About EOS (EOS Coin)
Founded in 2017, EOS is a scalable blockchain built with the purpose of competing with Ethereum for market share in the decentralized applications (DApp) space. They plan to allow for the hosting of applications similar to the Ethereum chain, but with an architecture that allows for commercial level scaling.
This project uses Delegated Proof of Stake to increase transaction speeds to a place where they could be used on large scale applications. Instead of mining blocks a number of delegates instead confirm them.
A similar concept has been implemented by Steemit, which was also created by Dan Larimer, the founder of EOS. Bitfinex has partnered with EOS to build the first decentralized exchange on the platform.
EOS Commercial Scalability
The main feature of EOS is the ability to scale blockchain applications. While this does not initially seem like a great accomplishment consider that Visa processes over 20,000 transactions per second. Ethereum is only able to process around 13 transactions per second. Likewise, a social network will quickly over power such a network. EOS utilizes a delegated proof of stake (PoS) algorithm to combat this problem.
This is actually not the first application by founder Dan Larimer to use this idea. You can see Delegated Proof Of Stake (PoS) in action by visiting Steemit, the social network he created that operates on the same algorithm. In addition, EOS is capable of running operations in parallel to each other.
The Ethereum network can only run one chain. This quickly lead to disaster when micro transactions began to clog the network thanks to the popularity of the Crypto Kitties game. EOS has addressed this by using multiple chains so the network does not get clogged up and disrupt other apps. This feature will likely be a necessity in the future when giant corporations start utilizing the blockchain.
EOS Decentralized Operating System
The EOS framework allows for applications to be built using a consistent framework for an overall better experience for both developers and end users. I suppose you could think of this sort of like the vetting process in the app store. They want to be sure consumers don't experience problems with poorly made or untrustworthy apps.
This will do the same but on a decentralized network. This consistency will eliminate many bugs, and the platform also allows for applications to be halted without disrupting the global system. This is a unique feature to EOS, and one that will be appealing for mass adoption by developers. There would be no need for the entire network to hard fork in this scenario if an issue occurs.
EOS Platform Emissions
Tokens on the EOS platform automatically create “emission”. This is a secondary token used to pay for the functions of transactions on their native chain. You could potentially fund a project forever with this without the need to purchase additional tokens to run applications like you would for Ethereum where gas is required to make any transactions.
In addition, all transactions in applications will be free for the end user! This makes it much easier for people to start playing games or using applications built on EOS as they will not need any initial tokens to get started like they would on the Ethereum chain. This opens up DApps to not only crypto enthusiasts, but the general public as well.
The year-long EOS token distribution will continue until June 2018, when the public release of EOSIO 1.0 is scheduled to take place.
- Price $12.14
- Market Cap