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Will EOS replace Ethereum? Learn all the features of EOS.
What Is EOS?
You have probably heard about the EOS crypto-currency and its famous developer. In the article, you will learn useful information about EOS, its features, history of the development, and possible perspectives.
What is EOS?
EOS is a blockchain platform designed to create decentralized applications (DAPPs) of all sizes. For its same features with higher scalability, free transaction fees, and unique online governance mechanism, supporters refer to it as the Ethereum killer. EOS aims to create a decentralized blockchain platform that is capable of fast and free transactions. And for the ability to conduct millions of transactions per second. This will solve the big problem that other blockchain networks are currently experiencing.
History of EOS
EOS was first announced in May 2017 at the Consensus conference. From the very beginning, many investors were convinced that the EOS project could become a reality by the credibility of its creator Dan Larimer, who had already launched such successful blockchain projects as the BitShares exchange in 2014 and the decentralized social network Steemit in 2016 with its digital currency to reward users for high-rated posts. Both software products have impressive transaction speeds which give us hope for the success of EOS in the future.
200,000,000 EOS tokens were sold in the first sale that brought the project about $180,000,000. This number of tokens was one-fifth of the tokens planned to be issued, and one coin cost $0,9 on the day of launch. It is reported that the rate of the new crypto almost quadrupled in a week of trading. EOS is called an operating system and technology, where third-party developers can easily run ultra-complex decentralized applications, such as social networks and exchange platforms.
Technical aspects of EOS
According to the EOS developers, the system promises to deliver a throughput of 1,000 to 6,000 transactions per second upon launch in June 2018 and to improve that to millions of transactions per second in the future. They also promised to decrease the time for transaction validation to 0,5 seconds. For instance, in Ethereum it takes approximately 15 seconds to confirm one transaction, which is still faster than bitcoin. There is great news for EOS fans, that developers are going to reduce the commission for using its platform and transacting. In addition, the blockchain is resistant to crypto-currency forks.
The main competitive advantage of EOS is the DPoS (Delegated Proof of Stake) consensus algorithm. It works in the following way: token holders elect 21 transaction validators based on their ranks.
Then, those elected miners are paid to manage the network and provide fast and safe transactions. In the case when someone doesn’t cope well enough, the participants of the EOS community can replace him with the next candidate on the list. Thus, only 21 selected validators will verify and confirm transactions to support the impressive speed and scalability of the EOS system. As EOS users have a financial interest in electing the most worthy candidates to the validators, then they will vote, ensuring the system to be properly decentralized.
And what about understanding EOS?
Understanding EOS is inseparable from reading source code, and one-step debugging gives a better understanding when there is confusion about reading source code. Everyone has their favorite tools for reading source code on different systems, such as using SourceInsight on Windows, Eclipse, a cross-platform open-source tool, CLion, etc. Studio Code is a cross-platform open-source editor from Microsoft, which is very convenient for setting up and debugging EOS source code.
Validators receive a reward in EOS coins for the power capacity. In other words, the total amount per year not to exceed 5% of the total number of issued EOS coins. In addition, such validators (nodes) have quite broad powers to manage the network. In particular, they can stop transaction processing when needed to fix problems, and even block individual wallets on the EOS blockchain.
However, the practical application of the coin for a promising blockchain platform allows us to expect growing demand from developers who will use the EOS blockchain. If the project as a whole proves successful and becomes the basis for a large number of decentralized applications, demand will naturally stimulate the growth of the EOS coin value.