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Book Review: Understanding EOS by Toju Kaka

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Multiple literatures have been written to simplify the complex world of crypto and ensure people gain good, clear and true knowledge of the crypto industry. Over the years multiple media contents have also been created and daily globally, people are working to spread the word on crypto. 

In the vast ocean of crypto knowledge, comes a piece of literature titled “Understanding EOS”. A compendium of insightful knowledge spread and embedded in the pages awaiting knowledge-thirsty folks to devour, authored by Mr. Toju Kaka. 

In this article, we will look at this introductory work of art into the world of crypto through the world of EOS. We shall examine the work and the motivation behind it. 

Understanding EOS is an introductory work into the world of EOS. The book explores and explains crypto in a simplistic manner. One of earliest eye grabbers was dedication. The book was to the mother of the author Helen Kaka. Personally, this hit me with a tsunami of emotions. Mothers are Gold. 

A compendium of EOS knowledge spread across Nine chapters of 116 pages. The book is meant to introduce people most especially with its language simplicity, those who do not have much knowledge in the industry to the complex world of crypto. Understanding EOS by Toju Kaka brought the feel of reading a favourite book that has been read before without feeling bored or overwhelmed. 

‘Understanding EOS’ is a compendium of EOS knowledge spread across Nine chapters of 116 pages.”

The knowledge packed in the pages exposes people to gain an entrance knowledge of crypto – EOS and a thirst to move on, to climb up the ladder of crypto knowledge. 

“Understanding EOS” is a cleverly chosen name as it does justice to the contents contained within. It’s a book created to do away with the complexity associated with crypto and proof to non-crypto persons that crypto can be fun, can be lucrative and can also be scary if one doesn’t know what he’s doing. 

The book started it’s chapter by explaining what EOS means and then went to explaining the “superpowers” of the EOS blockchain, DApps,  and how Block Producers work comparing it with the Bitcoin Miners.

The book ended by teaching readers how they can economically exploit the advantages of the crypto (EOS) world & build wealth for themselves and an introduction into a humanitarian project by the author called EmpowermeEOS. 

Toju Kaka
Toju Kaka, author of Understanding EOS

As much as the book is a finely delivered work that will inspire the multitude of readers to get into the cryptocurrency industry. Some points needed clarity. One of which was that the book talked about capital gains in crypto but didn’t really give an in depth look into it.  

Another catchy word that was used in the book was “unusable”. This word was used in describing Ethereum. It’s quite strange because though projects have migrated from the Ethereum network to others, which includes EOS, it’s rather strange to address the first decentralized application platform as “unusable”. Ethereum was “unusable” because of a lot of factors according to the book but then, these factors were not stated. 

That, notwithstanding, “Understanding EOS’ gave Bitcoin it’s true place in the industry and expressed itself in the simplest of words. 

With the several questions on my mind and that of other readers of one of the most simplified books on EOS, I had a brief chat with the author Mr. Toju Kaka who shared some insight on the book and answered all the very few questions I asked. Below is our conversation. 

Marvelous Akpere: Hi, Mr. Toju Kaka. You have written such an amazing book that simplifies the knowledge of EOS. Might I ask what drove you? What motivated you to create this piece of literature? 

Toju Kaka: I believe that what drives the EOS network is a strong force for positive social impact. Dan Larimer’s (the creator of the EOSIO software) vision is to find free market solutions to secure life liberty and property. I’ve been following Dan for a long time and I’ve seen the impact of his work. This is what attracted me to EOS.

I have a desire to share what I’ve discovered in EOS  to everyone that cares to read and create revenue for EmpowermeEOS. This is why I wrote the book.

MA: One of the first things that caught my eyes was the dedication. The book was dedicated to several persons including your mum. Your mother caught my attention. She must have been very very instrumental in your getting the knowledge and creating the book.

TK: She sacrificed a lot after my father died to make sure that all her children get education. We didn’t have much growing up. But we had a mother who was just more than enough.

MA: You mentioned in the book that you pieced together contents of the book from various sources, how difficult was it for you? Like how long did it take you to compend the knowledge contained in the pages?

TK: This is the first book I’m writing. And at the same time, I was writing,  I was doing many other things. At one point, I lost my laptop and there was no backup, I had to start all over. 

MA: So much of a dedication. Terrible experience to have to start from the beginning.

TK: Very painful experience. I’ve learned so much. It took about a year to put it all together. One particular challenge I had was that everything was changing so fast. So I had to make sure that I capture the basic principles. Even now, EOS has changed and I hope to release another edition that includes these changes and portray the future impact of EOS and EOSIO on the world.

Now I know better. It won’t take me that long and I won’t repeat a lot of mistakes when writing my next book. 

It took about a year to put it all together. One particular challenge I had was that everything was changing so fast.”

MA: I appreciate that you gave due recognition to the first cryptocurrency- bitcoin, and giving ethereum it’s respect by noting it was the first dapp platform, however, you then you took swipe at it calling it “unusable” because of a lot of factors. Was that a practically intentionally, because that was where it ended. There wasn’t mention of why it was unusable save the 2017 CryptoKitties gas war

TK: There is only so much you can add to a book. To say Ethereum WAS unusable is the truth. At the time of writing, there was no way Ethereum could scale her user base. It was meant for a small group of enthusiasts.

That’s what I meant. Maybe things will improve in the future. I hope they do. Right now, even EOS has a lot of growing up to do.

MA: OK. You mentioned the superpowers which EOS has. As a member of the EOS community, what do you think the EOS community is on that could redefine EOS as a leading platform for decentralised Apps?

TK: I believe that one defining moment for EOS would be the launch of Voice social network to the global market.  That’s gonna happen in February. 

Voice is currently in beta in the US. I believe that Voice would show the world the true potential of EOSIO and it would cement EOS’ position as the leading platform for dApps.

MA: Interesting! We still have to wait and see the features which Voice will present to the entire world. 

Thank you Mr. Toju Kaka. You have been most wonderful. I believe your fans (including myself)  are anticipating the next edition.

Conclusion:

“Understanding EOS”  by Toju Kaka is a finely delivered piece of literature that easily captures attention and feeds one’s thirst and hunger for knowledge in the most simplified manner. Understanding EOS presents itself as a literary work that stands out as a reference book for anyone to teach beginners and learn about EOS and also a library to quickly draw from in giving complex lectures in the least complex words. 

Click HERE to get a Copy of Understanding EOS.

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Opinion

Greece’s former Finance Minister says Bitcoin is not suitable to replace money

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Yanis Varoufakis, Greece’s former finance minister has published his views on why Bitcoin is unfit to replace fiat money. He did in a reply to Ben Arc on Monday, 27th July, 2020. He started by giving his enthusiastic views on the blockchain technology on which bitcoin operates. But he stressed how he hasn’t been fascinated by any of Bitcoin’s ability. –

“I remain enthusiastic on blockchain’s capabilities and as unimpressed by Bitcoin’s ability to help us either civilize or (as any socialist dreams of) transcend capitalism.”


Varoufakis proceeded in his letter to Ben by saying that Bitcoin lacks necessary mechanisms to stop capitalist crises from resulting to “depressions that benefit only the ultra-light”. He included that bitcoin is community based; democratic protocols will do almost insignificantly to “democratize” economic life.


Bitcoin lacks necessary shock absorbers


He argued that bitcoin lacked some necessary shock absorbers to react to certain economic situations. While citing the example of the 2008 crisis and the recent Covid-19 crisis, he underscored the importance of central banks as they had the ability to produce trillions of dollars, euros, pounds, yen among others. On the other hand, bitcoin users will not agree to the massive increase in the supply – since it will devalue their holdings. Bitcoin supply is limited to just 21 million.
Yanis went on to say nothing will make the bitcoin community agree to increasing the supply as they will probably succumb to the “Prisoner’s dilemma”. He explained that bitcoin ownership is unevenly distributed and the “bitcoin rich” will have the leverage of restricting money supply (if bitcoin replaces Fiat money) supply since it would boost their holdings at the expense of the public.


Bitcoin will not democratize economic life


Yanis based his second argument on the fact that bitcoin will not democratize economic life. He argued that the only that will change if peradventure bitcoin replaces fiat money is that Central bank will cease to exist and money supply power will be subject to bitcoin users. He included that Jeff Bezos will still retain his capitalist power amongst others at the firm level as bitcoin will fail to “democratize capitalism”.
He went on to make it clear that depression is imminent and the crisis in the first argument is bound to happen when Central banks cease to exist. –
“in short, not only will the democratization of money via bitcoin fail to democratize capitalism but it will also give an almighty boost to the forces of regression”


Yanis summarized the letter by comparing the monetary system to a dog’s tail that can’t “wag the capitalist dog” by itself. He included that replacing fiat with bitcoin with take us back to the modern version of the 19th century America in which private bankers funded private individuals that were referred to as Robber Barons during the era. Democratizing money by that means of monetary commons will only make capitalism uglier, nastier and more dangerous for humanity, he said.
He concluded by saying – “a monetary common (that may very well rely on something like the blockchain underpinning bitcoin) will, I have no doubt, be an essential aspect of a democratized economy; of socialism”.

But can blockchain be isolated from bitcoin?

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Opinion

How Can I Utilize Blockchain Technology in my Business?

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If you are a newbie, you must have heard your high-sounding friends talk about blockchain and cryptocurrencies or better still “Bitcoin” which is more common place. Most people heard the buzzword “Bitcoin” even before they heard about the technology that enables it – Blockchain technology. Essentially, Blockchain is a glorified distributed DATABASE “copped” on several computers at the same time. Technically, it is an incorruptible virtual ledger of transactions. It can be programmed to register just  about any valuable thing.

source: The Innovator News

Because I overshare, I’d go on to explain this technology in a simpler form. Really, the tech is a more proficient medium of saving or storing pieces of information. The good thing is that it stores the information based on everyone’s knowledge, agreement and point of view, not just one participant’s POV. Let us use the tiktok video as an example. When you make one tiktok video and share it with your friends. I want to believe that it is the exact same video you make that is viewed by your fans. Now in relation to Blockchain, this technology makes sure that the data stored by a participant is what is accessed by the other participants without giving the opportunity of tampering with it. In a lot of words, this means that two parties sharing a piece of information or document will always be handling the exact same copy of that information or document. This technology offers an audit trail that all participants can see live.

Source: Entrepreneur

The innovation of this nascent technology originated from the combo of multi-disciplinary fields to wit: software engineering, cryptographic science, distributive computing, and economic game theory. Frankly, you do not need to have technical knowledge of the above before you can take good advantage of Blockchain, especially in our present world where paradigms are shifting at the speed of thought.

That being noted, I’d go straight to how you can maximize this technology in your everyday business be it a small, big or middle sized business.

Credible Employee Background Check

The hassles that come with employing the wrong person due to inadequate information can be extinguished with the use of this technology of trust. An Employer may use this nascent tech to ascertain a would-be employee’s work history. If indeed he or she has worked where (s)he said (s)he has. The employer can directly go on to ascertain job titles, tenures and other important issues. If you are a business owner who has had to work with difficult employees who lied about their qualifications, you know how much of a breakthrough this is!

Authentication of Title Deeds:

This is good news to those in the Real Estate sector; with the application of blockchain, problems of ownership, title, and search of who has interest in land will almost be nonexistent. One real estate company that has delved into using Blockchain in this sector is UBITQUITY. UBITQUITY offers a really user-friendly experience for securing, tracking and transferring deeds. It also enables real estate, title and mortgage companies benefit from a clean record of title, ownership, and also reducing time of searching for title. The UBITQUITY product fosters transparency and confidence. 

There really is no need for the current use of papers to register information about landed properties anymore. With Blockchain, a real estate company has the luxury of being able to sell its shares on a Cryptocurrency exchange. Landlords may now sell portions of their properties to the public via new blockchain innovations. By using “smart contract”, property owners may now sell off their properties with far lower chances of fraud. 

Credible Supply Chain Management.

The use of Blockchain here will enable business owners to ascertain every contributor to a business supply. Essentially, you get to know who your supplier’s suppliers are and every hand that your supply passed through. The use of Blockchain ensures transparency by giving a business owner credible information about every company that’s had a hand in innovating, developing, or producing any component of a commodity it sells or service it renders. This way you know who a risk falls on when an injury occurs. Also, a company can also prevent buying counterfeits by employing Blockchain. A good illustration for this is a Lipstick product that has gone viral for using only natural products. Your company can trace every single process involved in the production of the lipstick if it is registered on a blockchain (aka Distributed Ledger Technology). In a lot of words, Blockchain will allow you to verify the authenticity of the representations of your suppliers.

Media and Content Distribution:

Good news to Artistes, authors and creatives! Problems of Copyright violations are mitigated when Blockchain is used in this sector. A very good example of a product taking advantage of this technology is Ascribe. Ascribe helps artists and creatives to attribute digital art with the use of Blockchain. Ascribe generates digital editions of the Artwork with a unique identity and a virtual certificate of authenticity. The product also allows receiving of consignments from artists and transferring digital works to collectors with all the terms and conditions that apply. 

Blockchain technology is definitely a game changer and can be used in every sector of the economy. It has enabled faster payments methods, more credible identification and authentication processes, e-voting, provided a more inclusive capital market participation and if this technology is disrupting the world as we know it, I bet you want your business to hop on this train too so as to be relevant in the coming years.

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Opinion

Is the Current Ether Bull Run Really the Same with the 2017/2018 ICO Market Boom Conditions?

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The current prices of Ether (ETH) suggest a bullish field day for ethereum investors and the crypto market at large. In fact, it is showing an exceptionally high performance which can be compared to the 2017-2018 ICO market explosion. The positive turn of events for ETH can be said to be because of the recently announced upcoming Ethereum 2.0 upgrade and the ongoing bullish sentiments surrounding this and the whole of the second biggest crypto by market capitalization.

source: BTCmanager

For those that do not understand, a bullish run is simply the state of a financial market in which prices hit an all-time high, or prices are expected to rise. It is characterized by stock prices rising by 20% typically after a 20% drop in prices and also before a 20% decline. Take note that this current surge in prices may not be the best statistics to evaluate Ethereum. In fact, the most recent study (attach hyperlink to study) from Xangle insinuate that since the prices have failed to rally in the second quarter, investors should be wary of using this yard stick to assess Ethereum.

source: CoinCodex

A 2nd-Quarter July Report from Xangle Research on Decentralized Finance (DeFi) depicts that  on-chain size of transaction on Ethereum surged by approximately 62%, around a 52-week high on June 23. Research analyst Jehn Kim highlighted that the on-chain statistics “partially resemble the spike seen during the bull run in 2017-2018,” during this period, ETH was valued a whooping $1,396.

Kim continued that:

“Ethereum’s on-chain indicator activity needs to be reconsidered,” in fact, ETH was just $230 in the second quarter, although we had very similar on-chain activity.”

At the moment, ETH is valued at $323.62 with a 37% increase this present week. The transaction fees also surged to about 688%. A closer observation shows that although there may be good reasons to compare the present ETH bull run with the 2017-2018 market boom, the conditions of both periods are significantly distinct.

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Opinion

Five Weird Conspiracy Theories About the Bitcoin Inventor

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It seems the world has birthed the most conspiracy theories during this era than ever before. Almost every activism and event has been attributed to some scheme planned out by manipulative humans and groups of people. 

Recently, we have had different philosophies pop up as reasons for the BLM (Black Lives Matter) movement to several theories about the cause of the Corona virus. Bitcoin is not exempt from this influx of assumptions especially as regards its inventor- Satoshi Nakamoto.

Up till date, no one exactly knows who Satoshi is or what that name stands for.  It remains baffling why the inventor of one of the most disruptive technologies in the world will rather remain anonymous. This is especially considering the fact that humans love to get credit for the work they have done; talk less of a world transforming technology like Bitcoin. 

Bitcoin is an 11 years old network that enables digital money as the new cash for the worldwide web. It is interesting that regardless of how successful this network is, the masses are left to go on a wild goose chase in search of who or what the inventor is. 

The mysterious identity of the pseudonymous Satoshi Nakamoto has warranted a number of conspiracy theories; most of which seem improbable. But, in as much as the real identity of Satoshi Nakamoto has not been ascertained, it is a good idea to consider some of the theories.

So Let us plunge right in:

  1. The United States Created Bitcoin 

This seems like the most implausible out of all the theories considering that the United States’ government has all but been totally receiving of Bitcoin. 

Nevertheless, some people still claim that the United States’ Intelligence Services is behind Bitcoin. They believe the agency created this network so as to enable financial transactions that cannot be traced. 

This way, they will be able to sponsor secret missions around the globe. A while ago, Popular Blockchain proponent, Vitalik Buterin, Cofounder of Ethereum once implied in 2011 that it is very plausible that the US’ National Security Agency (NSA) invented Bitcoin. The credibility of this is yet to be ascertained as the world awaits who Satoshi Nakamoto really is.

  1. The Illuminati invented Bitcoin

Somehow, this philosophy has successfully weaved the concept of faith into the invention of this blockchain application. 

The proponents of this theory are adamant on the opinion that this tech is fuelled by no one but the Anti-Christ. To them, bitcoin is the infamous 666 antichrist mark. They believe the inventor of this technology wants to take control of the world through manipulations that the ordinary man cannot discern. 

  1. Bitcoin is merely a Program

This philosophy is also worthy of mention as a group of people have posited that Bitcoin is merely an Artificial Intelligence program. 

They believe that although it is a product of coding, an unnamed government or group of people are responsible for it. 

This theory seems improbable because right before Satoshi disappeared into thin air, he/they had been actively introducing, promoting and updating his/their ingenious creation. So, this position remains questionable.

  1. An Asian Initiative invented Bitcoin

This is the most hilarious of the conspiracy theories. This group of people have intelligently used a brilliant wordplay attempt to solve the Satoshi Nakamoto puzzle. 

They came up with the idea that the World Big 4: Samsung, Toshiba, Nakamochi and Motorola came together to power the Bitcoin network hence labelling themselves SATOSHI NAKAMOTO after their names. Sa- Samsung, Toshi – Toshiba, Naka – Nakamochi, and “moto” – Motorola.

This theory seems brilliant but really it appears to be a brilliant wordplay awaiting concrete evidence. 

  1. The Chinese Government backs the Bitcoin

It is ironic that a group of people will hold this opinion considering that the Chinese government has been relatively intolerant of Bitcoin. Proponents of this philosophy believe that Bitcoin is China’s way of getting back at the US government. 

They posit that the end scheme is to sell off bitcoin to US dollars once it hits its peak thereby facilitating hyperinflation. This makes sure that the US dollar loses its value. Proponents of this theory also stand on the fact that a sizeable number of our planet’s computational power is gotten from China. Who else will then be responsible for such a revolutionary technology?

Although these philosophies are quite interesting, one has to be rather weary of hasty conclusions. It is however okay to be aware of these theories as one way or the other they are a step in the direction of solving the puzzle that is Satoshi Nakamoto.

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