Of all of the projects in the cryptosphere that we have seen come and go throughout the years a few stand out in terms of innovation and vision. EOS seems to be one of those with a grand vision for the future for the cryptosphere; and for the entire world.
The Grand Vision
What is that grand vision? It is one where the entire world of finance and business runs in a completely decentralized manner; on the EOS blockchain. As with many crypto projects; EOS is the brain child of a genius. Daniel Larimer has been around the cryptosphere for years. He is the man that brought us BitShares and Steem; both wildly successful in their own ways. Both now stand alone, legacies to their maker; each with its own life and identity. DanTheMan (as he is known on Steem) had a dream. His dream was to build a single coin that controls everything. To create a new blockchain where developers could come to build and share their dreams, ideas and software. Software that could be free or paid; software that could do anything. And all of it living on its own blockchain-secured cloud in cyberspace.
In a nut shell the EOS project's goal is to become a totally self-sufficient machine. To accomplish this goal the EOS team created an ERC20 token to fund its ICO. Unlike most crypto projects that tries to keep prices fixed from the outset, EOS uses a true "coin" (instead off "token). The team "created" (not "mined") one billion of those tokens in fact. Each of which is intended purely to raise funds to the ICO itself. That token, like all others in the ERC20 family, lives on the Ethereum blockchain; but, not for long.
The Vision is Becoming Reality
While that all sounds fantastical; we in the cryptosphere know that anything is possible. After all, ETH smart contracts have automated entirely new worlds of finance, business and automation. Nearly anything can be done using a well designed and executed smart contract. So, as with its predecessor Ethereum; the smart contract is where the EOS coin's magic begins.
But, wait! We all know there is a difference between a "coin" and a "token". And, we have already said that the EOS project created an ETH based token to fund its ICO. How can an "Initial COIN Offering" project use a token, and still be called a coin? As an ERC20 token; is not the ETH smart contract actually the EOS smart contract? For the moment. But, remember earlier when we said EOS lives on the ETH blockchain "for now"?
Well, now that the EOS token sale is over the real EOS is being brought to life. With the completion of that sale there is a plan unlike any other major crypto before has had. The stand alone system DanTheMan envisioned is becoming a reality with the birth of the EOS COIN, and the world in which it lives. The EOS model calls for fund raising through its ERC20 token. Then everything on the ETH network will be frozen and transferred to the EOS platform and stand alone coin. That is right, those one billion tokens are preparing to be obsolete; defunct; worthless. After billions of dollars, Euros, pesos and rubles flowed into the EOS project through its ERC20 token; it is all about to be gone.
GONE? Is This a Scam?
Never fear!!! EOS is not a pump and dump, or (to quote the FUDsters) an elaborate Ponzi scheme. EOS is migrating its ideas, funds, (and those funds held by the EOS token holders) to the new, stand alone EOS coin, operating system and blockchain. Once those are fully operational; then the ERC20 tokens will go dormant. Once the wealth of the EOS project and its followers has been transferred into the new coin and ecosystem; the Ethereum based portion of this project will become only historical transactions on the ETH blockchain.
And now that token sale has ended. With the end of the fund raiser, the migration process from ETH to EOS has already begun. In these final days EOS token holders stand breathlessly as the value of their investment teeters on the edge of a fall into the abyss, or a ride to the moon.
So, What is Next?
So, what is next for EOS now that the token sale has ended? Perhaps the transfer from token to coin runs flawlessly and the price takes its holders to the moon? Perhaps the new EOS projects will create the much speculated scenario of world domination through blockchain automation?
As much as we at CryptoDetail love to ponder such questions in our own heads; the truth is, we have no idea. If Daniel's pattern of building a project, growing it to self sustainability and letting it go holds true; perhaps his involvement in EOS is nearly complete. Perhaps he will step away with the birth of the new coin; moving onto his next world altering project. Only he knows the answer to this puzzle. One thing is sure though; Dan's genius has created another project that will outlive its creator while making a huge impact on the crypto world.
So, while we may be uncertain about what comes next for the EOS project, we do know is that EOS is here to stay. And, true to its grand vision, the project has amassed an army of followers, a vast wealth for funding, and has the potential to become everything DanTheMan saw in his dream; and much, much more. The EOS project has spawned what could possibly become "the next big thing".
Regardless of where the imagination of its users leads the EOS project, coin, blockchain and operating system; we at CryptoDetail absolutely love what Daniel has created. And, we look forward to seeing the project come fully to life. And, as devs, we look forward to building our own EOS based apps soon.
Thanks for joining us in this exploration. Good luck on your crypto journey. Happy HODLing!!!
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