EOS shook up the crypto world when it was first introduced in July 2017 and has continued to make waves in the industry with its unique approach to blockchain technology. It established itself as a top-tier project with its $4 billion ICO and promises to provide a scalable, user-friendly blockchain platform for businesses and developers.
The buzz around EOS began to grow louder in early 2018 as the project moved closer to its mainnet launch. Since its launch, EOS has quickly become one of the most popular cryptocurrencies and is currently the 5th largest cryptocurrency by market capitalization. We’ve prepared a complete guide to help you better understand the EOS blockchain.
What is EOS?
EOS is a decentralized operating system that enables developers to build blockchain-based applications in a similar way to how they would build applications on the Ethereum network. The EOS platform is powered by EOS cryptocurrency, which is used to access the network and its various features. The native currency plays an important role in the ecosystem and is used to power transactions, smart contracts, and dApps built on the network.
The whole concept behind EOS is to combine the best features and benefits of both centralized and decentralized systems to create a more user-friendly blockchain platform. EOS has been working on bringing together the scalability of a centralized system with the security and transparency of a decentralized one.
What are the features of EOS?
One of the biggest selling points of EOS is its scalability. The platform can theoretically process millions of transactions per second, which is a major improvement over Ethereum’s current capacity of 15 transactions per second.
EOS is also designed to be more user-friendly than other blockchain platforms. The platform’s developers have made it easy for businesses and developers to build and deploy dApps on the network.
EOS uses a Delegated Proof of Stake (DPoS) consensus model which makes it more secure than other blockchain platforms. The DPoS model also makes it easier for businesses to run dApps on the network because they don’t have to worry about running their own nodes.
How does EOS blockchain work?
EOS is very similar to Ethereum in terms of functionality. Ethereum uses a proof-of-work (PoW) consensus algorithm, which is a computationally-intensive process that requires miners to solve complex mathematical problems in order to add new blocks to the blockchain.
EOS, on the other hand, uses a Delegated Proof-of-Stake (DPoS) consensus algorithm. Under this system, there are 21 validators (block producers) who are responsible for verifying transactions and creating new blocks on the EOS blockchain. These block producers are voted in by the EOS community and can be replaced if they are not performing their duties properly.
This system is designed to be more efficient than PoW, as it doesn’t require miners to solve complex mathematical problems. DPoS is also more energy-efficient as it doesn’t require a lot of computational power.
What are the advantages of EOS?
EOS comes with a number of advantages that make it an appealing blockchain platform, especially for businesses and developers. EOS comes with a full-feature smart contract system that is easy to use. The platform is also highly scalable, which is a major advantage over other blockchain platforms.
EOS also has a number of features that make it more user-friendly than other blockchain platforms. For example, EOS has human-readable account names and doesn’t require users to have complicated addresses. EOS also comes with an intuitive wallet that makes it easy for users to send and receive tokens.
What are the disadvantages of EOS?
While EOS is a great blockchain platform with a lot of advantages, there are also some disadvantages to consider. One of the biggest disadvantages of EOS is that it is still a relatively new platform.
Another disadvantage of EOS is that its Delegated Proof-of-Stake (DPoS) consensus algorithm has been criticized by some in the cryptocurrency community. Some say that the DPoS system is centralized and gives too much power to the block producers.
Finally, EOS does not currently have a native token. This means that developers will need to use Ethereum’s ERC20 token standard when developing on the platform. This could change in the future, but for now, it is something to be aware of.
EOS is a major player in the cryptocurrency world and its unique approach to blockchain technology makes it a very attractive option for businesses and developers. The EOS team is constantly working on improving the platform and adding new features which shows that they are committed to making EOS a success.
With its scalable, user-friendly platform, EOS has the potential to become the go-to platform for dApp development. Only time will tell if EOS can live up to its hype.