EOS is among the new altcoins. EOS is a blockchain platform that provides a decentralized place for applications (DApps). The cryptocurrency has almost identical functions as Ethereum. The application platform is quite easy to use since the EOS provides an OS like space which the application can use.
The sole purpose of this coin is to bring the best of the cryptocurrency world. This is a blend of application platform in Ethereum and the best security system of Bitcoins in to one major platform.
History of EOS Blockchain
The cryptocurrency is currently under development by a company known as block.one. It was initially based on a white paper publication which was released in 2017. The idea of this cryptocurrency was started by Dan Larimer (founder of Steem and bitshare). The experience that Dan Larimer had on the Steem and bitshare cryptocurrency shows that he is capable of greater things. This is because of the success of these two cryptocurrencies.
For the EOS to ensure its survival and its popularity, the cryptocurrency is selling over one billion token on the local Ethereum network. This will in turn provide a platform for the launch of the EOS since it will have a wide distribution. The blockchain will be able to support EOS.IO blockchain. The release of EOS is scheduled to be on June, 2018.
How Does the EOS work?
The cryptocurrency is built on a platform that can secure transactions as well as provide over thousands of different transactions per second. Additionally, it can also provide a fast platform for the development of apps to all users. This will be an upgrade to the other cryptocurrency which offer the same platform of application development.
Their major purpose is to provide a new designed dapp that is designed to provide a decentralized platform for application development. Some of the advantages of this platform include:
- Authenticity – the platform provides users with an authentication platform that is full featured. Each user account will be provided with a different permission level that will have its own secured user data. The new updates on the EOS platform enables users to share database access and also enables users to store their data in local machines off the online platform.
- Free to use – each application in the platform will not require the end user to pay through micropayments to perform different task on the platform or even send messages.
- Cloud storage – apart from the increasable DApp platform, the cryptocurrency also provides cloud storage and server hosting to the developers. This means that each user will be given the chance to build and launch web interfaces and applications with cloud storage, hosting and download bandwidth which will be provided by the EOS system. This is an improvement that will provide a platform for the developers free from the demands of bandwidths and securing storage.
- Performance – The EOS has an improved performance since it has each block constructed finely into cycle which are sequential in their performance (produced at 3 seconds each). Moreover, the structure of the cycles is made in such a way that they run parallel threads within them. The end results is a connection that allows transaction to be carried out in record time as well as messages the same way as in the message transmission time over the internet.
- Features – The EOS platform provides the producers with a governance system which they can vote on to confirm transactions, changes made to the source code of the platform and whether any application is running correctly. This in turn means that the users can fix bugs, downgrade or upgrade anything in the system in a form of democratic routine and safely.
- Scaling – the cryptocurrency can deliver up to a million transactions or messages in a single machine through one gate. Though this is still theoretical, it promises to deliver infinite scaling that will happen parallel between multiple machines.
The technology in EOS is majorly aimed at solving the scalability and speed problems that affect the second as well as the first generations in a blockchain. Most investors that the current cryptocurrencies available are simply too slow mostly to scale for the adoption of mainstream (however bitcoin is currently working on solving this problem with the theoretical Lightning network).
Additionally, the introduction of Ethereum made the cryptocurrency sector receive an improvement of speed. Ethereum offers an improved transactions speed as compared to its forerunners. However, it is still not capable of handling a large number (can only handle about twenty transactions per second). The EOS platform is therefore being built to improve on the shortcomings of its predecessors. The new and improved cryptocurrency is capable of handling over a million transactions per second which will make it the best platform for DApp development. It will be capable of handling complex decentralized ecosystem in seconds and still maintain high performance.
The developers of EOS are planning to create a system that is quite easy and effective to use. As we all know, developers of DApp are currently undergoing repeated problems for example account recovery and its creation, messaging delays, multi-account signatures among others.
The EOS platform is currently under development from the ground up to solve such problems by providing some of these features for the developers instead of the developers having to constantly create them. This will give more room for coding and developing great ideas by the developers.
The EOS.IO is an exciting new project that will give developers ample space to come up with life changing applications. Most developers are curious to try it out and see first-hand the difference it will present.
In conclusion, the EOS platform as you can see is designed from experience of the other cryptocurrencies. The developers plan to make a huge improvement hence creating the ultimate new cryptocurrency. Hopefully the launch of EOS blockchain will be the start of a new era in the cryptocurrency & blockchain world.