In the cryptoverse, the Ethereum platform is well known for its function to develop decentralized apps (dApps). But with the blockchain tech boom, Ethereum might have to look over its shoulder, as there just so happens to be another blockchain power platform in town, with similar functions, called EOS. The main mission of EOS is to simplify and make easy, the process of dApps development by providing services and functions, which are very much like an operating system, that the dApps can make use of.
EOS is basically a blockchain fueled, decentralized operating system, and specifically designed in order to support dApps on a commercial scale. The whole operating system touch enables businesses to develop applications in a manner that stays similar to that of the web-based applications, and is probably more comfortable, due to its familiarity as well. So it is basically brining together the best features of the old and new technologies to offer the world one simple to use, immensely scalable dApp platform.
How Does EOS Work?
So apart from being the platform facilitating the development of dApps, the team behind EOS also envisions for it to be a platform that has the ability to carry out transactions securely, smoothly and at a larger scale. EOS aims to deliver the complete operating system, the platform is offering services like, cloud storage, server hosting and user authentication as well. Let’s dig a little deeper in these, shall we?
Arguably one of the most important features of today’s time is authentication and the EOS of network meets this need of time, by allowing its users to tap into a full-featured authentication system, which include, user accounts with different permission levels and locally secured user data. Furthermore, users have the ability to share database access between accounts along with being able to store the user data on a local machine off of the blockchain.
To maximize the security offered, EOS is also equipped to recover stolen accounts and there are several methods of identity authenticating and restoring access to any account that was compromised.
As mentioned earlier, the EOS system also comprises of cloud storage and server hosting as well. It gives an opportunity to application developers to build and then deploy applications with hosting, cloud storage, and further download bandwidth that is provided by the system. This way, developers can materialize their ideas all the while being free from the demands of securing storage and bandwidth.
Developers are also provided with the access to usage analytics for storage and bandwidth directly from EOS, itself and can set limits for particular applications; these services are paid through the staking of tokens.
Benefits Offered by EOS
Majority of the blockchains use state instead of consensus, which means that at any given point, all the computers/nodes on the network have the ability to verify the present state of the entire blockchain. This aids in preventing fraud along with confirming transactions.
However EOS is shaking things up a bit by implementing consensus over events instead, which directs the focus on the transactions instead of the state. As opposed to verifying the state of the network at any point in time, nodes verify the series of events that have occurred so far in order to keep a track of the network state. Completely reconfirming the history of transactions takes the system a longer when it restarts, however, it has the capacity to handle a much higher amount of transactions while running.
Free to Use
By default, any application that is built on the EOS platform does not require micropayments by end users for the purpose of either sending transactions or performing tasks on the blockchain. It is in the hands of the individual app developers to determine how the users will ultimately pay the transactions fees; this gives companies the freedom to develop their very own monetization strategies.
The EOS system doesn’t have the mining concept; instead it has block producers who work on generating the required number of blocks in turn for rewards. The EOS governance model based on block producers, here’s how. Since the block producers have the power to be flexible when it comes to publishing a desired figure for their expected pay. And the number of tokens created, are calculated on the basis of the average value of the expected pay that is published by all block producers. It is evident that the block producers will have a desire for a higher pay. Keeping in mind that this allowed flexibility could be misused, the EOS team has developed a mechanism in order to contain producer awards in such a way that the total annual hike in token supply will not exceed 5%. Moreover, token holders who are voters have the power to vote out those block producers who demand more inflation than necessary.
The EOS Community
The community behind EOS seems to be rather vibrant, artsy and more importantly, global. Meetups are a thing, and so is fan art, and you can find more communities on of course Facebook, Twitter, and Steemit.
You can go through the technical documentation here.