When you say "achieving more" do you mean in terms of growth of value or in terms of other uses? I see a coin like money and it doesn't achieve anything on its own. It is just a tool to be used. With Steem at least there is a social aspect to it as well as the monetary value. What would EOS have besides value? Or is there way too much to tell and I need to go do some research on it?
You are viewing a single comment's thread from:
Both. It will be the fastest, easiest to use blockchain ever. Dan L made Steem and Bitshares, and now hes making EOS so he can streamline most of the work creating Steem and Bitshares so others can focus on the applications and have the backend Steem and Bitshares has built in. So I think it will grow in value more, and it will be much more used in the end.. The first sharedrop EOS is doing is Everipedia's IQ token. So you can make wikipedia style updates there and get paid in IQ tokens, thats a good start.. and they have 1 billion dollars to fund applications built on EOS, so lots of applications will come because they can get funded on EOS, and they will come because EOS can handle huge transactions per second compared to other blockchains.. You will be able to rent your EOS out like you delegate steem power. I am mostly holding for all the good coins who instead of having ICO's will get sharedropped onto EOS. As well as just because I think EOS will be the best of the third generation blockchains, they have the tech, they have the money, they have the partnerships. I don't think they can be stopped
That's all interesting stuff. But in the end, are any of the blockchain systems sustainable? The way I understand it, each blockchain is run on servers by people who get paid to run the servers. If the incentive to host these servers runs out, the entire blockchain ecosystem dies. That makes all the coins only a temporary item that is speculated upon and then when the hype dries up, the coin will die. I have posed this idea several times and so far nobody has said that I'm incorrect or that this situation has been overcome.
Well Steem, EOS and ethereum are uncapped so new coins get created to pay them. If people decide it's worth nothing you are right. It could dry up and die. Blockchains are very useful however. Even people that mock Bitcoin still praise blockchains.. can you name one thing that would survive not having any hype or anyone use it? That's not only with blockchain things, if Starbucks was all of a sudden gross and people stopped going, Starbucks would die right? Blockchains are a way for large companies to reduce overhead. Eliminate their server buildings, make everything auditable and trackable. For a fraction of the cost they spend currently. Does Steem spend more or does Reddit spend more hosting their servers? Blockchains are an underlying technology. If blockchains are somehow more expensive and less useful than current methods of doing what blockchains can do, then you are right.
Steem may not be capped, but there is a declining inflation rate, so over time, less and less will be produced. At some point there will be so little produced that mining (or witnessing) becomes impractical. At least that is my understanding of it. I can't speak about EOS nor Etherium, because I know nothing about them.
OK, here's where my lack of knowledge shows through: What is the difference between data stored on a normal server and data stored on a server using blockchain technology? Where would the savings come into play? I would think that since the blockchain must store everything in a long chain, it would be analogous to an ever-growing zip file. With a normal server, the date-stamps of the files saved would serve for audit and tracking, wouldn't it?
I agree with what you say about Starbucks, but I'm not thinking that the coffee would start tasting bad. Instead I'm thinking that the supply of coffee begins to run out, so the COST of the coffee becomes unreasonably high.
All valid points. Well if steem is successful then as the block rewards go down, the price of Steem also goes up I would think. And then you would need less Steem as a reward and you would still make the same money.. and it's because it's decentralized, ran by lots of people and paid for by the blockchain.. so if you ran your Uber application through EOS, you would only need to buy enough eos to have the bandwidth your application requires and they would do all the rest. It would do confirmation, security, auditing, verification, Id naming.. so a blockchain Uber on EOS buys EOS, buy a website, plugs it in to the EOS blockchain and it handles the people asking for a ride the people picking them up, the payment between the two parties. So all the Uber has to do is take a tiny percentage. They don't need a corporate office, or CEOs. It can run itself as a contract between people, and since it could remove so much overhead, it could also charge less.. as a driver you would want it to be successful because you being paid in coins represented by it, as a customer you want it to do well because you it's the cheapest and maybe you bought coins to pay drivers. So in a sense you are both shareholders. The real shareholders are the ones who bought more coins than they need though.. this has been a good conversation. Sorry if I'm missing points you wanted me to address, I'm trying lol
Thanks for the explanation. That sounds very exciting about EOS. Can Steem do the same thing with its SMT?