Blockchain and The Promise of Value to Users and Developers Instead of Shareholders

Brendan Blumer, the CEO of Block.one, presents his keynote speech on Sept 26, 2018 in Olympia, London for the Blockchain Live 2018 conference.

Blumer outlines a cogent overview of blockchain and its transformative promises.  He notes that it is a technology that welcomes everyone with no prerequisites and which will inevitably become part of our future.

Blumer offers this definition: Blockchain is simply a mutually agreed set of standardization of data storage and transmission. It’s a set of constraints that developers agree to abide by in order to obtain security, auditability and interoperability.

He suggests an analogy that blockchain is to data in some ways what regulation is to society.

He describes blockchain as a social and economic movement that offers the promise of a more transparent, efficient and interoperable world.

Blumer notes it includes a promise that, over time, it will allow our governments to better represent all of us.

He highlights how blockchain can transform centralized platforms, like Facebook, Uber, Airbnb, GitHub, insurance institutions and banking, into decentralized networks, where the profits of such networks would be minimal to non-existent and any excess value could be driven back to those who contribute to the prosperity of the project.

Blumer further elaborates: “Shareholders, as we currently understand them, are in many cases beginning to represent pricing inefficiencies and we may yield them less competitive to projects with perfectly priced goods and services.”

As an example, he describes a social network that rewards users with tokens for content creation, and requires advertisers to purchase those tokens, which drives value to the users, as opposed to traditional shareholders.

He remarks upon the democratization of blockchain with the idea that transparency may usher in a new era of equality and accountability.

Blumer describes blockchain tokenization as an opportunity that allows consumers to store value in projects they know and understand, which they can also engage in for their own prosperity.  In such a tokenized economy the activity of early discovery and evangelism can and will be a career in itself.

$1B to Help EOS Flourish

Block.one is the company behind the EOSIO blockchain, which is the brainchild of CTO Dan Larimer. The company bills EOSIO as “The most powerful infrastructure for decentralized applications.”

Brendan Blumer is the founder and CEO of Block.one and in the above video he discusses the company’s $1 billion investment to foster the expansion of their blockchain.

What is EOS? (And EOS.IO?)

EOS is a cryptocurrency that powers the EOS.IO blockchain. Calling itself “The most powerful infrastructure for decentralized applications,” EOS.IO is a decentralized system that enables the development, hosting, and execution of commercial-scale decentralized applications (dapp) on its platform.

A dapp built on the EOS.IO platform does not require micropayments by end users to send messages and perform tasks. This is left up to the individual dapp developers to determine how transactions fees (which are extremely low) will be paid. This means companies are free to come up with their own monetization strategies and offer their users service for free or otherwise.

The EOSIO platform was developed by the private company Block.one and released as open-source software on June 1, 2018.

Here is how CEO, Brendan Blumer and CTO Daniel Larimer at Block.one describe it:

 

An interesting point made by Blumer is “The idea of EOS is that if you’re able to build a basic website you should be able to build/launch a decentralized business.”

Furthermore, it’s also become the #1 (most active) blockchain on Blocktivity.info