Blockchain Technology in five years: EOS explains 17200
News
Priyanka Babu
Jun 27, 2018 at 12:44 PM

Blockchain technology's problem solver, EOS, uploaded a video on Twitter on Tuesday. The video featured Serg Metelin from Developer Relations, Bart Wyatt from Engineering, Daniel Larimer, the Chief Technology Officer (CTO) of Block.one, and Brendan Blumer, the CEO of Block.one.

Future of Blockchain

They discussed ideas on how the technology will work in five years. They put forth some interesting arguments regarding the future of the technology. Metelin from developer relations says that it is very difficult to predict the future of the technology. He said that Blockchain technology is already being implemented by different industries. Therefore over the course of five years the technology will supposedly penetrate industries like insurance, medical services, banking which will impact our daily lives.

Wyatt from engineering talked about the trust concept of Blockchain. He said that blindly trusting monolithic institutions like church or a governmental institution will be a thing in the past. People can garner trust from the systems, consensus and the blockchain community once the technology is implemented.

EOS CTO, Larimer said that in five years governments, banks and businesses everywhere will replace their existing infrastructure with blockchain-based infrastructure. Larimer is credited with inventing delegated proof-of-stake and the concept of decentralised autonomous organisations. He is a cryptocurrency veteran who made it big, in 2014, with the launch of BitShares, a decentralized exchange.

The CEO of Block.one was the last person to speak in the video. He commented that most people will use products and services that are more competitive and aligned but might not even know they are using the Blockchain the technology. He added that it is a resource to build next generation products and services.

See Also: EOS [EOS] blockchain network is declared the best by China

EOS is a smart contract platform for building decentralised applications which intends to solve some of blockchain technology's most difficult problems. Block.one is a private company offering EOS tokens. EOS is currently trading at $7.62 with a market cap $6.8 billion. The coin has dropped by 6.72% over the last 24 hours. The coin has lost over 8% in last 24 hours amid major sell-off triggered by EOS governance issues. The asset has lost nearly $3 Billion of its value in a week. EOS made huge promises to investors which helped them raise $4 billion but their performance is troubled by governance and coordination issues.

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