EOS is a blockchain platform for the development of decentralized applications (dapps), similar to Ethereum in function. In fact, supporters have dubbed it the Ethereum killer. It makes dapp development easy by providing an operating-system-like set of services and functions that dapps can make use of. The idea behind EOS is to bring together the best features and promises of the various smart contract technologies out there (e.g. security of Bitcoin, computing support of Ethereum). Simply put, the EOS community is working to provide one simple to use, massively scalable dapp platform for the everyday user.
Why was EOS created?
- The aim of EOS is to build a decentralized blockchain that can process fast and free transactions. It will also allow smart contracts to be built on top of it, which will allow developers to release dApps. Not only this, but EOS wants to build a platform that functions like an operating system, which will make it really easy to use!
- Another aim of EOS is to be able to process millions of transactions per second. This would solve a big problem, as other blockchains can recognize smart contracts, none of them can perform that quickly!
- Another solution that EOS is looking to solve is the issue of usability. For example, both Steem and BitShares can process around 100,000 transactions per second and use smart contract technology. However, it is really difficult for developers to insert basic functions such as account recovery and task scheduling.
Who created EOS?
Daniel Larimer on January 31st, 2018
Which technology is used?
EOS blockchain will use a new consensus model called Delegated-Proof-of-Stake (DPoS).
How does EOS work?
- Instead of using Proof-of-Work (PoW) like Ethereum, the EOS blockchain will use a new consensus model called Delegated-Proof-of-Stake (DPoS). This could fix the current problems that Ethereum is trying to solve!
- Using DPos, it creates a more efficient system, allowing cheap, fast and environmentally friendly transactions. In fact, each transaction only takes 3 seconds to process!
What problems does EOS solve?
EOS focuses on critical pain-points of blockchain and attempts to solve the problem of speed, scalability, and flexibility that often become a bottleneck for such blockchain-based systems. Another good addition to the EOS blockchain is that it will be possible to freeze transactions!
Is EOS anonymous/safe?
- EOS is a promising platform to invest in, that offers scalability, service friendliness, dApp web assembly tools and all as free services.
- The platform’s algorithmic consensus model is a defunct-proof system – the Delegated Proof of Stake (DPOS) algorithm. This empowers a decentralized network using voting rights to allocate responsibility to the token holder on block productions. As you can see, achieving consensus is more practical within a decentralized system only when it is truly democratized.
- Their transaction confirmation time on the EOS network is about 1.5 seconds from the time of broadcast which is fast and quite efficient compared to a similar configuration which would take about 45 seconds to complete.
What makes EOS Special?
- EOS is one of the newest blockchain projects to enter the cryptocurrency market. Its goal is to build a network capable of processing millions of transactions per second. It's ICO (initial coin offering) has been very interesting for a couple of reasons.
- Calling itself the most powerful infrastructure for decentralized applications, EOS is a blockchain-based, decentralized system that enables the development, hosting, and execution of commercial-scale decentralized applications (dApps) on its platform.
- EOS supports all of the required core functionality to allow businesses and individuals to create blockchain-based applications in a way similar to the web-based applications, like providing secure access and authentication, permissions, data hosting, usage management, and communication between the dApps and the Internet.