more than money. It’s unfortunate that his name doesn’t author modern statments beyond this basic use case.
Bitcoin asks how much money there is in the world?
The world needed a solution in the moment. It was overwhelmed by Internet commerce and real estate issues, among others related to technological innovation.
Let’s begin with a ledger of all the money. Let’s call that Bitcoin.
EOS asks how many valued transactions there are?
Internet communities took off almost instantly. Commerce followed merely for marketing and convenience. The world realizes the power of online commerce, but may be overlooking the critical nature of peer-to-peer communication.
EOS streamlines all types of peer-to-peer valued transactions.
It does so for any peer-valued transaction regardless whether fiat currencies have recognized such value. Third parties must demonstrate value to participate.
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