EOS — a project through which developers can build decentralized applications (also known as DApps).
Contents:
Description of EOS
The goal of the project is relatively simple: to make it as easy as possible for users to use blockchain technology and to ensure that the network is easier to use than the network of competitors. As a result, tools and a range of educational resources are provided to support developers who want to create functional applications quickly.
Other priorities include providing a greater level of scalability than other blockchains, some of which can process less than a dozen transactions per second. EOS is also committed to improving user and business experiences. While the project is trying to provide more security and less friction for consumers, it is also vying for flexibility and compliance for businesses. Blockchain was launched back in June 2018.
Project features
EOS inherited from Graphene the Delegated Proof-of-Stake (DPoS) decentralized consensus algorithm. DPoS runs on a system of reputation and voting.
The main features of the platform:
| 1 | EOS tokens give users a proportional share in network bandwidth, storage and computing power: if someone owns 1% of EOS tokens, they will always have access to 1% of network bandwidth, regardless of the load on the rest of the network. |
| 2 | Another protection against centralization is implemented in the token sharing mechanism. The developers kept only 10% of EOS tokens for themselves, while using a smart contract they determined a 10-year period for receiving their share. 90% of EOS tokens will be distributed among the participants. |
| 3 | Each round, network members “vote” for the accounts that are allowed to “close” blocks on the network. The computing power of these nodes (called block-producers) is the core of the EOS blockchain, and they produce blocks in a stable and predictable time. The list is vote-driven, using various scripts to drop "bad" BPs and include new ones. |
The project also aims to improve the experience for users and businesses. While the project is trying to provide more security and less friction for consumers, it also aims to unlock flexibility and compliance for businesses.
The problem of transaction speed is also solved here - it reaches tens of thousands of operations per second. This allows you to achieve amazing speeds of a million transactions per second. In the future, this advantage will allow us to support thousands of DApps.
Safety
EOS uses a delegated proof-of-stake consensus mechanism. This concept was conceived by Larimer and aims to address some of the shortcomings that are seen in PoW and PoS systems. The bottom line is this: those who own EOS tokens can vote for representatives who will be responsible for verifying transactions. Moreover, the main benefit is that it helps to eliminate consolidation where smaller miners are pushed out by those with higher levels of computing power and resources.
Where to buy an EOS token?
At the time of writing, there are 936 million EOS coins in circulation, with a total supply of 1.02 billion tokens. Block.one held an initial coin offering for EOS back in June 2017, and it lasted for a year - significantly longer than many ICOs, seen at the time. Where can I buy tokens:
- Binance
- CoinTiger
- OKEx
- Coinbase
- Bitget
Considering how widely it is used in the crypto industry, you would probably be hard-pressed to find a trading platform that does not support it.