EOS —— A Decentralized Blockchain Protocol for Scalable Applications
- EOS is an operating system-like blockchain architecture platform developed by the blockchain wizard BM (Daniel Larimer), which aims to achieve performance expansion of distributed applications.
- EOS was one of the earliest blockchains that deployed a delegated Proof of Stake consensus (dPoS) mechanism. This consensus mechanism is a crucial part of achieving the desired performance.
- The final form of the technology is a block chain architecture, the block chain can support millions of transactions per second, while ordinary users do not need to pay usage fees.
- EOS tokens are the right to use resources. You have 1% of EOS and 1% of resource usage rights. Due to the DPOS mechanism, if you do not use resources, you can also delegate tokens to those who need to use resources and charge a fee.
EOS is a new blockchain architecture designed to achieve performance expansion of distributed applications. The goal of the EOS project is to achieve a blockchain architecture that supports applications similar to an operating system. The architecture can provide accounts, identity authentication, databases, asynchronous communication, and program scheduling on hundreds of CPUs or clusters. The final form of the technology is a blockchain architecture, the blockchain can support millions of transactions per second, while ordinary users do not need to pay for use.
EOS.IO and EOS Tokens
The EOS ecosystem comprises two key elements: the EOS.IO and the EOS tokens.
To draw a parallel, EOS.IO is akin to the operating system of a computer – it manages and controls the EOS blockchain network. EOS.IO uses blockchain architecture that is built to enable vertical and horizontal scaling of decentralized applications. The EOS token is the cryptocurrency of the EOS network.
A developer simply needs to hold EOS coins, instead of spending them, to be eligible to use network resources and to build and run dApps. A token holder who is not running any apps can also allocate or rent his bandwidth to other participants who may need it.
Currently owned by the block.one organization, EOS was launched by Dan Larimer, who is also the founder and creator of established platforms like Bitshares and Steem.
EOS tokens are the right to use resources. You have 1% of EOS and 1% of resource usage rights.
Due to the DPOS mechanism, if you do not use resources, you can also delegate tokens to those who need to use resources and charge a fee.
As the number of EOS dApp developments increases, the right to use resources will become more and more precious, which will increase the value of EOS.
In addition, the project party plans to issue less than 5% of EOS each year as a reward for super nodes and price balance.
EOS is developed by Block.one company. The team is full of talents, including Brendan Blummer (the previous company trading MMORPG game currency), Chief Technology Officer Daniel Larimer (one of the blockchain legends) and Brock Pierce (Chairman of the Blockchain Foundation, co-founder of Blockchain Capital), etc.
The CEO of Block.one is Brendan Blummer, nicknamed "BB" in the industry. In the process of operating EOS, great enthusiasm and hard work have been paid. Because of BB's professionalism, the legendary BM in the industry only serves as the CTO of EOS, focusing on the development of EOS, and no longer uses his geek thinking to interfere with project operations.
BM bytemaster —— Daniel Larimer
The CTO of Block.one is Daniel Larimer, the rumored BM (its name on the developer forum Github is Bytemaster "Byte Master", is it a very domineering nickname). He may be the only person in the world who has successively successfully developed three decentralized systems based on blockchain technology. In addition to EOS, he is also the developer and co-founder of the world's first decentralized trading platform Bitshares and the blockchain social media platform Steemit.
Advantages of EOS
Because of the congestion and processing speed problems in Bitcoin and Ethereum networks, BM wanted to solve the deficiencies of Ethereum's innate architecture design from the beginning of the EOS project.
Eos.io is a platform software designed to provide the underlying blockchain architecture for vertically and horizontally scalable distributed applications. It is mainly achieved by building an operating system-like structure to allow applications to run on top of it. Its goal is to provide a new blockchain architecture platform and provide a high-performance and high-availability distributed application platform for various blockchain applications.
Key feature of EOS
- The consensus mechanism of BFT+DPOS. In EOSdawn4.0 released by BM, it is said that EOS adopts the consensus mechanism of BFT+DPOS. DPOS is similar to the US parliamentary system. Each super node is similar to a member of the parliament. A total of 21 super nodes are elected by all EOS holders. This "parliament" has a great decision on the entire EOS ecosystem. If you want to implement a certain plan, you need 15 votes from the super node to pass before it can be implemented. The reason for adding BFT Byzantine fault tolerance is to improve the security and stability of the system.
- The transaction is free. When using Ethereum to do transfer, you need to pay a certain amount of gas, and EOS has certain inflation characteristics. It rewards super nodes by issuing up to 5% of EOS each year. In this way, users do not need to pay miner fees to nodes during transaction Congestions. Compared with the miner fee of tens or even hundreds of dollars when Ethereum is congested, this is also quite attractive for users.
- EOS software provides a complete account system that can help developers quickly develop their own DAPPs. If you want to develop DAPPs on Ethereum, you need to spend more time developing the underlying modules, and the technical team spends a lot of time. Optimize the process of block construction and application. In the new model, a block is created by the API sequence applied to the block, ensures that the same code path is followed, and can minimize the possibility of inconsistency between the producer and the verifier when confirming whether it is valid.
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