Londanny 001 🔥EOS Review🔥 - A look under the hood of EOS, what's all the fuss about?

So I have been an investor of cryptocurrency and blockchain technologies for a long time now and been in EOS since Launch. I have sold and bought back a few times in my trade but overall wish I had held my position from the beginning as I would be a much wealthier person. The grass is always greener and all that 😒. I came to Steemit as I invested in the idea, I came for the gains and found a community. Now I'm writing my first review after trading for 3 years in crypto. Rather than telling stories of the things that made me gains in the past. I'm going to tell you where my portfolio is going honestly 40% of my portfolio is in Eos and I am a believer as I am in Steemit 19% that I'm slowly turning to steem power. If you find value in this let me know, any tips as this is my first blog will be appreciated

Eos has made a lot of significant gains over the last month coming from $6 dollars to as high as $21 and is currently at $11 at the time of writing this review. Just with those price gains, Eos is very hard to ignore. You could compare Eos to Neo and Cardano but rather than make this a comparing post I will focus on Eos in its own rights.

So what is Eos?

So Eos was an ERC20 token created by block.one. These ERC-20 tokens where exchanged for EOS tokens on the Eos network, the network is now Live!!! The aim of the Eos Blockchain is to be able to handle massive amounts of transactions, make processing of payments easy and have the tools to be able to allow developers to build them into there applications. The current CTO Don Larimer is known for his contributions to bitshares and steemit! So he has a good track record, the fact you are reading this post is a testament to his past success. Here is a picture of the gorgeous chappy :)

EOS is a decentralized open source platform with the ability to deploy high-performance blockchain applications based on smart contract technology. The smart contract enables users to exchange property or money in a transparent way. This avoids the service fee from the middleman, the smart contract is like a traditional contract. It provides all the obligations involved and the penalties of the contract. The only difference between the normal contracts and the smart contracts are that the smart contract platform automatically enforces all of these obligations and penalties.

For example if you used a smart contract to buy a house you would avoid brokerage fees and if you are looking for ways to cheat someone in the contract, by default you are the one who will be penalised In order for this technology to gain widespread use, it needs to be on a platform powerful enough to meet the following requirements.

Open sourced with free usage
Application developer to adopt a platform need the flexibility to offer the user a free service. Also, the users should not have to pay to use a free service. So a blockchain that is free for users will likely gain more widespread adoption.
Decentralised data.
All records of the operation of the application must be stored on the public and the decentralized blockchain to avoid issues with centralization.
Incentives for the validators.
miners or validators of the network should be able to earn tokens by validating blocks.
Easy to upgrade and recover from bugs
business building blockchain applications need to be able to deploy new features to there own applications. No matter how well written all software is going to suffer from bugs, so the platform the build on must be robust enough to fix bugs when they come up.
Low Latency
for a good user experience users, you need to be able to provide feedback in under a few seconds. If it is longer, then users get frustrated and will mean the blockchain applications will not be able to compete with the existing non-blockchain applications.
Parallel Performance
The large scaling applications need to be able to divide the workload across multiple CPUs and computers.

Protocol
Eos uses a slightly differing version of the proof of stake protocol which is called delegated proof of stake. the difference is in normal proof of stake every wallet that contains tokens is normally able to participate in the process of validating transactions and forming a consensus. In delegated proof of stake, every wallet that contains tokens is able for representatives or delegates that will validate transactions and form a consensus. Make sense, we basically vote for the miners we feel can be trusted. with Eos, there are 21 delegates and anyone can become a delegate you just need to get enough votes from the community.

According to the whitepaper, the delegated proof of stake protocol is the perfect solution to provide databases, authentication, and communication that can be scaled to a massive number of transactions per second. They plan to eliminate user fees and perform quick and easy deployment for decentralized applications.

Eos has also introduced generalized rule-based permissions,

web toolkit for interfaces development
self-describing interfaces
self-describing database schemes
declarative permissions scheme
The applications running on the centralized networks will be able to communicate with each other while being protected by strong security measures. These applications will also be able to share frameworks and library which will make development faster more secure and less complicated. Many ticks here for the developer community.
Scalability
This is the most common problem with the blockchain networks, the age-old problem of scalability! It is so important as it is literally the make or breaks factor of applications. If the can't scale then they are not commercially viable. Eos will rely on its protocol which is able to transact 10,000 to 1000,000 transactions per second.

Eos plan to use a parallel approach to scale up the network, this introduces horizontal scalability into the blockchain that could potentially allow up to millions of transactions per second!

Once it is all up and fully operational Eos should be the first network able to support truly commercial scale decentralized applications.

Fees
Eos operates an ownership model, so holding tokens gives you a proportional share in survey resources. This means that is you hold 1% of the total Eos supply you will have access to 1% of the bandwidth of the network. regardless of network load. This will allow startups and developers to invest there fund into purchasing a small part of the network, this way they will get a predictable amount of network bandwidth for computing power while having an option to buy more Eos tokens when they need to scale up their applications. Even better with this model is that the network will have zero transaction fees meaning there is no network development cost, except for the initial purchase of Eos tokens. Remember they can always be sold in order to reclaim the initial investment.
Eos Funding
When Eos was announced to the world block.one also announced how they are planning to fund the new ambitious project. This was done via an ICO ERC-20 which started on june 26th 2017 and ended the Token Distribution on June 1, 2018. The way the did the ico made sure it attracted the highest amount of investors possible into the project. the total supply is 1 billion tokens. however, the community can vote for up to 5% inflation per year.

Tokens were distributed as follows

200m were distributed during the 5 day period 26.06/2017 until 01/07/2017
700m are split evenly into 350 consecutive periods of 23 hours and 2 million will be distributed each period of 23 hours. this happened between July 1st 2017 and July 1st 1018
The remaining 100m will be reservered by block.one and cannot be traded or transferred on the etherium network.

This is Eos in a nutshell 🥜

Where will the price go in the end in my own personal opinion.. it could reach 25% the value of Ethereum. By the end of the British summer, I'm predicting a $30 Eos, as long as bitcoin can keep its shit together! Now we are in a big dip thanks to BTC dragging the whole market down, buying in at the time of this post is $11, this is a bargain. Come back to this post in November when we have apps running and tell me it's not between $25 and $50 dollars A successful scaleable app and this baby will fly to the moon faster than the big bull of Ethereum.

Do your own research and let me know what you find 🙌 what did you think of my first review post? any guidance to a newb blogger but a long time trader be much appreciated.

Follow me for more tips from the London trading apartment. I will be reviewing every coin in my portfolio and publish my Portfolio so you can follow my journey

Thanks for reading, I haven't got the courage to film just yet I feel a video would have been better, but I type much better than I speak lol baby steps.

yes, you are totally right this is why I shouldn't write my first review at 3am haha. The EOS tokens where ERC20 tokens on the Ethereum network. However, now EOS switched over from the Ethereum blockchain to its own mainnet, tokens have been replaced with EOS coins issued on the EOS network.

The ERC20 EOS tokens have been frozen on the Ethereum blockchain before the launch of the mainnet.

If you keep your EOS tokens on an exchange, the process is slightly different. The exchange may support the token swap and handle the process for you. I personally sent all mine to binance as they handle this process for you.

Anyway, this has already happened and EOS you are buying now are EOS tokens on the EOS network :) youe EOS tokens allow you to vote on who gets to mine/validate and will be used to have processing bandwith on the network if required