I recently pulled the trigger and put 15k into EOS. I did my own due diligence and read the entire Whitepaper. I want to share a couple of things I recently learned. I will not be addressing any of the legal verbiages on their Whitepaper, most of you "agree" to the terms and conditions of the majority of the services you use without knowing that you are willingly giving away your rights to corporations all the time.
I. What does the token represent?
The token represents bandwidth on the EOS blockchain. If you own 1% of the tokens you are entitled to use 1% of the network. The more valuable the tokens get the more the network grows and the more bandwidth you will get per token. You will be required to stake your tokens in order to use the bandwidth, this will remove a large amount of tokens from the market and decrease volatility.
II. The tokens can be rented/leased!
You will be able to rent your unused tokens to those companies/applications looking to get more bandwidth on the EOS blockchain. Please refer to the below paragraph from the Whitepaper from https://github.com/EOSIO/Documentation/blob/master/TechnicalWhitePaper.md.
Delegating Capacity
A holder of tokens on a blockchain launched adopting the EOS.IO software who may not have an immediate need to consume all or part of the available bandwidth, can give or rent such unconsumed bandwidth to others; the block producers running EOS.IO software on such blockchain will recognize this delegation of capacity and allocate bandwidth accordingly.
Don't make the mistake of waiting until the smoke clears and people start seeing progress on the project, by then, the price will triple and you will miss out.
I'm not a professional advisor and this is not investment advice. Invest at your own risk.
The ability rent EOS is very exciting from and investment point of view, any crypto that provides the ability to generate passive income is going to be wildly popular.
To me the most important feature of EOS is that is being built from the ground up to scale and it is being marketed to industry properly - not just hyped to the circle jerk of crypto whales.
Thanks for the upvote! I completely agree. It is being built to scale with mainstream in mind. Also, users of the applications built on EOS blockchain will not notice that they are using the blockchain. EOS is the new King and it is for the taking of those who can see the potential.
In fact, that is something I haven't heard of EOS, but it is something very interesting that you could rent out your bandwith power of the network.
Great info. Thanks. I too have invested a decent sum in EOS. I was, however, unaware of the leasing function. I really like coins that have that built into the network framework, as it really helps stabilize the market and give the coin/token usefulness.
For example, I like that you can lease out Waves.
Thanks! Especially when you need to stake the coin in order to use the bandwidth on the blockchain or lease it, this will definitely stabilize the market and pump the price up.
That's a big feature that I liked about Steem when I convinced my investor to buy in with me.
Giving many people the opportunity to prosper is the Best ways forward - it really is. Love the Planning and the foresight that has gone into EOS and Block.One.
Great post here articulating some of the base line functionality of "what is EOS".
I think of EOS, Steem and Bitshares for that matter to the early days of Ethereum....Only the audience and education is much greater in terms of people who are in the know. Granted, When Ethereum was a Baby new born the cryptosphere was much less developped then it is today.
To summarize - i think there's enormous potential here that is already being showcased and the learning process and development seems to just be accelerating for everyone's best benefit. Lots of opportunities here for many fishes in the water.
Whale of an Investment my friend. Good on You!
Solid post sharing your "why" of your investment. world class playing here :)
And i noticed the same thing you mentioned in the comments here to another...about Eos, steem and bitshares ...seemingly moving in opposite of Bitcoin Surges....makes sense in some ways...that DPoS and Graphene are the 3.0 Blockchains....and it's sweet for anyone who's playing with Bitcoin to do some bounce back and forth. Some great win/win's all round.
Cheers.
Thanks for the great comment! You are correct about how this space grew compare to when Ethereum was starting out. This is just the beginning, I think EOS has the potential to reach mainstream. Get some IOTA too, I been hodling IOTA since it was $0.18 and I'm not letting go.
hi jarib, I am planning to buy some EOS, but confused as there are EOS available on the exchange and there are also EOS ICO which has uncertain price. Which way do you think is better to purchase? And can i transfer my EOS token to Metamask? Thank you
I purchased it on the ICO and I would not recommend it since you have less control on the price. I would use the exchange instead.
thank you jarib :)
you can use this website to keep track of the ICO price: https://eosscan.io/
thank you shareme, i have bought some but from the exchange, was cheaper a bit
thx for sharing
Wow I never knew you could rent them. This is going to be BIG
Thank you for sharing jarib. EOS has been one of the most stable in terms of price swings lately, I wonder why...?
It is because of US regulating the ERC20 tokens. Bitffinex will stop supporting US costumers because of the regulations. This triggered a sell off in the US and I think the price held incredibly well
Hi! I am a robot. I just upvoted you! I found similar content that readers might be interested in:
https://steemit.com/eos/@eosio/eos-io-technical-white-paper
Go away Cheetah robot, you are annoying. I mentioned the paragraph was taken from the Whitepaper and the source.
No one likes a cheetah.
Keeping and eye on this one. I do like Bitshares though, wondering why its not so popular considering it can handle 100,000 transactions per second.
I do like Bitshares and the feel of the platform. It looks like these cryptos are up when Bitcoin is down.
Thanks so much @jarib! I really want to get into EOS but have been avoiding it because of the myetherwallet, which I'm not friends with :)
But from what I hear, there might be other ways to store them, so will look into it again. I totally believe in EOS and I didn't even know about the option to lease the tokens/bandwith.
Better get my act together before it's too late... ;)
Thanks for this!
You are very welcome! You can store them on Exodus wallet too
Thank you very much for sharing this... ☺️
Thanks for sharing. Great to know. I've picked up a few myself.
You are welcome and good luck! Will see you on the moon my friend.
Very informative!
thanks for sharing,great post
You make a good point about the disclaimers in the White Paper. My mentor in my former public entity used to call our prospectus "The Book of Horribles" because it disclosed everything we could think of that could go wrong. We raised $5.7 million initially, without an underwriter, and the promise of building a company. Granted it was a registered offering and the amount we raised pales in comparison to some ICO's but there are some parallels. I've got money in EOS I can lose but it is not my expectation it'll be a total wipe-out.