I know that and it worried me even then (their contract was pretty ugly). But maybe it was due to government regulation as you mentioned. Still don’t sit right with me. But that is in the past
EOS is a decentralized blockchain - no one should have power over it anyways. Them not being able to launch the blockchain was the only problem about it - but that went smoothly and all is well.
Still he is not someone people voted in (as far as i know). How was he selected or elected ?
Essentially before the 21 BPs were elected he was nominated. Now that the network is running he is still supported by all the BPs. He works for ECAF - their website can be found here: https://eoscorearbitration.io/home/governance/ They just deal with disputes and are fully elected by the current BPs. That can change anytime though if BPs change their mind or voters change their mind.
You can’t be having a blockchain with no customer support for true mass adoption. What happens went your grandad falls for a scam or gets his account hacked because he has no experience.
Most people have their coins on exchanges and if i understand it correct bitfinex has allot of them in their wallet which gives them a tremendous voting right.
There is only a 18.7% voter engagement. The other 81.3% can come and vote for new BPs essentially anytime. And yeah exchanges do hold a really large portion which is a problem for all PoS and DPoS based coins like EOS, soon to be Ethereum, NEO, ADA, NANO, DASH, Tezos etc.
To be honest Steem is already pretty darn good for content already
I think the Steem blockchain which was built by Dan is good but the platform Steemit itself is pretty shit. Anyone with enough coins can downvote your account and stop your posts from ever being viewed etc. Dan has announced that he will be building a steemit 2.0 on EOS.
What other real world problems does EOS solve that is so unique?
Sub second latency, infinite scalability and 0 fees allows for social media sites like steemit to be built that are user friendly. EOS itself it free for the user to use - this goes for all dapps built on it ( unless ofcourse the dapp creator makes it cost money for users ). No one will ever use a service in which they need to pay for every button they press - and currently anything built on Ethereum, bitcoin requires users to do this. Please tell me how any dapp will reach mass adoption when users need to pay to like a comment.
These are only 2 features that will come with EOS - there will also be in-built decentralized storage for dapps, an account system, elected BPs that users can go to if their funds are stolen.
Dapps on EOS are also built in any language that can be decompiled into WebAssembly and may add an EVM in the future.
Dan moved away from Steem and Bitshares mainly because he realized there were some problems in governance and he wanted to fix that with a new blockchain.
Bitshares and steem also had a number of problems which dan could not fix. I believe he left bitshares due to them not wanting to move to an inflationary model that would essentially allow for 0 fees. He then said this about Steemit:
‘While a novel concept it has opened the doors for widespread community abuse, fraud and the extortion of lesser members by wealthier members possessing the site reputation and money to control and censure content at will. The decentralized concept of STeemit is currently failing in many regards due to uneven wealth distribution, no moderation, no polices or governance and the fact that that the wealthier members are granted unrestricted power to dictate policy at will and extort lower income members of the site. The decentralized nature of Steemit and lack of strict moderation have also led to instances of child pornography being uploaded to the site.’
After using Steemit I also came into the same problems with a guy completely downvoting my entire account because I had an argument and there’s nothing I can do about it.
EOS solves all the problems mentioned above. Also keep in mind that he built the underlying blockchain technology behind both bitshares and steemit before leaving.
What problems have they solved right now?
They have the fastest blockchain in existence with 0.5 second block times meaning dapps built on it right now will be the fastest dapps in existence. The next dapp platform even close to the speed of EOS is STEEM and Bitshares both built by Dan Larimer with average blocktimes of 1.5s.
We also got the 0 fee problem solved already.
You do have NANO with virtually instant transactions however it isn’t a dapp platform and isn’t a blockchain.
By the way why dont you stake your coins? Any reason to not stake them ? Wont staking them help the network ?
Waiting for it to be on a hardware wallet. I don’t want to hold EOS on my computer for security reasons. Plus my small amount of coins won’t affect the network ;p