I explored Bitcoin upon initial encounter. It was a few years prior to the events of 2017. Don’t think my first search even lasted an hour. I looked into it a few more times, but a fiat-driven life kept me busy.
By 2017, other cryptos entered my Bitcoin vision. Indeed it was a vision. You see, I grew up a gamer. The virtual economy was certainly not lost on me.
My first love may be flying and nature treks, but I harbor passionate feelings about technology. The opposite can be said about credit systems. Paypal’s financial innovations paired with email does indeed help the world. However, this is simply not enough.
The Virtual Economy We Need
Digitally-based economic tools will only grow in influence. Credit card rates are too overwhelming to continue. They’ve even been compared to loansharking. So why then are credit cards allowed to exist? Essentially, the internet economy needs rapid payment solutions.
Credit cards don’t provide payment settlement. Instead, they operate under a complex umbrella of insured, predictive ledger systems. This isn’t only costly, but also inefficient and error prone.
Bitcoin, or something to the equivalent, was always the plan. Wealthy individuals who knock Bitcoin are either uninformed, secretly pushing their own alternative, or delaying the inevitable. Those who doubt if the world needs something better than the current credit-based system should consider how important efficiency, low cost alternatives, and improved logistical accounting are to an increasingly interconnected world.
An Even Better Solution: EOSIO
No one wants high, unnecessary costs. This had to be among the guiding philosophies that led to the development of EOSIO.
Back to my story... In 2017, Bitcoin, to any meaningful degree, remained out of reach. I also found Ethereum consistently disappointing. Thankfully, I found Steemit, and through a brilliant group of content creators (writers and artists) I got to see DAWN emerge.
At the time, I was just happy to earn some crypto. It wasn’t until a few months later that I really wanted to turn that crypto into gas for my car, food on my plate, and pay off living expenses. This was a challenge.
Instead of converting crypto to dollars, I found it easier to write about blockchain and get paid directly in dollars. While Steemit remained a side gig, STEEM/SBD began adding up in my wallet following contest wins. Still, it was bittersweet.
You’ve probably guessed that, while I witnessed DAWN, I didn’t partake. When EOS arrived, it felt like a new world. I could, albeit slowly, earn/win EOS, send it to Coinbase, and fund the gas pump for my weekly surf runs (and shopping).
OK, so it wasn’t really like that on day one. But it was nice the first time I put a few dollars into my little Suzuki Savage from topping off my week’s bank allocation via Coinbase EOS.
My story is not all about EOS. WAX really took off for me too- and a lot quicker. Turning WAX into food money remains a negotiation. Generated amounts regularly exceed that of my EOS ventures. I feel this may change soon.
Hard not to envision EOS blossoming after participating in the first EdenOS election, the emergence of the ENF, and exploring the Pomelo grant page.
Why EOSIO-built Blockchains
The reason why EOSIO technology stands apart from other blockchains comes back to solving (at least) two key issues:
cleverly baited fees
Ethereum and Bitcoin play down their fees. Proper onboarding information isn’t readily available for the average consumer. At least with credit card fees, you might see them coming.
Make no mistake, Bitcoin and Ethereum are improvements on traditional credit-based systems. Still, the world needs something better.
NOTE: EOS Support promises to be invaluable toward these ends.
For most blockchains, entry barriers can get convoluted. For example, if you’re already vested in Ethereum, then there’s several promising low-cost chains available to you. Though, Ethereum’s sister chains still generally incur substantial gas costs to enter/exit via fiat system.
This is not the case with WAX. You can fund it directly. Accounts can be obtained freely and crypto earned with relative ease. Exiting WAX is generally more challenging than EOS however. There was a time when Newdex maintained an WAX/EOS pair. Those were the days. Hopefully B1 will connect the two chains once again.
Back to EOS. The mainnet rarely disappoints. I say ‘rarely’ because EOS once held a top 5 position. Bitcoin and Ethereum set precedents as virtual money. They remain #1 and #2. EOS (led primarily by B1) saw regulations changing and quickly lobbied for inclusion within the US legal framework. The win provided EOS with a bit more regulatory clarity than afforded other alts.
There's a need for heavy PoW top chains, or at least one. Bitcoin, or its equivalent, will always be, if only for emotional reassurance. Hard to argue innovation backed by so much working proofs and stability.
That said, consider what transpires as the world integrates blockchain:
redundancies are built in
new innovative technologies improve the space
PoW security may become more of a comfort than best business practice
*Standard business practices aren’t necessarily the best. They're often the most perceived secure given available resources.
EOSIO tech is built from the ground up as an innovator. Want better security, build it (on EOSIO). The EOS mainnet is battle tested. Want something more, something that feels like Bitcoin except with DPoS advantages? Build it.
But that’s not what EOS is all about. It’s about taking blockchain to new levels. Even those not yet envisioned. It’s about liberating creativity and independent networks. Such outcomes simply aren’t possible devoid of functionality at a blockchain’s core.
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