The EOS team has been releasing videos all week about the project, making it a great time for beginners to check out the EOS blockchain. We’re here to help break things down even further – what is EOS? Let’s find out.
Who is Launching the EOS Blockchain?
It’s not Block.one, if that’s what you’re thinking. Block.one is the team behind the development of EOS, but, as the first of the EOS videos explains, the EOSIO blockchain can only be launched by communities – not by any centralized organization, which is what it would be if Block.one were to launch the blockchain.
The EOSIO blockchain is distributed via consensus mechanisms. For EOS, it all comes down to the community. The community is what creates the value of EOS. Block.one will provide the open-source software, that is EOS, for developers to create their own blockchains off of.
Once multiple blockchains start being built upon, they can begin to compete with one another to find the best solution for whatever it is they’re working on. This is decentralization at its best and most complete.
The first video in what we’re calling the ‘What is EOS’ series was originally released in a statement from Block.one on Tuesday. Then, the video was reuploaded to the EOS Twitter page today.
Is EOSIO Centralized?
The shortest answer? No, EOS, or EOSIO as some prefer, is not centralized. The complete opposite, in fact. EOSIO is designed to solve centralization.
The Block.one team goes so far as to say that EOS is “the most decentralized” project out there. EOS has decentralized core concepts of the blockchain, which is one of the biggest differences between EOS and its competitors.
Some of these concepts are that EOS allows for the change in governance and for the way the chain operates to also change. Changes will be a result of what the community wants, thanks to EOS’s consensus mechanisms.
On the EOS blockchain, token holders hold the power. They can elect 21 block producers and these block producers are who process all transactions. This is what distributes the power to all token holders, decentralizing the entire process and aligning the interests of all parties involved.
This ‘What is EOS’ video was released on Twitter on Tuesday.
Is EOSIO centralized? pic.twitter.com/fa81OJfXOr
— EOS (@EOS_io) May 16, 2018
What is Block.one?
As mentioned before, Block.one is developing EOS. Everything that Block.one creates for EOS is free and open-source. It’s available for anyone to use to create blockchains and create free market competition.
The EOS software creates endless possibilities. All different kinds of blockchains can be developed on EOS, all of them looking to solve different problems – and there’s a lot of interesting problems out there.
Blockchain allows for all sorts of experiments that weren’t possible before when looking to solve these problems. Block.one, through EOS, is creating the next generation of the internet, and it wants to provide the best possible blockchain to do so. That means increasing performance so confirmation wait times are lower, that means providing anyone access to the ability to build decentralized applications, that means being a part of the community.
This ‘What is EOS’ video was tweeted out on Wednesday.
— EOS (@EOS_io) May 17, 2018
What is EOS VC?
EOS VC (venture capital) provides businesses with capital support so they can bring their projects to life. The companies EOS is helping are those that are already involved with the developers who are building on EOS.
Block.one is giving away a total of $1 billion to the leading VCs of the world, so that more and more can be built on the EOSIO blockchain. With the capital provided by Block.one, these VCs will be able to better educate the developers and provide them with the proper resources to bring their EOS projects out.
The final video is the ‘What is EOS’ series was released Thursday on Twitter.
What is EOS VC? pic.twitter.com/J6XrJI5byI
— EOS (@EOS_io) May 17, 2018
Feel a little more confident in your answer to the question what is EOS? What do you think about EOS? Let us know in the comments below.
Featured image: Canva