EOS is a blockchain platform for the development of decentralized applications (dapps), similar to Ethereum in function. It makes dapp development easy by providing an operating-system-like set of services and functions that dapps can make use of.
The idea behind EOS is to bring together the best features and promises of the various smart contract technologies out there (e.g. security of Bitcoin, computing support of Ethereum) in one simple to use, massively scalable dapplication platform for the everyday user to empower the impending blockchain economy.
EOS has emerged as a strong alternative because it has many features that Ethereum doesn’t. Some of them are:
- The power of the technology
- Unmatched scalability
- Support of Proof-of-stake authentication
Structure of EOS
The EOS project is being developed by a company called Block One, led by Dan Larimer (co-founder of both Bitshares and Steemit) and Brendan Bloomer. Both provide some serious experience in the crypto world and have been publicly active in promoting the technology as a whole in addition to their own projects.
But this project will not be only about smart contracts or scalability options. Instead, the improvement of design and features will make it much better than Ethereum.
EOS also has a more high end and sophisticated blockchain that allows for a Network Allocation Bandwidth system to manage the sharing of the blockchain. This is in sharp contrast to Ethereum which relies on the old binary system. Fixing problems in the EOS system will also be quick and efficient.
The whole system is supported via a central database that manages communication between the different entities and facilitates security and transparency. The level of clarity needed for the system to work removes any flaws that would otherwise limit the older systems. The supremacy of the thus lies in its ability to effectively disseminate communication and messages that are accurate and specific.
The EOS.IO software offers authentication, accounts, databases, the scheduling of apps across several CPU clusters or cores, and asynchronous networking. What results is a blockchain architecture that can be scaled to enable, on a per second basis, millions of transactions.
This technology is supposed to nullify the transaction fees as well as facilitate quick and easy implementation of decentralized applications.
The Insights about the System from Its Developer
According to Dan Larrimer, smart contracts are processed over the chain, each with its own account, and this ensures that interoperation between the accounts is maintained. He also adds that as of now, no blockchain can match up to EOS in terms of reliability and features.The EOS vision is to build a blockchain dapp platform that can securely and smoothly scale to thousands of transactions per second, all while providing an accessible experience to app developers, entrepreneurs and users. They aim to provide and complete operating system for decentralized applications focused on the web by providing services like user authentication, cloud storage, and server hosting.
EOS is an exciting project in the dapp arena, with a proven team, a lofty vision and game-changing features on the roadmap.
CEO of Bitfinex, J.L. Van Der Velde has quoted
“I’m excited to leverage EOS.io to further advance the field of high performance and trustless on-chain exchange. Block.one continues to display an unwavering dedication to improving blockchain scalability through the EOS.IO platform.”
Keep an eye out for the stable release sometime Spring 2018, stay up to date through their social media accounts, and pick up some tokens via their token sale website or from an exchange if you believe in the technology and growth!
KryptoMoney.com publishes latest news and updates about Bitcoin, Blockchain Technology ,Cryptocurrencies and upcoming ICO’s.