A NEW Internet is coming that will provide more trust, better transactions, and might even bring positive social change. Eventually everyone will be utilizing this New Internet just like almost everyone is using regular Internet and smartphones.
Imagine you could go back in time to 1995 to the release of Netscape launching the current Internet. You would probably want to get in early to secure your URL like one person did securing cool.com and later selling for 6 digits. We are are this point in history for the New Internet and you get to select your own 12 character name now before it gets taken…..Are You Ready?
First let’s discuss the limitations of the current Internet which can now be called the Old Internet. The biggest issue with the Old Internet is lack of trust. You currently can’t confirm or trust people on the Internet since anyone can be anonymous and their nefarious ways could be hidden. This causes issues trading through Craigslist.org or trusting a news feed on Facebook. Practically everyone has received scam emails such as “Prince of Nairobi needs your help”, viruses, and spam that sucks up your time. The Old Internet continues to try to battle these scams, but is not able to keep up with these scams. One of the biggest violations of trust was caused by the Facebook platform were ads and articles were sent to you to cause the maximum emotional distress for you since it knows everything you fear, despise and loath. Facebook used it’s deep knowledge of you to give to manipulators like Cambridge Analytics to sway your thoughts in the most untrustworthy way possible. Corporations we are supposed to trust with our information have failed to protect our information as shown through hacks of Equifax, HomeDepot, Target and countless others.
Another issue with the Old Internet is how it has enriched a few companies and individuals while causing loss of work and loss of income for vast others. Examples include musicians and news reporters who were negatively affected by the Old Internet. Musicians used to be able to make a decent living selling physical records and CD’s, however, now that music is digital, musicians that have 1 million listens might earn enough money to buy ONE cup of coffee. Meanwhile, companies Spotify, Google, Apple and others are making the bulk of profits from the distribution of music leaving musicians small crumbs of income. Many other workers and professions are negatively affected by the Old Internet and many more will be affected unless we move to a New Internet.
We have gotten used to the failings of the Internet since it didn’t look like there was anything better…until now. The New Internet has a few important attributes that will drastically improve trust, transactions, and fairness for everyone involved. First let’s introduce the New Internet.
The New Internet is transactional based upon EOS.io blockchain which is a third generation blockchain after Bitcoin and Ethereum. It might be difficult to grasp how EOS could completely change the Internet and lead to a better world for everyone and it would be understandable that you would be skeptical. This article will explain as best we can but will require additional research on your part either through getting involved in this ecosystem or studying further online. Note also, that EOS is currently the furthest along to meet the needs, however it’s likely that other solutions or blockchains might come about to also meet the needs of the New Internet just like today you have Microsoft, Apple, and Linux for computer systems.
EOS Blockchain and How it brings the New Internet:
- Transactions: The New Internet based on EOS will add a transactional layer allowing anyone to transact on a peer-to-peer basis rather than going through third parties. For example today you need to use Visa, Paypal/Venmo, and/or Bank in order to send money from one person to another for the purposes of labor, services, or product trade. Visa, Banks and others are considered “centralized” organizations who charge relatively high fees for the services they provide. In addition, these centralized organizations provide protection such as credit card return disputes or FDIC protection on the Bank if they go out of business. EOS system will provide FREE transactions.
- Speed: Current transactions take a huge amount of time considering our digital age. For example, it typically takes 3 days from when a credit card is charged to when the merchant gets the money cleared in their Bank account. An exchange from one Bank account to another Bank account or person also takes about 3 days or requires high priced wire transfer which can be sent within one day. Bitcoin and Ethereum (ETH) improved transaction speed significantly to 7 to 20 minutes, but it was not enough to move everyone to the new system. EOS sends transactions of ANY amount in half a second to anyone, anywhere in the world….yes 0.5 seconds!
- Transaction costs: Today, the costs to make transactions are extremely high in relation to what can be achieved in our new Internet connected world. For example, Visa and Paypal charges merchants up to 3% for every sale and Banks charge $40 for a wire transfer. Bitcoin and ETH are much better but still charge almost 1% for transactions. EOS transactions are sent for FREE for any amount, anywhere to anyone. (Note that EOS does require your account to have sufficient funds to stake for RAM, CPU, and Bandwidth for transactions, however this is more like an investment than a cost.)
- Scalability and Transactions per Second: EOS released in June 2018 and in just two months is already running transactions per second at the level of Visa. EOS can have unlimited scalability through local chains and sidechains. For example, Worbli, a new banking system planned on EOS will build a separate sidechain to run all their transactions which will instantly double scaling. Every new successful application can create it’s own chain if they need more scalability. Currently EOS is running more transactions than all other blockchain solutions combined as show on Blocktivity (note that Steem and BTS at number 2 and 3 were also created by the same team and similar technology).
- Returns: Merchants can deliver products while the customer could claim they never received and get money returned leaving the merchant at a loss. For an example, we sold a American Girl Doll for about $100 through PayPal on ebay. The Doll was delivered and received by the customer. Almost one year later, the customer claimed they never received the Doll (even though they did) and got their money back despite our protests. In this case, we the merchant, lost both the Doll and the money for the Doll. In EOS, the transactions are confirmed and non-reversible (immutable). EOS will allow provisions for confirming product delivery before release of the money and other protections as implemented by software developers providing protection for both the customer and the merchant. The New Internet will confirm transactions for the benefit of both the buyer and the seller without any third party fees.
- Distributed: Our entire world is driven by centralized organization such as Visa, Facebook, Government, Religion, etc. This was essential in the previous century because the cost of capital for businesses required high investments leading to “Capitalism” starting in the 1800’s. These corporations gained more and more power by vertically integrating such as the Rail companies buying steel industries, real estate, and coal for power. We are so used to centralized organizations such as banks, Internet companies, corporations, religions, governments, non-profits and so on that it’s hard to imagine anything else. However, the new EOS Internet provides a way to successfully create “distributed” or decentralized organizations. It’s really hard to believe that distributed organizations could work, however if you look back in history you see that humans used to work through direct trade in open markets. Nature works in a distributed or decentralized manner, but in human businesses you can hardly find a case with the closest being the current Internet with it’s worldwide contributors of individuals and companies working together to keep the Internet running. Distributed and decentralized organizations can be the most successful and fair to all participants with adequate governance that EOS provides.
- Zero Marginal Cost: Jeremy Rifkin has wrote about the coming Third Industrial Revolution and The Zero Marginal Cost Society showing that our world is moving to a new paradigm beyond capitalism with new technologies in Communications (New Internet), Energy (Solar, Wind, Geothermal, Microgrids and community driving sharing of energy), and Transportation (self-driving vehicles, drones, ride-sharing). Once the initical creation cost is expended it cost almost nothing to keep the systems running, so large amounts of “capital” are no longer needed for many businesses and products. For example, anyone can create and publish music (SoundCloud), writing (Blogs), videos (YouTube), Software (github) and many others for free after the initial creation time. This can be viewed by billions of people for free as evidenced by “Gangham Style” reaching 3B views on YouTube. After the platform is completed, the marginal cost of distribution is essentially zero which aligns with the EOS transactions on the New Internet.
- Earth: Centralized organizations and capitalism has contributed to the destruction of Earth in order to maximize profits. If humans hope to continue on Earth, this must change. EVERY ONE of the 7.8B people on earth now need to come together to repair and heal Earth before we drive our own extinction. This is a controversial, direct and harsh statement, however with climate change due to the natural events (volcanoes, fires, hurricanes and so on) and petroleum-based capitalist economy we are moving rapidly to our own extinction. Note that Earth will continue, the only question is if Humans will survive these natural or human generated changes. It really doesn’t matter if you believe Humans are causing climate change or if it’s just a natural or God phenomenon, the fact is that change is happening and it will have a major impact on the survival of Humans. So how the heck could EOS help Earth??? To explain, we will need another more detailed article. For now, imagine you could earn a healthy living on the New Internet AND contribute to social or Earth changes…would you contribute to Earth-saving activities or Earth-destroying activities? If you would vote for Earth-saving activities, we welcome you on the New EOS Internet and if not please stay off as we would prefer the most helpful people on the new Internet.
- Investment: Today, there is a separation of interests between Companies, Shareholders, Employees and Customers. Companies want to maximize profits, shareholders want to maximize returns, employees want to maximize salary and benefits, and Customers want the best products at the lowest cost with the quickest delivery. Unions are formed when Employees feel that companies are not paying sufficiently. Shareholders sell stock if they no longer believe in the company or buy if they believe in the future of the company. Customers easily switch brands for lower costs because they have no “skin in the game”. In the new EOS Internet, this completely changes by creating a shared investment (token) economy. Let’s take a fictitious example of a new music site on the EOS network:
- First a developer company creates a platform for trading Music and creates a token called “Tunes”.
- Musicians upload music and set a pricing for listening to the music using the Tunes token.
- Listeners buy, rent or resell the music using Tunes tokens.
- Developer company takes a small portion of the transaction fees to keep the system running.
- Investors buy Tunes tokens if they believe the Music sharing service will grow and become more popular.
- After some time, Musicians, listeners, developer, and investors all own Tunes tokens. As more musicians upload music, more listeners listen, more developers contribute to system improvements, and more investors buy Tunes tokens which can gain value like an investment. Musicians and developers who receive tokens for music or development of the platform can decide to hold tokens as an investment which can continue to increase in value. Investors and listeners can decide to buy more tokens if they love the music platform. In the new system, Producers (musicians), Customers (listeners), Company (developers), and Investors all have the same goals to improve the system with content (music) and recruit more users to increase the value of the tokens.
- This process can be implemented in many industries such as ride sharing (Eva ride sharing providing 85% of fares to drivers vs 75% from Uber and Lyft), Banking (Worbli), Music (Emanate), Encyclopedia (Everipedia vs Wikipedia).
- Abundance Economy: Gandhi said “There is enough on Earth for everyone’s needs, but not for everyone’s Greed”. The New Internet can provide abundance for everyone and allow everyone to work and contribute. For example Steemit, Trybe and Everipedia can provide tokens to users that contribute, share, and comment or like. Almost all new applications on EOS are providing free tokens so that EOS holders can be part of the network. This means your EOS account can grow substantially through free tokens from applications releasing on the system. You will have new opportunities to contribute and earn tokens through many types of contributions like contributing to open source software, creating articles, referrals, or even ride-sharing like Eva.coop. Your EOS investment will continue to grow as more applications supply you tokens similar to dividends in the stock market so it’s best to get in early to get these token airdrops.
- Downsides: Currently, it’s difficult to get on the new EOS Internet just like it was difficult to get on the Old Internet back in 1995 since you needed a computer, modem, and Internet connection usually from Internet Cafe’s, businesses, or early adopters who could afford these expensive systems. Now it’s very easy to get on the Old Internet through mobile and computer devices, but think about how it was 23 years ago….. It’s also difficult to move regular money (Fiat money such as US$) into the EOS. Here are the steps needed to get your own EOS with US$, and we agree it’s way too difficult!:
- Create your own EOS account like using our donation based EOS account generation at FairTradeEOS.io
- Create and account on Gemini or Coinbase and go through anti-money laundering application.
- Move US$ from bank to Gemini or Coinbase
- Buy Bitcoin or a couple others they offer (hopefully they will offer EOS in the near future).
- Setup an account on Binance or other to trade from Bitcoin to EOS
- Transfer Bitcoin from Gemini/Coinbase to Binance
- Trade Bitcoin for EOS
- Transfer EOS to your own account using a wallet tool
- ….dang what a pain! We believe this will become easier in the future or you might be able to earn EOS directly like on music sharing and such, but right now this is a difficult process!
The New Internet based on EOS is coming to provide a more fair and trustworthy internet.
ARE YOU READY?
We have tried to make it easier to get on the New EOS Internet by providing a way to secure your own 12 character name at FairTradeEOS.io. This service costs about $10 per account which we are providing for free based on donations. As long as the fairtradeeos EOS account has sufficient funds it will generate new accounts.
Please donate to EOS account fairtradeeos so more people can get their free accounts.