What is EOS?

 

EOSIO is a cryptocurrency token ( EOS ) and blockchain developed to operate as a smart contract platform to enable development, hosting, and execution of commercial-scale decentralized applications ( dApps ) on its platform.  EOSIO has a similar function to Ethereum.

 

Description on website: “EOSIO is software that introduces a blockchain architecture designed to enable vertical and horizontal scaling of decentralized applications (the “EOSIO 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.”

 

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The white paper was published in 2017 and EOS was released on 31 January 2018.  

 

 

The Developers

The EOSIO platform released open-source software on 1 June 2018 which is currently being developed by private company block.one. The EOS token is the cryptocurrency of the EOS network.  According to the websiteBlock.one has committed to investing over $1B into funds focused on the growth of the EOS ecosystem”

block.one is headed by Brendan Blumer, Daniel “Bytemaster” Larimer, known for creating BitShares and Steem and inventing the delegated-proof-of-stake (DPOS) consensus algorithm is the CTO. Brock Pierce who created the first ICO token, Mastercoin, is a partner. Ian Grigg is the financial cryptographer and also a partner.

 

The ICO – Initial Coin Offering

Block.one completed its token crowdsale on 1 June 2018 which lasted 1 year and became the largest Initial Coin Offering (ICO) in recent history having raised a total of over $4 billion.  Token distribution takes place over 341 days.

 

 

 

What are the features of EOS

As per the Official Subreddit for EOS

Features Parallel Processing: The ability to do things in parallel, faster transaction speeds and more scalability.

A Constitution: A set of rules on which everyone agrees upon, these are linked to every block mined.

Self Sufficiency and Evolution: The current model allows for a 5% inflation, this will be used to develop the network further.

Decentralised operating system: EOS is similar to a decentralized operating system, in practice this means that developers can build applications on EOS. Owning EOS coins is a claim on server resources. A developer needs to have EOS coins to use the EOS blockchain. Developers will not spend the coins to use the server resources, s/he just need to prove they hold them.This operating system will be hosted on servers (data centres) which in return will also be block producers. Block rewards in EOS are the incentive for these servers to host EOS applications.

The applications running on this decentralized OS will be able to communicate with each other, there will also be measures to “firewall” applications.

Applications use very common functions such as user/password, user interfaces, backend (database) management. This means that applications can share frameworks or libraries which make development faster, more secure and less technical. For example, applications will have their own secure database and file space on EOS.”

 

 

Developer Portal

Free, open-source blockchain software protocol – link to the Developer Portal

 

Can EOS be mined?

EOS can not be mined like Bitcoin, Litecoin or EOT for example.  EOS is Proof-of-Stake (POS) vs Proof-of-Work (POW). They are different methods (algorithms) to achieve consensus on which block will be added next to the blockchain.  The number of EOS coins the block producer owns, determines how many block transactions they can be validated. Block producers who generate the required number of blocks are rewarded by the creation of new EOS tokens for each new block they produce.  

 

EOS tokens can be “staked” to power the blockchain’s bandwidth, computational power and storage capabilities. Click here to view live block producers.  

 

In conclusion

The EOS ecosystem is in the early developmental stage.  As EOS is known as the biggest ICO to date, many will be keeping a close watch on EOSIO developments in attempting to solve the problem of “large fees, the limited computational capacity that existing blockchain platforms are experiencing preventing widespread blockchain adoption.”

 

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This e-book on Amazon explains what Bitcoin is, it explains that Bitcoin (BTC) is a virtual currency, digital, not physical, and independent of banks. Useful links and resources for the newbie and advanced Bitcoiner or cryptocurrency enthusiast.

 

 

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