What Is EOS?
EOS is a decentralized application (dapps) blockchain platform close to Ethereum in the feature. Currently, proponents have called it the killer of Ethereum. This promotes dapp growth by offering a set of services and functions similar to an operating system that Dapps can use.
The concept behind EOS is to bring together the best features and promises of the various intelligent contract technologies (for example, Bitcoin protection, Ethereum computer support). Simply put, the EOS community works to deliver a user-friendly, massively scalable dapp platform.
How Does EOS Work?
The EOS vision is to create a blockchain dapp network that can securely and seamlessly scale thousands of transactions a second while providing app developers, entrepreneurs, and consumers with open experience. They plan to provide a complete unified application operating system through the provision of services such as user authentication, cloud storage, and server hosting.
The EOS network is a ready-to-use application framework that lets you tap into a robust authentication system. User accounts with various permission rates and their own locally protected user data are available as network apps. You can also share database access between accounts and save user data from the blockchain on a local machine.
Recovery is also built into the program for lost accounts. You have different methods to prove your identity and regain access to a compromised account.
Keep It In the Cloud
EOS framework also provides server hosting and cloud storage. You can create and deploy applications with the system’s hosting, cloud storage, and download bandwidth. It helps you to realize your ideas without the need to secure storage and bandwidth.
As a developer, you have direct access to storage and bandwidth usage analytics from EOS and can set limits for specific applications. Through staking tokens, you pay for these services.
Most common blockchains (think Bitcoin and Ethereum) use state-based consensus, which ensures that all network computers can check the current status of the blockchain at any stage. It helps avoid fraud and confirms transactions. In these instances, the blockchain is a representation of the machine state. And if each block is added to the blockchain, the network nodes take each transaction from the block so change the status of each transaction.
On the other side, EOS has decided in cases. If consensus about events is used, the emphasis is on transactions (or just messages) in comparison with the state. Instead of at any time checking the network status, nodes check the number of events that have happened to keep track of the network state up to now. When it restarts, the machine takes more time to fully reconfirm the history of transactions but can manage a much higher transmission while operating.
Simply put, a network can scale up to 1 million transactions a second from the door on one single machine, with infinite theoretical scaling parallel between multiple machines.
Free to Use
By contrast, the EOS network software does not need end-users to send transactions or perform blockchain tasks to micropayments. Individual app developers decide how users pay fees. Organizations are therefore free to develop a monetization plan for themselves.
Features, not Bugs
The EOS offers an administrative model based on block producers rather than voting on which transactions are validated, on the appropriate execution of an application and on changes to the source code of each application as well as the system itself. The user should help update, uninstall and repair system bugs cooperatively and safely.
No Trouble Performing
The system decreases latency and maximizes efficiency by further structuring each block (manufactured every 0.5 seconds) into sequential cycles. Cycles consist of threads running simultaneously in cycles. This structure allows you to send and respond to transactions in one and two chains, thus taking the theoretical limit of the reaction time down to simply transmitting messages across the net.
How Is EOS Different?
Although several blockchain-based networks like Ethereum already exist that enable decentralized applications, EOS focuses on critical blockchain pain points and tries to solve a speed, scalability and usability problem, often a bottleneck for those blockchain-based systems.
With the scale of the dApps ecosystem that every day on a specific blockchain network, the resource availability in the network is often limited. These include issues such as network compliance with a large number of wrong transactions and similar requests, spamming applications, slow running, and restricted network computing power.
EOS.IO tries to address these problems through its specific framework, providing greater scalability, versatility, and usability.
It claims to be able to support thousands of commercial dApps without sacrificing on performance through simultaneous execution and asynchronous communication across the network. The performance is further improved by the isolation of the different modules involved in dApps. The authentication method, for example, is done separately from the execution process.
EOS.IO provides versatility with different features in the development and maintenance of dApps. Its ownership structure encourages the user’s free use and reduces transaction costs, as developers can use resources by their stakes instead of the traditional pay per transaction model. This also simplifies the estimation of hosting costs to app developers and helps them to create effective monetization strategies.
EOS.IO uses a delegated proof-of-stake and a role-based permission principle which provides flexibility in making immediate high-level decisions, such as rollback, freezing and bug fixing of broken apps by a majority agreement between specified stakeholders.
It includes key usability features, including web interface creation toolkit, self-describing interfaces, self-describing database systems, and a declarative authorization scheme.
Roadmap, Team, and Community
The EOS project was developed by a Block.one business. Dan Larimer (co-founder of both Bitshares and Steemit) and Brendan Bloomer lead the company. Both have extensive backgrounds in cryptography and in addition to their ventures have been actively involved in supporting the technology as a whole.
EOS Dawn 1.0 was released on September 14, 2017, the Dawn 2.0 release on December 4, 2017, and the Dawn 3.0 release (official project launch) occurred in April 2018.
The culture behind EOS is diverse and multinational, and investors and contributors alike love it. Meetings are popular, art is developed, the Telegram community is involved and Facebook, Twitter, and Steemit have additional communities.
More than 100 dapps are currently available on the EOS network. Unfortunately, there is some lack of activity on these dapps. PRA CandyBox, the most popular service, has just over 6,000 active users a day. Nevertheless, this number is much higher than Ethereum’s most common dapp, the decentralized exchange IDEX, currently with over 1,000 active daily users.
Besides Ripple (XRP) and Bitcoin Cash (BCH), EOS is perhaps the most polarizing space project. Opponents contend that due to the introduction of a delegated proof-of-stake consensus process, a project is highly centralized in which just 21 block producers validate transactions. Many community members still feel as though the project’s $4 billion ICO was in the first place incompetent and selfish or even dishonest.
The EOS network also had a fair proportion of bugs. Several important flaws arose before the launch of the main network of the web. Several people scratched their heads and wondered how they could do it with so big a budget. Even after the start, benevolent hackers kept reporting bug by bug.
EOS Token and Trading
The EOS token sale was special. This took place over a full year from 26 June 2017, with 350 delivery times. The total number of tokens for this time was allocated to contributors at the end of each cycle according to the amount of ETH they donated divided by the sum of the donation.
Most of the major exchanges listed EOS tokens during this time. Consequently, the market decided the price primarily. It opened the sale to anyone interested and gave plenty of time before contributing to the development and progress of the project. This has been one of the most lucrative token sales to date and, in the meantime, a lot of progress.
The EOS token itself has no purpose. It is only useful for developers to use apps on the platform to create their specific application tokens. And the approval of each application on the platform depends on the vote by token holders.
How to Buy EOS
The best way to buy EOS is to buy it on Binance.
- Go to Binance ( Click on this link, you will receive back 20% trading fee )
- Sign up for an account.
- Use your credit card or you can buy EOS with a bank transfer.
Why you should buy on Binance?
Where to Store EOS
You must be aware of cryptocurrency scams and be safe before you decide to trade in a transaction.
You can also keep yourself safe by adding a security layer to save your cryptocurrency outside the exchange with an external wallet. In other words, you can buy Bitcoin or EOS as usual, but you would take your encryption and pass the coin to an external wallet rather than let you trade in your cryptocurrency. So if someone hacked in, the coins are out of the hacker’s reach.
A bunch of different wallets is available. Some of them are physical, many electronic. So research and choose the one you want.
6 Reason Why Should use Ledger Nano X Hardware Wallet To Secure Your Crypto: Click Here
Is EOS a Good Investment in 2020?
EOS is a divisive, high vision, but the debatable project in the DApp arena with an established team. The $4 billion budget should be more than enough, however, to complete the project. For the next few years, the company will play a key role in the DApp industry
The promise of EOS appears to be immense as it seeks to address issues related to traditional blockchain networks. It is still, however, a conceptual project that can bear fruit or not.
Most stalwarts in the blockchain community still challenge the audacious promise to process 100,000 transactions per second. The requirement to keep EOS tokens available for purchases exposes the consumer to uncertainty. Shortly, much will be worth watching as the EOS ecosystem takes shape.