A blockchain is a decentralized, immutable (tamper-proof) ledger of digital assets. A blockchain is a peer-to-peer network that authenticates and settles transactions without the need for a central authority. All blocks in a blockchain are linked together using cryptographic principles, which improves the network’s security. EOS is a next-generation blockchain ecosystem that has received a lot of attention in the media due to its record-breaking ICO and innovative features. Importantly, the EOS.IO ecosystem was created with the purpose of making smart contract programming and integration as well as the development of decentralized applications easier (Dapps).
One of the most astonishing features of the EOS.IO platform is that its unique design essentially eliminates transaction fees. Furthermore, the platform is extremely scalable. According to reports, EOS.IO can perform better than major payment cards like Visa in terms of transactions per second. As a result, EOS is the ideal platform for Dapp developers.
The EOS blockchain is the foundation for the EOS cryptocurrency. It’s used to help large-scale applications run smoothly. There are no fees associated with sending or receiving EOS. The EOS platform basically replaces transaction fees with inflation by paying companies that administer the network with new EOS on a regular basis. The EOS token is used for governance, and it lets developers and consumers to produce the resources they need to execute applications on the EOS platform.
EOS’s narrative began with the publication of the company’s whitepaper in 2017. The developers clarify their goal in the paper, which is to create a Dapp development platform that can safely execute thousands of transactions per second. EOS, moreover, aspires to be the leading operating system for decentralized apps. As a result, EOS comes with a number of useful features, like integrated user authentication, cloud storage, and server hosting.
On June 1, 2018, EOS, a blockchain-based open-source program, was published. During its record-breaking ICO, EOS elected to take a unique approach to the market. On June 26, 2017, the ICO, which lasted a year, officially began. Block.one distributed one billion tokens as ERC-20 tokens in the year following the debut.
Because the EOS.IO network did not exist at the time, developers elected to seek cash by issuing the token on Ethereum’s blockchain. The plan paid off handsomely, as EOS raised more than $4 billion during the event. These monies were specifically allocated to the completion of the EOS blockchain and ecosystem.
EOS.IO is a subsidiary of Block.one, a private blockchain corporation. The company is currently registered in the Cayman Islands. Block.one’s Chief Technology Officer is none other than crypto superstar Daniel Larimer. Larimer’s name should ring a bell with you.
How it Works
A full-featured authentication system is included within the EOS ecosystem. Developers can program user accounts and assign permission levels to each account directly from the EOS panel. For most Dapps nowadays, this is a must-have feature.
Additionally, the platform allows businesses to provide everyone on the network access to their databases. Companies can, on the other hand, extract data from the network and keep it locally. The data is kept off the blockchain in this technique until the corporation wants it.
Cloud storage is another significant technology included in the EOS development bundle. As part of its all-encompassing approach to the market, EOS.IO provides Dapp developers with both server hosting and cloud storage. The EOS.IO ecosystem has these important components, making it one of the fastest-growing Dapp protocols today.
This architecture makes it simple for developers to create and distribute applications. Developers will have immediate access to whatever they require. Development is simplified by features such as hosting, cloud storage, and download bandwidth. As a result, developers may concentrate on the features of their Dapps rather than hardware problems.
The developers of the platform chose not to use the Bitcoin blockchain’s power-hungry consensus method. The Proof-of-Work consensus mechanism is the name given to this protocol. Completing complicated mathematical equations necessitates a computer competing against itself. This increase in processing power used to solve this equation equates to an increase in energy usage.
Recognizing the drawbacks of a PoW system, the developers chose a different path. The Proof-of-Stake consensus mechanism validates the state of a blockchain in a unique way. Miners in a PoS system do not compete at all.
Those interested in becoming transaction validators should instead purchase the tokens and “stake” them in their wallets. The act of staking is when you keep your cryptocurrency in a wallet. Specifically, the more you stake, the more likely you are to be chosen to approve the following block of transactions and receive the reward.
The network is able to thwart intruders in this way. Anyone wishing to attack the network would have to first buy a huge amount of EOS and stake the coins. In the end, if the network is compromised, they will only harm their own interests.
Bitcoin and other traditional cryptocurrencies rely on their nodes to validate the state of the blockchain through consensus. Bitcoin performs this task by employing nodes, which confirm every transaction on the blockchain at regular intervals. While this technique is exceedingly safe, it does raise severe questions about scalability.
What Makes it Unique
EOS is a direct rival to Ethereum, aiming to be bigger, better, and faster. EOS is aiming for millions of transactions per second, whereas Ethereum can supposedly handle 15 transactions per second. It’s important to note that this is an aspiration, not a reality.
The restricted availability of resources is a big challenge as the DApps ecosystem grows every day on the blockchain networks. Through its unique mechanism, EOS.IO seeks to overcome these issues by providing additional scalability, flexibility, and usability.
Through the utilization of parallel processing and asynchronous communication across the network, EOS.IO promises to be able to support thousands of commercial-scale DApps without experiencing performance issues.
Separate modules involved in the operation of DApps increase efficiency even more. The authentication procedure, for example, is carried out separately from the execution process.
A web toolkit for interface construction, self-describing interfaces, self-describing database schemas, and a declarative permission mechanism are among the network’s core usability features. All of these things make it easier for developers to create and maintain apps.
Blockchain safeguards the fundamental right to privacy, which is the bedrock of a free society. Identity, which is the foundation of freedom, must be appropriately handled while the right to privacy is preserved. With EOS being dubbed the “Ethereum Killer,” it has a strong chance of being a major blockchain in the future, enabling free, quick, and scalable transactions.