Blockchain has seen many improvements over the years in the form of the introduction of new technologies based on it and the introduction of a plethora of new features.
But in the wake of all of this, it still faces scalability problems.
You see, everyone wants to build their applications on the blockchain by using platforms such as Ethereum and others, but in the process, they face a considerable gap between the actual promise of the technology and the implementation of it. Things like PoW (proof of work), transaction limitations because of the blockchain size and the lack of the features that allow commercialization makes things quite difficult for them.
While that is true for those who use a certain platform,those developers that work from the ground-up face more problems. For example, they have to care for the multi-sig, have to develop some kind of account systems, and also improve the account recovery processes.
However, they don’t have to do it anymore because a blockchain operating system launched last year provides them all of the developmental tools necessary to let them focus more on the direction and the cause of their application.
That system is …
EOS is a consensus-based blockchain operating system that allows the developers of a DApp to have separate databases, authentication systems, a longer ICO (1 year), and a system of inter-connectivity or communication with other DApps.
This platform is geared to provide a mode of scalability for the emerging businesses by the use of auto-parallelization – the magic wand which makes it possible for these businesses to run multiple functions simultaneously in an SMP.
How is scalability achieved?
Well, it’s not a rocket science to understand that once there is a chance of horizontal scalability processing of smart contracts, accompanied by other “amenities” for the developers, it would have the potential of performing hundreds or even millions of transactions per second!
EOS has literally the potential of supporting the number of applications that you can fathom. Even, two of the most famous blockchain technologies, Bitshares, a cryptocurrency exchange, and Steem, a blockchain social media platform, are based on EOS’s phenomenon.
The perks of the above-mentioned automation are not only for the businesses or startups but also for the developers as they don’t have to experience all those hairsplitting errors in manual automation or parallelization such as scheduling or handling multiple tasks across clusters.
Things haven’t finished yet. I’ve only begun on the features.
EOS surpasses the usability levels
Luckily, the developers of EOS have managed to make the platform as usable as possible both for the developers and the users. Thanks to the interface toolkit, any application built on the platform will have human-readable schemes and declarations that could easily be used to transfer certain permissions to other accounts pertaining the activity.
It’s Delegated Proof-of-Stake is phenomenal
Phenomenal because it devises a near to perfect system of governance that is quite democratic in nature. The token holders get to elect block producers and the block producers upon election are rendered some powers that could allow them the authority to look into the matters of a corrupt app, freeze accounts, and edit the underlying protocols.
However, this does not mean that the block producers are given full reins. If they somehow fail to comply with the norms and make changes without the prior consensus of the token holders, they can be voted out without a second thought. Also, their decision can be ousted by the node validator.
A part of the improvement in the governance system of this software is the peer-to-peer constitutions. They are, in reality, a definite set of rules defined by the community for the community. Invariably, since it is a constitution, its contents pertain to resolving disputes and it must be accepted by every node present on a particular blockchain implying those rules. In terms of transactions, every node has to include this constitution in their signature, which will automatically bind them to the constitution.
I already mentioned the word “democratic” and in terms of making amendments in the constitution, the same set of rules are applied, where block producers tend to propose the change and try to maintain a 15/21 majority.
EOS blockchains can never be affected by app failures
The delegated PoS has a hand in the way the chain works. I explained part of that above. The second part of it is the freedom rendered to the workability of the chain when one of the apps working on it fails. The rest of the chain works fine without giving in to the failed app. While that work continues, in the backdrop, the block producers fix the bug in time and alleviate any possibility of a rising hard fork.
I wonder how many hard forks would have been neglected if every tech was based on EOS. But of course, this is just wishful thinking on my part.
Its token system is different
First off, there are no fees! You only pay “fee” for something that you don’t own. However, not in EOS. It truly lets you own your assets and have access to the network, bandwidth, storage, and CPU power according to your ownership of the network. That means you own what you own completely.
Did I mention that the token is called EOS? Well, I did, just now! (Alright, back to the academic tone).
The EOS taken is used for many functions than just hanging around the blockchain. The tokens are like the national IDs, which make you eligible to cast your precious vote when some block producer proposes some change, but that vote, too, remains limited to the total percentage of tokens that you have. If you have 1%, then you can only influence that much.
A tough competitor
EOS is indeed a tough competitor to the Ehtereum and as I observe it, Ethereum has to let go of certain things and modify others to completely rival EOS. Particularly, it will have to develop a system to mitigate any chances of corruption on the minor levels, which EOS is already doing by incorporating the Delegated PoS in the parallelization of its smart contracts.
Yes, EOS, too, have certain loopholes, some of which are highlighted brutally by Vitalik Buterin such as the voting and the DPoS.
However, they have been answered appropriately and after reading those answers, you can take a sigh of relief like me.
According to Dan Larimer,
It (the voting system) is currently the best approach when factoring in all risks, attack vectors, and recovery options.
Defending DPoS he said,
I have shown time and again that DPoS is more decentralized in practice by any real measure of decentralization.
EOS, undoubtedly, is one of the fastest growing blockchain communities and it sure is going to be an integral part of this blockchain growth movement!