EOS.IO is software that introduces a blockchain architecture designed to enable vertical and horizontal scaling of decentralized applications (the “EOS.IO Software”). This is achieved through an operating system-like construct upon which applications can be built.
The software provides accounts, authentication, databases, asynchronous communication and the scheduling of applications across multiple CPU cores and/or clusters.
The resulting technology is a blockchain architecture that has the potential to scale to millions of transactions per second, eliminates user fees and allows for quick and easy deployment of decentralized applications.
What are some of the main benefits/features of EOS?
Visa manages 1667 transactions per second while Paypal manages 193 transactions per second. Compared to that, Bitcoin manages just 3-4 transactions per second while Ethereum fairs slightly better at 20 transactions per second.
The reason why blockchain-based applications can’t compute that many transactions per second are because each and every node of the network must come to a consensus for anything to go through.
EOS are claiming that because they use DPOS aka the distributed proof-of-stake consensus mechanism, they can easily compute millions of transactions per second.
Free to Use
An application built on the EOS platform does not REQUIRE micropayments by end users to send messages and perform tasks on the blockchain. This is left up to the individual app developers to determine how transactions fees (which are extremely low) will be paid, meaning companies are free to come up with their own monetization strategies and offer their users service for free or not.
The EOS network is a ready-made platform for apps that lets developers tap into a full-featured authentication system. User accounts, complete with different permission levels and their own locally secured user data come as a feature of the network. The latest EOS updates have enabled shared database access between accounts and the ability to store user data on a local machine off of the blockchain.
Recovery for stolen accounts is baked into the system as well, with various methods of proving your identity and restoring access to a compromised account.
In EOS the Governance is maintained by establishing jurisdiction and choice of law along with other mutually accepted rules This is usually done via the legally binding constitution. Every single transaction in EOS must include the hash of the constitution to the signature. This, in essence, binds the users to the constitution.
In parallel processing, program instructions are divided among multiple processors. By doing this, the running time of that program decreases greatly. EOS provides parallel processing of smart contracts through horizontal scalability, asynchronous communication, and interoperability.
The EOS Team
The EOS project is being developed by a company called Block One, led by Dan Larimer (co-founder of both Bitshares and Steemit) and Brendan Bloomer. Both provide some serious experience in the crypto world and have been publicly active in promoting the technology as a whole in addition to their own projects.
The EOS team is right in line with the roadmap proposed earlier this year, and continue to plug away at development with great speed. The EOS Dawn 1.0 release was released September 14, 2017, the Dawn 2.0 release brought resource tracking and inter-blockchain communication on December 4, 2017 and the Dawn 3.0 release is pegged for Spring 2018 and is intended to be the first official release of the system! I see bright things for EOS in the future and would definitely suggest keeping an eye on this project as it develops.
The community behind EOS is vibrant and global, with a lot love from investors and contributors alike. Meetups are common and the Telegram group is active. You can also find EOS communities can be found on Facebook, Twitter and Steemit.
EOS is an exciting project in the dapp arena, with a proven team, a lofty vision and game-changing features on the roadmap. Keep an eye out for the stable release sometime Spring 2018, stay up to date through their social media accounts, and pick up some tokens via their token sale website or from an exchange if you believe in the technology and growth!
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