EOS Blockchain
Electro-Optical System, or EOS, is a well-known open-source blockchain-based platform that may be used to host, create, and manage decentralized applications (Decentralised Apps). EOS is the name of the coin from which the network is derived. It is created with the intention of making blockchain technology more available and simple for developers all over the world to use.
Why EOS?
- Quick and effective: The EOS blockchain network claims extremely fast and inexpensive transaction speeds.
- EOS is highly configurable, which is especially advantageous for the development and administration of programmable architectures.
- Secure: The EOS blockchain is built to support a variety of permissions, compliance, and regulatory frameworks.
The EOS tokens can be used as a payment system on the network. This platform was largely hailed as the ‘Ethereum Killer’ because its initial launch seemed like EOS would take over Ethereum and become the most efficient platform for dApp development.
EOS is made in such a way that it makes it possible for companies and individuals to develop blockchain-focused applications just as easily as web-based ones. With secure authentication, data hosting, and communication between dApps and the internet, it offers hassle-free app development.
EOS ecosystem
It is made up of two main components:
- The EOS.IO software can be compared to a computer’s operating system. This program is in charge of scaling DApps and managing the EOS blockchain network.
- EOS token: The EOS network’s recognized cryptocurrency. If developers already own EOS tokens, they can still use the network resources to create and maintain DApps without having to spend them. If necessary, they can also lend out their bandwidth to other participants.
EOS Consensus
Delegated Proof of Stake, a sort of Proof of Stake in which token holders choose the validators on the network rather than selecting them at random, is the foundation of EOS governance. Additionally, the network is run by 21 block producers that invest in its development and infrastructure.
How EOS Is Different
Because it promised to be bigger, better, and faster than Ethereum, EOS acquired a lot of traction. While talking about speed Ethereum can handle 15 transactions a second, but EOS is aiming for millions of transactions per second!
When put into practice, this profitable promise has the potential to completely alter the DApps ecosystem, which is now facing a major resource shortage due to its growing size. EOS.IO makes an effort to address these issues by enhancing usability and scalability through its own architecture.
Characteristics of EOS.IO
EOS.IO is able to host thousands of commercial-scale DApps without encountering performance constraints because of parallel execution and asynchronous communication techniques used throughout the network.
The various modules involved in the operation of DApps further increase efficiency.
For instance, the execution process and the authentication procedure are distinct.
With EOS, you can create self-describing interfaces, self-describing interfaces, self-describing database schemas, and declarative permissions.
Economy of EOS
EOS does not reliant on mining to create new currency as Bitcoin does. Here, block producers are paid with EOS tokens in return for creating more blocks. In fact, block producers are free to broadcast any amount as payment.
The method contains a limit towards producer award tokens such that the annual increase in token supply cannot exceed 5% in order to prevent abuse of the feature. Therefore, token holders who cast votes on the issue have the power to halt block makers who demand more.
EOS tokens are tradable on a variety of cryptocurrency exchanges and can be stored in different wallets. However, they have a centralized system for creating blocks, which seems to go against the decentralized nature of blockchain in general. As a result of which, they have attracted a lot of criticism.
Purpose of EOS?
Decentralized applications (dApps) that utilize blockchain technology were designed to be supported on a commercial scale by the EOS platform. EOS offers the capabilities required for companies to easily and widely distribute blockchain applications.
Conclusion
We just read what is EOS. And this Os is gonna change the blockchain world, with its capabilities and speed. As of now, blockchain is booming, its Dapp is found everywhere, So when we will have a global os with fast transactions new consensus algorithm it will change the world.
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