The EOS User Guide - Part 1 - What is EOS?
This is our old website.
Please visit the fresh new one - www.eoswriter.io
We have left this site up for historical purposes.
Written by Kenny - theEOSwriter
Artwork by - Yusaymon - PixEOS
“Isn’t EOS a Canon SLR camera?”
No it is not a camera or brand of lip balm!
So what is EOS?
EOS is a blockchain… hang on a minute…
What is a blockchain?
In order to understand what EOS actually is and recognise it’s true value we must first understand what a blockchain is…
Now, this question is a VERY important one. Until I understood what a blockchain was and how it fundamentally worked I viewed crypto as a speculative ponzi scheme. I had heard of bitcoin and just thought it was a get rich quick scheme pushing fake money to unfortunate gullible people.
How wrong I was…
A blockchain  — originally block chain   — is a continuously growing list of records, called blocks, which are linked and secured using cryptography. Each block typically contains a hash pointer as a link to a previous block, a timestamp and transaction data.  By design, blockchains are inherently resistant to modification of the data. A blockchain is “an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way.”
In simpler terms a blockchain removes the necessity of trusting a centralised institution like a bank or large corporation. The trust is built in (or created if you like) within the code of the blockchain. Understanding this key point is when the penny dropped for me.
“You mean to tell me that banks are no longer necessary?”
Who owns your money?
You may think you have control over and “own” your money, but unfortunately you don’t. It is printed by the federal reserve and they decide whether or not to print more. Then you have the good old banks who can and will if necessary shut down the ATM’s and the access to “your” money.
Luckily blockchain technology is here to change this…
For the first time in history you can own and have complete control of your money. You control the private key (not the government) and there is no centralised entity (federal reserve) which decides whether or not to print more of it.
Once you start to realise the effects this will have on people, corporations, governments and our society as a whole you will begin to realise how revolutionary blockchain technology really is. Just like the internet has done before, blockchain will literally reshape the world we live in.
Now we can ask the question…
What is EOS?
EOS is a cryptocurrency running on the EOS.IO open source software.
Now the word cryptocurrency is a little misleading here as EOS is so much more than just a simple currency. It’s more of a platform on which you can build DApps (decentralised applications). People refer to this type of platform as the internet 3.0.
The EOS.IO software it runs on is open source which enables the entire community to contribute and constantly work towards updating and improving the source code.
What will the future look like?
I envision a world where the incentives of consumers and corporate businesses are aligned.
No more CEO’s taking outlandish bonuses after single handedly destroying a company and depleting investors of their retirement funds. A world in which big businesses are incentivised to act in a way that benefits both themselves and their customers.
A good way to envision what one of these businesses could look like is to compare them to something we are all familiar with like Facebook.
If you’re not aware Facebook generates a yearly net income of approx $20 billion by monetising your (not so private) data and selling it to businesses which in-turn market and advertise back to you. Does this sound like a good deal to you?
Try to imagine a Facebook built on EOS that shares its profits with you, the end user… This DApp could reward users through a token economic system which incentivises the creation of valuable content… imagine earning your fair share of money for the amount of likes or views your content receives... imagine actually being rewarded fairly for producing valuable content while having the option to keep your data private.
Blockchain technology will disrupt all major industries. And it’s the early adopters (like yourself?) of new technology who will profit the most. We have seen this time and time again, don’t you wish you invested in Bitcoin when it was 30 cents? or Apple, Google etc. Now is the time to take a deep dive into blockchain/EOS and educate yourself, all the information is here and waiting.
I wonder what people will be saying in 5 - 10 years when they look back and read this article. Don’t be the one who actually read it but didn’t take any action!
So now you have a fundamental understanding of what EOS is the next question you might ask is why EOS?
Read Part 2 “Why EOS?” here.
Disclaimer: The information provided in this article is for educational purposes only and should not be treated as investment advice. I am not a financial advisor, and I am not giving financial advice. I encourage you to conduct your own research and/or consult with a licensed financial advisor before making any investment decision. Cryptocurrencies are a new digital asset class that are highly speculative and risky.