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Do you know EOS (EOS)?

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nirvana3003
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eos

Every day we hear experts talking about cryptocurrencies and we are curious to invest in those projects that these people paint so well, but we have no idea what they are about or what they were developed for. In that sense today we bring to the forefront a project that has many supporters and detractors in the world, it is EOS, a blockchain platform developed to deploy decentralized applications (DApps). It works in the same way as the Ethereum platform, but notably faster and more scalable, a situation that allows developers to create Dapps more efficiently.

This project started under the leadership of Daniel Larimer, also responsible for creating the BitShares platform. He is also co-founder of the Steem blockchain and is currently CTO of EOS. Among Larimer's other achievements is the creation of the DPoS (Delegated Proof of Stake Algorithm) consensus algorithm and Graphene technology. Another important figure is Brendan Blumer, who is the current CEO of the project. It was in 2017 when Larimer presented the project to the world, at that time, EOS started with an ICO (Initial Coin Offering) launch.

On June 1, 2018 EOS becomes an open source project and at that time it laid the foundation for programmers to intensively join this blockchain. EOS token holders, on the other hand, act as shareholders of companies listed on traditional exchanges. Thus, holders can cast votes and participate in the governance of the blockchain, in proportion to their shares. With these features, it became a community development monitored by block.one. The reason for this is to enable more accelerated development of the objectives in addition to shaping up to solve the problems of blockchain technology.

EOS is a blockchain platform designed to enable vertical and horizontal scaling of decentralized applications. This is achieved through an operating system-like construct on which applications can be built upon which makes it similar to the Ethereum platform, however EOS stands out for its following advantages:

  • Ability to provide accounts, authentication systems and database.
  • Asynchronous communication between nodes.
  • Parallel application programming to take advantage of the potential of multiple cores and/or CPU clusters.
  • High scalability.
  • Elimination of fees and commissions.
  • Fast and easy deployment of decentralized applications.
  • Simple upgrade system.
  • Error recovery.

EOS also has a consensus protocol designed for high scalability called Delegated Proof of Stake (DPoS), through which all those who have tokens of this platform can choose to produce blocks thanks to a voting and approval system. Producing the coins requires permissions, i.e., a user can produce blocks in proportion to the votes he accumulates. The network can produce one block every 0.5 seconds and batches of 126 blocks at a time.

Needless to say, the high scalability of EOS is made possible by Delegated Proof of Stake (DPoS), which is presented as a substantial improvement to the Proof of Stake (PoS) consensus algorithm. This system holds that EOS token holders choose block creators through a continuous approval system. Each participant in the network can take part in the creation of blocks according to the number of votes he/she receives. This operation scheme enables high scalability in the blockchain where it is implemented. At the same time, it eliminates mining and maintains the security of the network. To get a clearer idea of the level of scalability of EOS, the network at the moment can handle more than 80 million transactions per day.

Thanks to the DPoS consensus protocol, EOS has a very efficient transaction system. Thanks to DPoS, a transaction can be considered confirmed with 99.9% certainty, 0.25 seconds after it is issued. In addition to DPoS, EOS implements an Asynchronous Byzantine Fault Tolerance (aBFT) algorithm, a type of Byzantine fault tolerance. The goal of this is to achieve much faster transaction irreversibility. The aBFT algorithm, provides 100% confirmation of irreversibility within 1 second.

EOS unlike Ethereum does not require a virtual machine for its Smart Contracts, instead, it uses a C/C++ based programming API. As a result, smarts contracts are fast and very flexible. A situation that encourages optimization, high scalability and security. In addition, there is extensive documentation that facilitates the task of programming these smarts contracts.

One of the most relevant points in the construction and administration of a blockchain is resource management. This in order to prevent malicious actors from abusing the resources available to the system. To achieve this, three classes of resources are managed, which are:

  • Bandwidth and log storage (disk). The management of bandwidth and storage is a fundamental point. Especially because these are needed in two components of use; the instantaneous and the long term.
  • Computation and computational backlog (CPU). This is a critical point. For the operation of the network depends heavily on the control of the computational resources CPU of the nodes.
  • State Storage (RAM). The state storage is information that can be accessed from the application logic. It includes information such as order books and account balances.

Another property of EOS lies in the recognition of the power originating from those who own the tokens and delegate it to the block producers. Block producers are given limited and proven authorization to freeze accounts, update faulty applications and propose forced changes to the underlying protocol.

To accomplish this, an election system for block producers is included. Before any changes can be made to the blockchain, block producers must approve them. Should block producers refuse to make the changes desired by token holders, the tokens are removed. If the block producers make changes without the permission of the token holders, all other full node validators (exchanges, etc.) will reject the change.

For those interested in EOS it is important to note that this project is designed to not maintain anonymous transactions, because it makes use of accounts that facilitate the identity tracking of those who use the blockchain, a fact that produces many disagreements between the developers and the private sponsors that demand this condition, since it contradicts the philosophy behind this project.

To conclude it is important to establish that the publication here presented does not correspond under any concept some form of advice or recommendation to invest in EOS, it is up to you as a potential investor to verify all information you receive before involving your money.

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