What is EOS?
The EOSIO network developed the EOS coin, which is a blockchain looking to solve the inherent problems of Bitcoin and Ethereum. This blockchain technology looks to become a decentralized operating system. How is EOS a good investment for blockchain developers? It provides them with a set of necessary tools and services for developing decentralized applications. They recognize themselves as the most powerful foundation for decentralized applications. Their system doesn’t confine to the domains of development but enables hosting and execution of commercially-scaled dApps on their platform.
EOS is recognized as a new player in the market. Launched in 2017, it is known for its June 2018 ICO (Initial Coin Offering) fundraiser that helped them raise a record-breaking $4 billion. The developers of EOS mentioned the creation of this platform under the motto of developing faster, more secure, and easily-operable dApps for their users. It is known that many companies operate under the regulations of Ethereum. With the EOSIO network introduced, companies are looking forward to moving to a more well-managed and state-of-the-art option. EOS is a utility token that is not mined but is traded in return for different digital resources. Other than this use, it is consumed for the payments of transaction fees. It has aimed to build such a decentralized blockchain that allows free provision of transaction services that are processed at super speed along with supporting Smart Contracts. EOS is said to operate similarly as Google’s Play Store or Apple’s App Store, which is done with the support of a web-toolkit for creating interfaces of applications.
What does EOS do?
We have discussed the major objectives and goals for the formation of EOS, where it believes in a more efficient platform for its users. The major innovation that has been introduced by EOS is Smart Contracts. Many users have complained over Ethereum and Bitcoin for processing approximately 20 and 7 transactions per second, respectively. EOS has countered this problem by offering 1500 transactions per second on average. These are quite higher than the existing all-time best networks, making it more efficient and promising for many users. They introduced the Delegated Proof-of-Stake consensus method in comparison to the Proof-of-Stake methods in Bitcoin and Ethereum. With 21 representatives elected by the network for validating the transactional procedure, EOS takes out the need of miners. This method executes the transactions with lesser validations compared to the time taken by other networks such as Ethereum and Bitcoin, where they validate the information through all nodes. This method furthermore covers the simultaneous execution of functions.
EOS has been promoted as an all-welcoming network. This is because it supports the most common programming languages. This allows users to create any application on the platform with the help of any programming language. On most blockchain platforms, developers have to pay money for hosting and developing applications. What is EOS in competition to these platforms? It is the first free platform that allows access to the developers with the language of their choice.
What are the major features of EOS?
Many blockchain projects address the dApps, Ethereum being the most widely used amongst them. EOS has built up to deliver such an architecture that seems to be more promising than the existing architectures. There are a few notable features that should come into notice of every new user.
Most of the blockchain projects that we observe have limited resources. EOS provides a tentative solution to scalability limitations. It added asynchronous access to resources and parallel execution in its features. It was focused on helping various developers to use the network simultaneously.
We are aware of the DAO attack that Ethereum’s system faced leading to the splitting of the community. EOS counters every such problem with its featured DPOS methodology. It works in a way such that whenever a dApp is declared faulty, its block producers freeze it until a remedy is found for it.
Many blockchains that are known to be focused on app developments do not allow users to create user accounts directly on the blockchain database. EOS, on the other, provides the accessibility to create accounts directly, making the creation of new apps easier and convenient. This allows user authentication to be a part of the system architecture.
Various coins do or do not provide the feature of staking. Then some have better procedures of staking their coins, which leads to more profitability for the users. EOS is one such coin that comes with the additional feature of staking, unlike Bitcoin. They have made the process easy, along with providing users with a guide on how to stake EOS on the REX.
Future Developments of EOS
What is EOS, and is EOS a good investment? This is one of the major questions that we observe in various uses since EOS has been taking on the market with its intuitive interface and features. The DPoS blockchain project has been taking over the position in Technology Index and has been attracting dApps. Since we observed the initial boom with the ICO, EOS has developed 10x profits and considers a more developed system. The developers at EOS are seeking to optimize the code for the parallel execution algorithm. What goes beyond the year 2020 is their motive to surpass every other blockchain project, including Ethereum. They seek to develop an architecture that is scaled to millions of transactions per second, faster than the existing traditional VISA and MasterCard models. Furthermore, they look to eliminate user fees to allow users to access EOS and observe what EOS does freely? Out of these various factors they want to improve, they also look to develop a platform that allows swift deployment of the decentralized applications being developed on it.
We all know the EOS is a relatively newer project than the existing Bitcoin and Ethereum. They come with a great vision and have shown potential in the years to play their role in the digital financial market and blockchain systems. It might be the perfect start anyone can take before going deep into the crypto market.
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