What is EOS?
EOS is the project of a blockchain development company called Block.one, led by CTO (Chief Technology Officer) Dan Larimer, who has worked on projects like Bitshares and Steem. The purpose of the EOS coin is to raise funds for EOS.io, a form of software tool that anyone can use to create decentralized applications and smart contracts on a single web interface. simple and friendly. Because blockchain is a relatively new thing, EOS software will make it possible for the blockchain to “work” as easily as the Windows operating system does with computers. It provides a simple interface and methods to take advantage of the technology.
EOS price today. Source Coinmarketcap.
What is the EOS blockchain?
EOS.IO is a blockchain protocol powered by the native cryptocurrency EOS. The protocol emulates most properties of a real computer including hardware (CPU) and GPU(s) for processing, local memory/RAM, hard disk storage) with allocated compute resources equally among EOS crypto holders.
EOS.IO acts as a smart contract platform and decentralized operating system for the deployment of industrial-scale decentralized applications through a decentralized autonomous consortium model. The smart contract platform claims to eliminate transaction fees and also executes millions of transactions per second.
Calling itself the most powerful infrastructure for decentralized applications, EOS is a decentralized, blockchain-based system that enables the development, storage, and execution of commercial-scale decentralized applications. dApps on its platform.
No full official form exists for EOS and the creators have decided not to officially define it. EOS supports all the core functions needed to enable businesses and individuals to create blockchain-based applications in a similar way to web-based applications, such as providing secure access and authentication. secure, authorize, store data, manage usage, and communicate between dApps and the Internet.
It is also supported by a web toolkit for interface development, making it a complete service for hassle-free application development. Basically, it works the same way as Google Play and Apple’s IOS.
Token EOS.IO and EOS
The EOS ecosystem consists of two main elements: EOS.IO and EOS tokens.
EOS.IO is akin to a computer’s operating system – it manages and controls the EOS blockchain network. EOS.IO uses a blockchain architecture built to enable vertical and horizontal scaling of decentralized applications. The EOS token is the cryptocurrency of the EOS network.
A developer only needs to hold EOS coins, rather than spend them, to qualify for using network resources and building and running dApps. Token holders not running any applications can allocate or lease their bandwidth to other participants who may need it.
Features of EOS
The EOS software is not configured or launched on any public Blockchain platform using the EOS.IO (EOS Platform) open source software. Any EOS launch is only done by members of the community who are not related to the developer. Third-party people who launch EOS may delete, modify, or add software before or after the launch of the EOS platform.
How is the EOS Blockchain Different from the Ethereum Blockchain?
While there are already some blockchain-based networks like Ethereum that facilitate decentralized applications, EOS focuses on the key points of blockchain and tries to solve the problem of speed, scalability and flexibility often becomes the bottleneck for that blockchain.
With the size of the dApps ecosystem growing every day on a particular blockchain network, it often suffers due to limited resources on the network. These include problems such as the network being constrained by a large number of false transactions and similar requests, spam applications, slow execution speeds, and the limited computing power available on the network.
EOS.IO tries to solve these problems by providing more scalability, flexibility and usability through its unique mechanism.
It claims to be able to support thousands of commercial-scale dApps without performance bottlenecks through the use of parallel execution and asynchronous communication across the network. Efficiency is further increased by separating the different modules involved in the operation of dApps. For example, the authentication process is done separately from the implementation process.
EOS.IO provides flexibility in the development and maintenance of dApps through various features. Its ownership structure promotes free usage and eliminates transaction fees as developers are allowed to use resources in proportion to their stake instead of the standard pay-per-transaction model. standard. This also makes it easier for app developers to predict hosting costs and allows them to create effective monetization strategies.
EOS.IO uses proof-of-authorization and role-based licensing concepts, allowing the flexibility to make immediate high-level decisions, such as restoring, freezing, and fixing corrupted applications, through through a majority of the designated stakeholders.
It comes with key handy features – web toolkit for interface development, self-describing interfaces, self-describing database schema, and declarative licensing scheme – making the developer’s work easier. Developers easily create and maintain applications.
EOS Bonus Mechanism
EOS does not have any mining concept. Instead, only block producers generate the required number of blocks and are rewarded by generating new EOS tokens for each new block they produce. Block producers have the flexibility to announce a desired number for their expected salary, and the number of tokens generated is calculated on the basis of the average value of the published expected payment. published by all block producers.
Since block producers clearly desire higher wages, this feature can easily be misused. To prevent this problem, there is a mechanism to limit producer prizes so that the total annual increase in token supply will not exceed 5%. Token holders, who vote on such matters, have the right to vote for block producers who demand more inflation, as deemed necessary.
This mechanism works in addition to EOS storage, as all token holders will pay for storing files on the EOS network through a fraction of the annual inflation. As long as they are storing a file on the network, their EOS tokens will be held and will lose value according to the rate of inflation.
The more storage space is needed, the more blocks will be requested from block creators who can claim more value for their work through higher payout inflation that can be accepted by token holders. In the event that storage demand declines, inflation will be lower, thus resulting in a smaller decline in the loss of value of EOS tokens held.
EOS tokens are distributed throughout the year.
EOS has taken a new approach with a year-long ICO period. According to EOSCollective.org, the distribution of EOS tokens is done as follows with the aim of spreading the token far and wide across the entire ecosystem at actual market prices without giving undue advantage to a select few in the community. Short ICO time:
200 million (20%) tokens were initially distributed over a five-day period from June 26, 2016 to July 1, 2017.
700 million (70%) tokens are currently being distributed on a continuous basis of 2 million per day for 350 days.
100 million (10%) are being held in escrow for block.one to keep their incentives relevant to the EOS community. Block.one tokens will trade over a 10-year period at 10 million tokens per year.
The Future of EOS
The potential of EOS seems to be huge as it aims to solve the problems associated with standard blockchain-based networks. However, it is still a conceptual initiative that may or may not deliver the expected results.
The bold claim of processing 100,000 transactions per second is still questionable by many stalwarts in the blockchain world. The requirement to hold eligible EOS tokens to send the transaction caused participants to fluctuate. A lot will be worth observing in the near future as the EOS ecosystem takes shape.
Where to buy, sell and trade EOS?
The simplest way to buy EOS is to buy it on Binance with USDT, BTC or ETH. You can also buy it on Bitfinex, Huobi or OKEx…, although the process may not be as straightforward.
If you only have VND (or any other fiat) right now, you’ve got a few extra steps. You can buy Bitcoin or USDT on huobi OTC, or buy on Remitano, and then transfer to exchanges to buy EOS.
Assuming you now own Bitcoin, send your Bitcoin to Binance exchange, huobi…. Finally, on Binance, huobi, you use your Bitcoins to buy EOS.
EOS Coin Storage Wallet
You have several community-generated wallets to choose from when storing your EOS tokens.
Greymass wallets seem to be very popular with the community. It has everything you need to store your Tokens and vote for the Block Producer (delegate) in a very easy to use process.
Simpleos is another solid choice that community members recommend. As the name implies, the wallet has a clear focus on simplicity that even novice EOS holders are comfortable using.
If you are more tech-savvy, you can always use the Command Line Interface (CLI) wallet that comes with the blockchain. This wallet is open source and powered directly from Block.one, so it is considered the safest way to hold EOS.
In addition, you can store EOS in wallets such as: MyEtherWallet and MetaMask.
Through this article, Bitcoin Magazine has explained it to you What is EOS?. Hope the above article will strengthen your knowledge about EOS as well as about the cryptocurrency market. If you find the above information useful, please share it with everyone around. Good luck with your investment.
According to Tapchibitcoin
Follow the Twitter page | Subscribe to Telegram channel | Follow the Facebook page