EOS is a powerful infrastructure for decentralized applications (also known as dapps). It’s like Ethereum but with more features. An objective of EOS is to address some of the pain points of developing commercial and enterprise-level decentralized applications.
EOS promises to combine the best attributes of various blockchain-based technologies, like Bitcoin security or Ethereum application support, as core features. It aims to make dapps development easier for individuals and businesses through providing authentication, data hosting, scalability, and usage management.
EOS Features and Functionalities
The EOS development team wants to provide a comprehensive operating system for developers, businesses and end-users. They intend to develop a platform that can handle thousands of transactions per second to provide unprecedented flexibility and scalability for dapps. Here are the main features:
Authentications and Permissions
EOS platform provides a full-featured authentication system with all the bells and whistles. Developers will be able to take advantage of user account permissions to control the flow of information. User data can be stored locally to keep it off the blockchain for better security. The platform has account retrieval mechanism to recover compromised accounts. The recent release of EOS also allows shared database access between accounts.
EOS system will have server hosting and cloud storage out of the box. Developers wouldn’t have to worry about securing infrastructure resources. EOS will provide the storage, hosting and network bandwidth capabilities, so developers can concentrate on building their applications to serve their business objectives.
EOS platform will also provide usage management analytics and controls to allow businesses to monitor their resources and set up limits. All transactions on the platform will be conducted with EOS tokens.
EOS network is able to scale to one million transactions per second. In order to achieve this objective, EOS moves away from the transaction models of other blockchains. Traditional blockchains use “consensus over state”. In this model, users can verify the current state of the entire blockchain. The emphasis is on the state of each address associated with a transaction.
EOS uses “consensus over events”. It verifies the series of events. This model is slower at the beginning, but it runs faster than the other model. So it helps EOS provide faster transaction rates.
Flexible Monetization Options
EOS doesn’t implement restrictions on who pays for any transaction on the platform. It gives developers the option to implement their own models to set up microtransactions.
Democratic Inflation-based Economy
Instead of miners, EOS uses block producers. Block producers generate the blocks for newly created EOS tokens. They can propose their own prices and the number of token creation is based on the median value of the prices of all block producers. The platform also has caps to make sure producers don’t demand too high a price to cause unnecessary inflation.
Also, EOS storage is paid using the tokens by all EOS users who are storing files on the network. More storage demand means higher prices for block creators. If demand is low, there is less price hike. So, the demand keeps the EOS token inflation in check.
Optimized for Better Performance
Each block is structured into cycles. Then cycles are structured into threads. The threads run in parallel with cycles. This architecture reduces latency. It improves the overall performance of the ecosystem.
Dan Larimer, the co-founder of Steemit and Bitshares, is leading the EOS project. It’s being developed under the Block One company banner. It’s going through fast development phases. Here are the current EOS releases:
Unique Token Distribution Strategy
EOS is taking a new approach to Initial Coin Offering (ICO). Instead of a single sale, it is selling tokens in a year-long token sale with designated periods. At the end of each period, the tokens are distributed among the contributors according to their ETH contributions. The strategy was implemented to avoid letting special groups dominate the ICO. Here is the distribution pattern for EOS tokens:
The EOS platform is promising because it addressing the obstacles of the dapps community. In terms of its own development, it is making progress fast. There’s speculations that it can end up replacing Ethereum as the frontrunner for dapps development platform. By the end of 2018, there should be more clarity about where EOS stands against its competitions.
This article written by James Risberg; What is EOS first appeared at Coincentral.com