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EOS is described as the youngest of the world’s top 10 cryptocurrencies. It currently ranks as the fifth largest by market capitalisation (at the time of writing around $4.9 billion). However, EOS has ambitions to be more than simply another virtual currency – rather it is a cryptocurrency token and also a blockchain that claims to operate as a smart contract platform and deployment of decentralised applications. Its developers have ambitions for EOS to become a decentralised operating system with the ability to conduct millions of applications per hour without charging any transaction fee.
A Bit of History
Based on a white paper published in 2017, the EOSIO platform was developed by the private company block.one and released as open-source software on June 1st, 2018.
In order to ensure widespread distribution of the cryptocurrency at the launch of the blockchain, one billion tokens were distributed as ERC-20 tokens by block.one. This ensured the distribution to allow anyone to launch the EOS blockchain once the software was released. The EOSIO blockchain was supported with over 1 billion USD in funding from the token sale, but ultimately block.one raised over 4 billion USD to support the blockchain during the Initial Coin Offering (ICO) period.
EOSIO's Dawn 1.0 was launched on the EOSIO mainnet on June 1, 2018 and is currently operating under version 1.6.0 at the time of writing of the article.
What is EOS?
EOS, by block.one, is a blockchain-based, decentralized operating system, designed to support commercial-scale decentralized applications. It does this by providing all of the necessary core functionality (including authentication, accounts with permissions, databases, scheduling, and handling communication between the application and the internet), thus allowing developers to focus on their own particular business logic.
EOS.IO is software that allows businesses to build blockchain applications that resemble existing web-based applications, using an architecture similar to website frameworks.
There are two promised features of EOS that have really caught people's attention.
- Elimination of transaction fees (via an ownership model whereby users own and are entitled to use resources proportional to their stake, rather than having to pay for every transaction).
- Scalability (they say it can process millions of transactions per second with asynchronous communication and parallel processing).
EOS’s ownership model provides d’App developers with consistent hosting costs, only requiring them to maintain a certain percentage or stake. By doing this EOS makes it possible to create freemium applications.
Since EOS token holders will be able to rent / delegate their resources to other developers, the ownership model ties the value of EOS tokens to the supply and demand of bandwidth and storage.
EOS uses delegated-proof-of-stake, whereby multiple witness-nodes are nominated by the network as representatives to make certain high-level decisions more quickly, without polling the entire network. This allows EOS to fix bugs and rollback changes with supermajority consensus, rather than requiring a hard-fork of the code. Although this makes the blockchain somewhat less decentralized, it contributes to the ability of mainstream enterprises to adopt and interact with blockchain technology.
How Is EOS different from Ethereum?
The crypto world first heard about the EOS blockchain in 2017. EOS originally came from the Ethereum operating system but over time developed its own platform which, according to some, is more functional than its predecessor. Nowadays the EOS blockchain is a direct competitor with Ethereum. But how are they different?
Scalability. The EOS Blockchain has a potential to scale to millions of transactions per second. DPoS (Delegated Proof of Stake) modification is responsible for the instant transfer of cryptocurrency. This consensus mechanism has 21 block producers instead of a large number of miners in a proof of work model.
Speed of Transactions. For the sake of demonstration – In July 2019 EOS successfully executed 3000 transactions per second. These numbers are significantly better than Ethereum has ever reached. In addition, there is a huge benefit which is described in EOS’s white paper – no transaction fees for sending or receiving cryptocurrency.
EOS Explainer Video
For more information about EOS, please visit https://eos.io/.