What is EOS – Everything You Should Know
What is EOS
EOS is a blockchain platform established for the expansion of decentralized applications (DAPPs), which is quite like Ethereum in function. It makes it easy to attain DAPP development by providing a set of functions and services similar to an operating system that DAPPs can use for improvement and advancement purpose. It ought to be scalable enough so that millions of users could use it without suffering the lack of performance.
How Does It Work?
The objective of EOS is to create a blockchain platform that will be able to process thousands of transactions each second without charging transaction costs. Blocks are generated by Block Producers, the decentralized bodies that oversee the EOS blockchain. When they create blocks, EOS blockchain pays them by itself, taking away the concept of fees from the user. The EOS platform will allow the developers to build DAPPs which would be available for the users to use without paying anything. No user would have to pay the platform to enjoy the benefits of a DAPP.
Every second two block are generated on the EOS Blockchain. Usually, at any one given point in time, only one block producer is guaranteed to produce a block. So as to make sure that the network is delivering the optimal performance, the block producer that fails to produce a block within a predefined time period is removed from the network for a short time.
What Does EOS Blockchain Have to Offer?
Scalability is perhaps the biggest issue blockchain has been facing for quite some time. Blockchain-based applications can’t compute many transactions per second as compared to other platforms because every node of the network needs to come to a consensus before moving forward. EOS believe that they have resolved the issue as they employ DPOS also known as distributed proof-of-stake consensus apparatus. Using that, they can easily process millions of transactions every second.
Ethereum was attacked by DOA and because of that the entire system stopped working and the community split because of the hard fork. However, as EOS makes use of DPOS, it might not happen in their network. In case, DAPP shows the signs of defects, the chosen block producers can stop it up until the system is back to working optimally.
EOS enables distinct stages of permission by integrating features such as web toolkit for self-describing interfaces, a declarative permission scheme, interface development, and self-describing database schemas.
EOS is governed by instituting jurisdiction and choice of law together with other acknowledged guidelines. This is usually done based on the legal constitution.
5. Parallel Processing and Performance
In order to save time and reduce workload, program instructions are allocated among many processors. It helps in reducing the running time of the programs.
A blockchain built on the EOS software would have to produce a 5% natural inflation on a yearly basis. Then it would be allocated to the platform’s block producers as they would confirm the transactions on the platform and to the three topmost smart contracts receiving the highest number of votes from token holders. That way, a blockchain would not rely on one single organization or individual for expansion.
EOS is a decentralized operating system designed to support industrial level decentralized applications, offering a more focused end-product.
EOS is innovative and yet a controversial development in the DAPP arena with an established team, higher aim, but its proper implementation is still uncertain. The upcoming years will be crucial and decisive for this inventive platform which will decide whether EOS is here to stay in DAPP market or not. Though it seems like, it won’t be going anywhere for some time now.