What is EOS? Everything You Should Know
What is EOS?
The EOS platform is a decentralized app (DApp) builder that’s meant to let developers create blockchain apps.
The objective of the project is straightforward: to make implementing blockchain technology as simple as possible to construct the network more user-friendly than others. As a result, development tools and a variety of instructional materials are made available to assist developers who want to build working apps quickly.
Other goals include providing more scalability than other blockchains, which can process fewer than a dozen transactions per second on average.
EOS, like other blockchain projects, intends to provide a better user and business experience. While the project strives to deliver greater security and less friction for customers, it also tries to enable businesses with more flexibility and compliance.
The blockchain was launched in June 2018.
Who are the Founders of EOS?
The EOS platform was created by Block.one, and the white paper was written by Daniel Larimer and Brendan Blumer.
Both Blumer and Daniel Larimer continue to serve on the Block.one executive team, with Blumer as CEO and Daniel as CTO.
Blumer is a prolific entrepreneur, having started several businesses. He began by selling virtual assets for video games when he was still in school. In Hong Kong, he co-founded Okay.com, an online real estate firm that is digitally focused.
Larimer is a programmer who has created a series of different businesses. They include BitShares, a crypto trading platform, and Steem, which is a blockchain.
The duo first encountered each other in 2016 and formed Block.one the following year.
The Basics of EOS Tokens and EOS.IO
The EOS ecosystem consists of two fundamental components: the EOS.IO software and EOS tokens.
- EOS.IO is the operating system of the EOS blockchain network, much like Microsoft Windows is to a computer. It runs and controls the EOS network. The program makes use of blockchain architecture for scalability across apps at both vertical and horizontal levels.
- The EOS token is the EOS network cryptocurrency.
Simply put, a developer-only needs to have EOS coins rather than spending them in order to utilize network resources and construct and run DApps. Token holders who do not operate apps may allocate or rent their bandwidth to other users who require it.
The block.one firm currently owns the EOS cryptocurrency. Dan Larimer, who is also the creator and developer of other well-known platforms like Steem and Bitshares, created EOS.
What are the Technical Features of EOS?
So, what are the prospects for EOS? The following are some of the technical features available on the EOS blockchain platform.
The problem of scalability (or the number of transactions performed per second) for most blockchain platforms is that because blockchain transactions necessitate consensus among all network nodes, they create bottlenecks. This has an adverse effect on the user experience.
Visa, for example, can complete 1667 transactions every second, whereas Paypal is capable of handling only 193 transactions each second. Bitcoin works at a slower rate of 3-4 transactions per second, whereas Ethereum performs slightly better with 20 transactions per second.
EOS claims to be able to conduct millions of transactions per second thanks to their distributed proof of stake (DPOS) approach.
In 2016, an Ethereum coding bug was exploited. It resulted in the theft of almost one-third of the funds kept by the Decentralized Autonomous Organization (DAO) (a venture capital fund created on Ethereum). The entire operation came to a halt. Ethereum had to be forked, resulting in two separate blockchains, each with its own cryptocurrency. –
- Ethereum Classic –The blockchain that continued to employ the old validation standards
- Ethereum – A blockchain is updated with a new set of validation criteria, which is known as forking. The DPOS mechanism is said to secure EOS against such threats because of its design. The block producers chosen by the electorate can put an end to the dApp until the system is restored in dApp bugs or assaults.
EOS has a flexible permission structure that allows you to create your own permission systems for various business settings.
You may, for example, create special permission to protect a certain aspect of an EOS smart contract. You can also distribute the authorities required to call an EOS smart contract function across multiple accounts with varying authority weights. This feature allows developers to create robust dApps without having to reinvent the wheel.
All EOS blockchain dApps are upgradeable. It implies that users can deploy code updates, add/change features, and alter application logic. Furthermore, developers may renew their applications without being limited to one bug for the rest of their lives.
It’s also feasible to build irreversible EOS smart contracts. However, such judgments are made based on the judgment of engineers rather than due to technical limitations.
Less Energy Consumption
Because of DPOS, EOS is a less energy-intensive platform than others.
The governance in EOS is maintained by establishing jurisdiction and choice of law, as well as mutually agreed regulations. The legally binding constitution accomplishes this. Every transaction in EOS requires the hash of the constitution to be embedded into the signature, which essentially binds users to it.
EOS enables smart contract parallelization through its tremendous scaling potential:
- Horizontal scalability – The transaction rate is increased in horizontal scalability by increasing the number of systems and computers in the resource pool. Vertical scalability, on the other hand, boosts the transaction rate by adding more processing power.
- Asynchronous communication – To have communication, all of the parties must be present at the same time.
- Interoperability – It implies the capacity of a computer system to communicate and utilize data meaningfully.
Decentralized Operating System
Ethereum is a decentralized supercomputer. On the other hand, EOS is a decentralized operating system that aids EOS in offering a wide range of corporate-friendly and user-friendly features.
Pros and Cons of EOS
The EOS platform provides a trustworthy, user-friendly environment for dApp developers and ICOs to work in. Here are some reasons why EOS makes its existence known in this section:
- EOS is Very Convenient for Developers: EOS is made with developers in mind since to develop on it, they do not need any prior experience. It features a web toolkit and functionality such as role-based permission systems that are built into the system. A developer can construct dApps or decentralized applications using these tools quickly.
- EOS Tokenizes Governance Access: Anyone who owns EOS tokens is permitted to participate in the voting procedure to decide how the chain’s governance should operate. The stake is proportionate to the number of coins owned. These cryptocurrencies also provide users with access to the same level of blockchain network bandwidth.
- A Self-sufficient Reward Model and Removal of Fee: Each year, the EOS network’s inflation rate is set in stone (at 5%). This sum will be put towards the payment of miners who validate transactions and create blocks, as well as for three dApp proposals chosen by consensus. As a consequence, costs are practically eradicated on this platform.
- Great Speed of the EOS Platform: EOS uses parallel processing to guarantee that the transactions are finished and approved in a timely manner. It is anticipated to be able to manage millions of transactions each second.
EOS has a number of advantages, but it also has a few disadvantages that act as roadblocks to its perfection. Let’s have a look at some of EOS’ drawbacks:
- Concerns with EOS centralization: The EOS governance structure is intended to have only 21 block producers at once while voting by stakeholders controls the network’s overall operation. The principle of democratic government on the EOS platform may be called into question due to the extremely small number of block producers and the potential for low voter turnout. In addition, the fact that users cannot audit the network without running full-node calls into question its decentralization.
- Numerous Competitors of EOS: EOS competes with networks like NEO, RChain, and others. This implies that EOS must improve its game if it wishes to remain competitive.
What Makes EOS Unique?
You could make an argument that EOS is attempting to create familiarity among its users. Whereas EOS.IO, like Windows or iOS, is comparable to a computer operating system, EOS is the cryptocurrency that powers the network.
The company claims that it can accommodate the requirements of hundreds, if not thousands, of DApps while still allowing for significant scaling. Parallel execution and a modular approach are credited with boosting efficiency.
Token holders can participate in block producer elections and other issues such as protocol upgrades, thanks to the blockchain’s unique feature.
Unfortunately, EOS’ most distinguishing features are those that its critics hate the most. There are people who feel that Block.one’s extensive involvement with this project makes it rather centralized, and others who believe this is the exact opposite of what blockchains and cryptocurrencies were intended to achieve.
How to Buy EOS
It is possible to buy EOS through the following exchanges:
- Coinbase– It’s available in 103 countries all around the world. Wire transfers, domestic transfers, and debit card payments are all accepted by Coinbase.
- Kraken– Kraken is easy to use and has very low fees, making it a popular choice among consumers. You may deposit money into your account in USD, EUR, or CAD.
- Binance– It is a well-known cryptocurrency exchange where EOS is among the supported currencies.
eToro- It offers a beginner-friendly trading platform that offers multiple payment options.
Cardano is a proof-of-stake blockchain project with the stated objective of allowing “changemakers, innovators, and visionaries” to contribute to good world change.
The goal of the open-source initiative is to “redistribute power from unaccountable authorities to the margins and empower individuals,” which will lead to a safer, more transparent, and more equitable society.
Cardano is a cryptocurrency and smart contract platform named after 16th-century Italian polymath Gerolamo Cardano. The ADA token is named for 19th-century mathematician Ada Lovelace, widely recognized as the world’s first computer programmer.
Cardano is a crypto that was created in 2017 and named after the Italian polymath Gerolamo Cardano. The native ADA token is named for Ada Lovelace, who is widely recognized as the world’s first computer programmer, according to history. The ADA cryptocurrency was created to allow network owners to participate in the network’s operations. As a result, holders of the currency have voting rights on any software changes proposed by the network.
The initiative has taken great care in ensuring that all of the technology developed goes through a process of peer-reviewed study, allowing critics to challenge brilliant ideas before they are proven true. According to the Cardano team, this rigorousness aids the blockchain in being robust and sturdy, increasing the chance that potential problems can be addressed ahead of time.
VeChain, or VET, is a blockchain-powered supply chain management system. VeChain began in 2015 and was officially launched in June 2016, with the goal of using dispersed governance and Internet of Things (IoT) technology to establish an ecosystem that would address some of the most pressing concerns in supply chain management.
The platform employs two internal tokens, VET and VTHO, to control and generate value on its VeChainThor public blockchain.
The goal is to upgrade supply chain efficiency, traceability, and transparency while lowering costs and placing more control in the hands of individual consumers.
The primary objective of VeChain is to revolutionize the traditional supply chain model, which has remained unchanged for decades.
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Solana is an open-source project that makes use of blockchain technology’s openness to provide decentralized finance (DeFi) solutions. While the concept and initial development on the project began in 2017, Solana was formally unveiled by the Solana Foundation in March 2020 at its headquarters in Geneva, Switzerland.
The Solana protocol is designed to enable the development of decentralized apps (DApps). It attempts to increase scalability by combining the underlying proof-of-stake (PoS) consensus with the proof-of-history (PoH) consensus.
Solana’s unique hybrid consensus mechanism has drawn the interest of both small-time and big-time traders. The Solana Foundation is particularly interested in making decentralized finance more widespread.
As you know, the crypto market is unpredictable, and no one can firmly advise you anything. It will depend on your comfort level and income as to how much risk you should take with an investment in EOS (EOS). While this digital currency has been a favorite of investors since it launched last year for its potential to offer lower transaction fees than Ethereum or Bitcoin, there are still some unknowns about whether it’ll be able to maintain that edge over time. But if you believe in what they have going for them so far, then now might just be the perfect time to buy EOS.