What Is EOS?
EOS is a type of blockchain based technology presented by block.one, and will be similar to Ethereum.
EOS was founded by Dan Larrimer, a notable creator in the cryptocurrency space, as he has founded or co founded several projects like Steem and Bitshares. But exactly what is EOS aiming to do?
EOS is designing itself to be a one of the most powerful blockchain platforms, as it is seeking to enable the use of smart contracts in a much more efficient and effective way. The EOS platform will support decentralised applications (Dapps), providing businesses with a simple solution to build and keep going. Businesses will be able to access the full functionality of the EOS platform offering a simple solution for businesses who are looking to integrate and use blockchain technology.
EOS uses the language of Web Assembly to increase the performance of their engine. They will enable them to have an infrastructure capable of deploying large ICO’s without having congestion within their network.
For those of whom aren’t aware. EOS is still an ongoing ICO, they have been running the longest ICO in history. The EOS token sale is different to any other ICO, each day there is a fixed umber of EOS tokens to be distributed each day. Any investments on that day go into a pot and the EOS tokens are distributed respectively to each investor that day.
Currently the EOS tokens are an ERC20 token and don’t have any use. The tokens will be swapped for EOS tokens on their own blockchain once the mainnet is launched. So current EOS tokens effectively ensure you will receive the same number of EOS tokens once they launch their finished product.
Recent EOS News:
Benefits of EOS
The package that EOS is presenting to companies promises to provide scalability, flexibility and usability. In the aspect of scalability, the platform is designed to support thousands of commercial scale, decentralized applications and separation of authentication from execution. The platform is supposed to be able to support millions of transactions per second.
The platform provides for flexibility, where one can freeze and fix broken applications. It allows for the provision of a generalized role-based permissions and is written in web assembly.
The last benefit is that of usability. In EOS, one can access a web toolkit for interface development, have self describing interfaces and self describing database schemes.
What are the features of the EOS platform?
The team at EOS is designing the ownership model in a manner where there would not be a need for transaction fees. In this ownership model, users own and possess the right to access resources in proportion to their stake, rather than having to incur fees for every transaction.
EOS will use the delegated proof-of-stake consensus model, a dpos will allow for lesser energy consumption and for a faster and more decentralized model. This sort of mechanism also allows for the fixing of bugs and the ability to rollback changes.
What is a decentralized application?
A Decentralized application runs on a custom built blockchain, an enormously powerful shared global infrastructure that can move value around and represent the ownership of property.
A decentralized application is favoured over traditional applications because there can be no single point of failure or control. The distributed nature of the blockchain means that any existing service or application can be improved and made better by making it decentralized. EOS it’self was originally running as a decentralized application on the Ethereum platform. They did this in order to run their ICO and raise funds in order to build their own custom built blockchain.
Recent Cryptocurrency News:
Since the first ever Bitcoin ATM opened it's digital doors in Vancouver, Canada back in 2013, the digital currency Bitcoin has increased significantly in both value and popularity. The price for 1 Bitcoin back in [...]
Altcoins or crypto-currencies are fast emerging as top investment options worldwide. The phenomenon is not restricted to investors in wealthy, developed countries. Instead, we have laypersons worldwide wanting to make a quick buck on a [...]
The price of XRP has surged in the past few days. The rally began on 18th September after the news broke of Today, XRP briefly passed Ethereum on Coinmarketcap as the second ranking cryptocurrency in terms [...]
One of the largest cryptocurrency exchange platform in the world, Coinbase, have rubbished claims that they have been engaging in in proprietary trading. In an official statement on 20th September, they have described the claims made [...]