What is EOS?
What is EOS?
EOS is a decentralized, open-sourced blockchain. EOS has the most powerful infrastructure for developing decentralized applications (dApps). Some people believe that the potential power of the EOS platform could lead to a new decentralized version of the internet.
EOS was created to become the industry leader in producing high-performance decentralized applications (dApps). EOS aims to achieve this goal by providing a platform and toolkits that make the development of decentralized apps relatively quick and easy compared to its competitors like Ethereum. The EOS software is scalable and was created with performance and ease of use in mind. Developers write and deploy smart contracts that power dApps and decentralized autonomous organizations (DAOs).
Until EOS arrived, developers using Ethereum have not only needed to write their decentralized applications, they also often need to program it into machine code to run on the Ethereum network. With EOS the process is made easier by having decentralized apps already in readable code on the EOS network. The EOS infrastructure also has toolkits that can assist app developers throughout their process.
· The EOS blockchain can be tailored to meet the needs of organizations across a multitude of different industries. Anyone can use the EOS platform to integrate blockchain technology into their existing processes and businesses.
· Known as a decentralized operating system, where holding tokens represents a proportional share in network bandwidth, storage, and computational resources. Decentralized app developers must stake a certain number of tokens (called RAM) to cover the resources used by their dApp, but they receive those tokens back if the dApp is taken down.
· Because of this staking model, users can interact with and use dApps for free. There are also no transaction fees on the EOS network, and block producers earn rewards from newly mined tokens.
· EOS is based on a delegated Proof-of-Stake (PoS) system. Block Producers have to stake their EOS tokens to determine how much more EOS they will be able to mint. The PoS system is much more efficient than the Proof of Work (PoW) protocol adopted by cryptocurrencies such as Bitcoin, which can take an extraordinary amount of energy and resources to mine.
· To become a block producer (also known as Witnesses or Validator), the top 21 producers are voted in by EOS token holders. The idea behind this process is that it is self-regulating because there is no incentive for producers to misbehave as the result of the possibility of being quickly voted out of their position.
· EOS uses inflation to pay for network resources and has a maximum of 5% annual inflation. A part of this inflation is used to compensate the 21 top block producers.
· EOS aims to build a network that can handle millions of transactions per second. This is not only to give EOS a competitive advantage over other cryptocurrencies but also so EOS can compete with traditional financial services and banking companies such as VISA and Mastercard.
· EOS set records with its initial coin offering (ICO) that began in 2017 by raising over 4 billion dollars. In general, most ICOs set a maximum amount of investment that they wish to raise, and then the ICOs normally shut down after the maximum amount has been met. However, EOS's ICO lasted for an entire year, finally ending in June 2018.
Original Author: Dan Larimer
Initial Release: January 31, 2018
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