Dan Larimer: The Mind Behind Bitshares, Steem, and EOS

Dan Larimer is a programmer who has been involved with bitcoin since the beginning. Dan was one of the first developers to begin communicating with Satoshi Nakamoto in a bitcoin forum. After graduating from Virginia Tech in 2003, Larimer searched for a libertarian alternative to fiat currencies. He discovered bitcoin shortly after in 2009. Even from the beginning it was clear that bitcoin would not scale to process micro transactions. Nevertheless, the technology was born and its potential had been recognized.

Soon after the fall of Mt. Gox exchange in 2013, Larimer and many others realized the vulnerability of centralized exchanges. In 2014, Larimer launched Bitshares, a decentralized exchange platform. Bitshares expanded on existing bitcoin protocol by creating a Polymorphic Digital Asset. According to the Bitshares white paper,

 Within the BitShares network, we have created a new type of financial product called a Polymorphic Digital Asset that can track the value of gold, silver, dollars, or other currencies while paying dividends to holders and avoiding all counterparts risk.

 Bitshares invented BitUSD which was the first cryptocurrency to be pegged to the US dollar. Larimer left Bitshares because the project was running out of money and needed some form of advertising. As a result, Larimer came up with the idea for a blockchain-based social media platform.

Soon after, Steemit was launched. On the Steemit social network, participants get paid in Steem tokens for posting and contributing quality content. The contributors act as miners and the business model is sound; “Get payed for what you’re already doing somewhere else.” Steemit is a unique social media platform because the earnings of each author are completely transparent. Each post has a dollar value which is attractively located at the bottom of the post. The more popular your content is, the more Steem you earn. Bitshares and Steem continue to thrive without Larimer’s involvement. Ultimately, these innovative platforms serve as great use cases for present and future blockchain technologies.

After the success of Bitshares and Steem, Larimer wanted to create a utility blockchain which would kill Ethereum. This led to the emergence of EOS (Ethereum on Steroids). Investors and developers question whether or not Larimer will stay dedicated to EOS considering he has moved on from Bitshares and Steem. Larimer answered by stating that he is building EOS so that he can build all of his future projects on top of the EOS platform. In an interview he stated more specifically, “I want to eat my own dog food.”

Larimer is also known for frequently provoking Reddit arguments with prominent crypto developers such as Vitalik Buterin (ETH) and Charles Hoskinson (ADA). Larimer’s genius may have contributed to his arrogance and misunderstood personality. Nevertheless, his resume speaks for itself.

Disclaimer: I am not a financial advisor. This is not financial advice. Please do your research independently and make objective decisions. This article is intended to educate readers about Dan Larimer, Bitshares, Steem, and EOS. The author does not hold positions in Steem, EOS, or Bitshares.