What is EOS? EOS is blockchain based software & a platform created to support decentralized apps (aka dapps) that runs on delegated proof-of-stake consensus algorithm & was created by Dan Larimer.
When observed through this over-simplified definition, EOS may bear a resemblance to Ethereum. But there are a few key differences. Whereas Ethereum can be somewhat viewed as a global computer, EOS.io is more similar to a global operating system. EOS provides databases, accounts, authentication, asynchronous communication, and the scheduling of applications across numerous CPU cores or clusters. Through its ownership model, EOS effectively eliminates transaction fees while boasting a potential throughput of millions of transactions per second. The technological basis for its creation comes from past proven ventures such as blockchain social platform Steemit and BitShares, a decentralized asset exchange. EOS co-founder, Daniel Larimer designed the graphene blockchain technology that powers both Steemit and BitShares. He also created the Delegated Proof of Stake algorithm that lies at the heart of EOS. The backbone of EOS’ nimble construct is its Delegated Proof-of-Stake (or DPos) consensus algorithm, which is tailor-fitted to meet the performance challenges required by dapps on the blockchain. 21 nodes (also known as witnesses) are elected through voting preference by token holders, and they’re the only ones that can produce blocks. The EOS software enables these witnesses to create blocks every half second. Blocks are generated in rounds of 126 (or 6 blocks times 21 producers). Forks are unlikely to take place with DPoS, as block production is encouraged to be more of a cooperative process than a competitive one. DPoS in EOS comes with an added asynchronous Byzantine Fault Tolerance algorithm, which ensures the 100% confirmation of irreversibility within 1 second. The developers’ description of the EOS software highlights that it enables the vertical and horizontal scaling of decentralized applications. EOS relies on Graphene technologyThe open-source EOS software is scheduled for release in June of 2018, and even though it’ll run single threaded, it’ll allegedly include the necessary data structures for future parallel execution. Asynchronous communication and parallel execution are key features to ensuring EOS’ infinite-scaling potential. Users won’t have to go through the process again once a block is irreversibly added to the blockchain. EOS.io users will be able to selectively run applications they need, and configure nodes to process data they want. It therefore wouldn’t be necessary to run social media apps if the desired process is to run an exchange. Operational maintenance of the blockchain doesn’t require the participation of every node. An added flexibility feature comes from the DPoS consensus mechanism. EOS.io has also been designed with inter-chain communication in mind, and this, in short, is achieved by facilitating the generation process for proof-of-action existence and proof-of-action sequence. EOS.io will include self-describing database schemas and self-describing interfaces, meaning blockchain data will be human-readable. It’ll also support many of the known programming languages such as Rust, Solidity, and C++. It uses a declarative permission scheme that enables a finely-tuned delegation of permission across accounts. Its power becomes real on a launched blockchain that integrates with the EOS.IO software. The company currently building the EOS software has stated that it has no intention of launching any public blockchain adopting said software after its open-source release. The distinction between “software” and “platform” has been very stressed upon. EOS.IO is the software currently under development, while the EOS Platform will be used to refer to the blockchain that adopts it. On a launched blockchain using the EOS software, the EOS token was designed to follow an ownership model instead of a “rental” model, which effectively eliminates transaction fees. This model gives EOS token holders access to the network’s storage, bandwidth, and processing power proportional to the stake they hold. Increasing the volume of available network resources is achieved by purchasing more EOS tokens. This enables developers to gradually scale up their applications while also receiving reliable bandwidth and computing power. Aside from the initial purchase of EOS tokens, zero transactions fees means no network development cost. EOS tokens also constitute a tool used in the voting process that decides which nodes will become block producers. It’s necessary to become an EOS token holder in order to obtain voting rights.
Disclaimer: This is not financial advice. I absolve myself of all responsibility (directly or indirectly) for any damage, loss caused, alleged to be caused by, or in connection with the use of or reliance on any content, goods or services mentioned in this article. As usual, DYOR.
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