Page 73 - Understanding EOS TojuKaka FlipBook

predictions about blockchain networks are valid.
Time has also proven that Proof of Work (POW)
while being great and having several advantageous
features, cannot be the ideal solution for a scalable
and commercial blockchain platform for
decentralized applications

Besides having incredible foresight, Dan Larimer has
a knack for building things that work. All his
inventions stand out and usually end up changing the
status quo. He has built two successful blockchains
namely Bitshares and Steem.

After the crash of a very popular centralized
exchange call Mount Gox, it became obvious to
people that centralized exchanges were one of the
weak spots of cryptocurrencies. Unlike centralized
exchanges, decentralized exchanges don’t take control
of users funds. They don’t store users
cryptocurrencies, yet they provide liquidity to enable
traders to buy and sell.

Dan Larimer created the first decentralized exchange
called Bitshares which runs on the Bitshares exchange
in 2013. He created it out of the concern that the
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