The EOS Blockchain is a distributed ledger system.
EOS is a decentralised application platform that can be used for a variety of purposes. The crypto community is closely following EOS's development, studying its value dynamics, and observing its rapid expansion with curiosity. Let's look at the EOS blockchain network in more detail.
Overview of the EOS Project
EOS is a cryptocurrency that stands out as one of the most promising. In 2017, the EOS team created a framework for the building and operation of decentralised applications. It features the most transaction processing capacity, a simple and convenient account security mechanism, and a variety of useful technical solutions.
So, what exactly does EOS entail? The EOS blockchain will allow users to quickly and easily construct decentralised applications. Users will be able to establish databases and open accounts on the network with low costs, high transaction velocity, little risk, and maximum profit.
EOS distinguishes itself with the following features:
Operation that is completely free. All transactions should be free, according to one of EOS's stated principles.
Due to the use of asynchronous communication mechanisms, EOS can process a large number of transactions per second (1,200).
A blockchain project's operating system. The EOS project pledged to create a decentralised smart contract system. This will make it much easier for teams running new projects to run and setup their own applications.
As can be seen, EOS blockchain is similar to Ethereum in that it offers a platform for application development, data storage, and the creation of cryptocurrency accounts. With the successful implementation of the project's ambitions, Ethereum will have a formidable competitor with no scaling issues; yet, comparing EOS to Ethereum is challenging due to their fundamentally different structures.
The major purpose of EOS is to boost productivity in the growth of technology-intensive organisations by using a distributed database with scalability. The inventors claim that if the network has a million users, its technology will be able to handle thousands of transactions per second.
The EOS team has a large following in the crypto community, with over 64,000 subscribers on its Telegram channel. The project's positive support is largely due to the efforts of the crew. It was founded by workers of the Block.one organisation, who are experienced and talented specialists with extensive experience working on similar projects. Because the EOS team is well-known among blockchain aficionados and consists of experts in the area, it has a beneficial impact on the platform's reputation. Finlab AG, Tomorrow Ventures ex-Chairman and Google Board of Directors member Eric Schmidt, and the Galaxy Digital fund, managed by billionaire Michael Novogratz, have previously invested $600 million in Block.one through joint ventures.
It's worth delving more into the characters of the most well-known team members:
Brandon Blumer, the founder of the real estate firms ii5 and Okay.com, is the Executive Director. He has also created a digital-currency exchange platform for the gaming industry as well as big real-estate ventures in India. He has been a prominent figure in the blockchain area since 2014.
Dan Larimer, EOS Technical Director, is a co-founder of several well-known platforms. Furthermore, his name has been linked to a number of successful second-generation digital currency ventures (see below). Dan has demonstrated in a relatively short period of time that he has both the concepts and the ability to build world-class blockchain projects. Dan recommended using the terms "decentralised autonomous companies" and "proof of bet" as a technical expert.
Brock Pierce, a partner and venture investor, was one among the first prominent businesspeople to grasp the potential of the cryptocurrency sector. He is one of the Bitcoin Foundation's chairmen and has raised more than $200 million for numerous blockchain projects.
Jan Grigg is a cryptographer who has dedicated his life to developing financial system security methods. He is a well-known expert with a global reputation and numerous patents in his specialty.
Dan Larimer, the platform's co-founder, created BitShares (a decentralised exchange), Steemit (a social network), BitUSD (a cryptocurrency), and Graphene (a blockchain engine) as the foundation for all of the initiatives described above. Without taking into consideration the EOS project, the total market capitalization of Larimer's developments surpasses $800 million.
Daniel Larimer believes that the entire world will soon switch to blockchain, which will need the creation of an adequate platform. EOS, like Ethereum, is a smart contract platform, however it lacks Ethereum's forking features. If EOS experiences what Ethereum experienced in June 2016, when 3.6 million Ethers were withdrawn from DAO Ethereum accounts, equivalent to $43.9 million at the time, the accounts will simply be frozen, and EOS will handle the problem individually.
The EOS team consists of specialists who collaborate with consultants from all across the world. This enables them to focus on business concerns and develop efficient solutions based on blockchain implementation across the entire system.
The EOS Blockchain Network
EOS was established for the following purposes:
construction of decentralised applications
construction of a huge database
the administration and planning of many procedures (for example, solving logistics problems)
permissions on the account
Communication and authentication between internet applications.
The purpose of EOS is to allow data to be exchanged between nodes without having to wait 0.5 seconds between actions. EOS.IO programme divides each block into cycles to make this possible. Each cycle is broken up into pieces. These shards (fragments) hold a record of transactions.
As an example, consider the following:
Actions on EOS.IO are based on a communication concept. By sending a piece of data to nodeos, a user makes an action request. The cleos command is used to accomplish this.
As a result, EOS.IO features a diverse set of critical programmes. The following diagram depicts their interaction:
A transaction is a collection of one or more operations, whereas an action is a single activity. Actions can be sent separately or together if the user wants to operate them all at the same time.
A single-action transaction:
A transaction with only one actionA transaction with many actions that must all be completed successfully or the transaction will fail:
To make the contracts available to all users, EOS embeds the code in the blockchain. As a result, anyone can view it. Developers will be able to put them together on a variety of devices without disrupting the consensus. With the approval of a majority of the nodes, users can undo modifications and repair problems.
Each transaction on EOS must have a hash (special number) of the previous node header. A hash allows you to do the following:
On forks that don't include a block with a specified translation, transactions aren't replayed.
This user's stack is sent to the platform, along with a notification that he or she is on a specific plug.
This method allows all EOS blockchain users to directly confirm the new node. Because the transaction cannot be transferred off the legal blockchain, forging chains is difficult. This technique is used by developers to protect their ecosystem's data.
In terms of EOS blockchain speed, the network's transaction rate has just climbed to 1,200 transactions per second. Because to the additional bandwidth, the TPS indication in EOS increased to 1,275. The transaction time has been reduced to 0.5 seconds, and the commission fee has been eliminated, so members of social networks will not be charged for each image, rating, or comment, and video game players will not be charged for each action.
Developers hope to provide all important possibilities to makers of new distributed applications using blockchain technology. Users will be free to concentrate on their primary goal: making the apps as useful and effective as possible. As a result, the rate at which new programmes are developed will accelerate.
Algorithm for Delegated Proof-of-Stake
Let's take a closer look at the EOS blockchain. To reach consensus in a decentralised environment, EOS uses the Delegated Proof-of-Stake (DPoS) method. The essence of DPoS is the gathering of votes: network users "vote" for other network users (nodes) and select the ones who will be authorised to confirm blocks. This consensus confirmation process is a better version of the PoS concept. Essentially, in the DPoS paradigm, each system participant selects a random "witness" to certify payment. The EOS blockchain is built on the computational power of these nodes (block producers): they work together to create blocks for a set amount of time. Votes are used to govern the list, with different circumstances used to exclude "poor" block producers and add new ones.
EOS has chosen DPoS as its foundation. This lowers the cost of energy connected with currency extraction, reduces the time spent forming blocks, and lessens the possibility of rights concentration in the same hands. It provides for maximum productivity in the development of block chains, with millions of users able to contribute at the same time.
Owners of network tokens customised for EOS.IO, as well as any other players in the system, can participate in block generation using the DPoS algorithm. Users have the ability to start as many discussions as they like, with the number of conversations corresponding to the votes collected from other block makers. A selected participant loses their capacity to produce a node if they skip a block (does not generate it within 24 hours). The user must provide a particular notice of intent to continue working in the unit in order to restore the right to make a block. This method ensures the network's stability and reduces the danger of a decrease in the number of created nodes.
Every 3 seconds, a new block is created. Only one producer generates a block per period of time, according to the DPoS algorithm. Each round has 21 rounds, and each round's producer is different. In each round, the system automatically calculates the top 20 candidates, who are then shuffled to ensure that everyone has an equal chance. The mechanism ensures that the outcome is fair and that no plugs are present. In contrast to prior projects, all participants in the blockchain collaborate rather than compete. A consensus is automatically achieved in contentious situations. For product management, a hard fork is no longer required, and contentious matters are easily resolved through legal means.
When the algorithm is running properly, there should be no forks of the bitcoin in the chain because the node constructors collaborate rather than compete. If branching occurs, the system automatically changes to a longer circuit. When a user starts forming a block on two chains at the same time, it is excluded from the process of generating new nodes.
EOS Smart Contract
EOS Smart Contract is the longest chain that has been approved by the maximum number of nodes.
A semantical "contract" whose record of actions is published on the blockchain is created when an EOS.IO Smart Contract is lodged on the blockchain and performed on EOSIO nodes. Smart contracts can be tested using the EOS private blockchain. Within the EOS network, this is how it is done:
To start a private blockchain, follow these steps.
Creating your own private blockchain
When you're not using your wallet, it's a good idea to lock it:
How to load a BIOS contract:
Creating two accounts for users
Before we go into the details of how EOS tokens are created, it's important to note that the project uses Proof-of-Completeness. In essence, the EOS network makes proper transaction-number identification easier. Each message is assigned a sequence number to do this. These sequence numbers can be used to demonstrate that data was processed in a specific order.
The EOS digital currency is based on a blockchain-based programme. Asynchronous smart contracts, which form the project's core, can run in parallel, allowing hundreds of thousands of operations per second, lowering user commissions and simplifying the establishment of the decentralised network.
It is important to register an account to deploy a new EOS token contract to:
The create(...) operation must be used with the correct input to create a new EOS token. To distinguish this token from other tokens, this order will use the figure of the maximum delivery. The issuer has the authority to issue and execute additional measures, such as freezing, recalling, and whitelisting the owners.
Using positional arguments to call this method:
The issuer can transfer the cryptocurrency to an account (using the positional calling convention) after creating the new EOS token:transfer the cryptocurrency to an account
How Can I Purchase EOS Cryptocurrency?
You can buy EOS tokens on a variety of exchanges due to their popularity. There are several dozen of them, but Bithumb, a South Korean exchange where EOS tokens can only be purchased in the local currency (KRW), accounts for about half of the transaction volume. The remaining half of the turnover is split between the Bitfinex (bitfinex.com) and Binance (binance.com) exchanges, where you can buy cryptocurrencies for the US dollar and its electronic counterpart USDT, as well as Bitcoin and Ether.
Advantages of EOS and Future Development Prospects
EOS is a qualitatively novel organisational paradigm in which all functionality is provided by a single operating system, which serves as the foundation for the entire platform. This offers up a lot of possibilities for large-scale economic ventures. It is undeniable that a successful start-up of a small firm does not necessitate big financial inputs. Token holders can place wagers and participate actively in the creation of decentralised applications. Manipulation of this nature does not necessitate vast sums of money. Furthermore, there is no transaction commission on the network. The developers promise a high throughput, and storage space is allocated equitably.
The following are some of the benefits of the EOS network:
High scalability: The EOS blockchain operating system supports a massive number of commercial apps that run in parallel. Asynchronous communication and the separation of authorised transactions are also made easier. As a result, it has a lot of scalability. The system can handle thousands of applications at the same time. An asynchronous connection is available, as well as the ability to perform error-free authentication. Furthermore, there is no requirement for operations to be calculated, which considerably simplifies functioning.
Flexibility: The EOS network may halt and correct faulty development while still utilising net congregation. The ability to freeze problematic programmes and quickly erase various types of irregularities is a highly useful feature.
Users can work on the development of a variety of products thanks to a declarative authorisation approach and the ability to self-describe interfaces and tools. A decent toolkit ensures that users have the most convenience possible. There are declarative permission systems and self-describing database schemas.
Because token pricing is not known in advance, big buyers no longer have a competitive edge. Their price is solely determined by the market's genuine demand.
The project's creators aim for unification, the elimination of excessive transaction commissions, and the growth of computer capacity. They're attempting to develop a blockchain that can be used to carry out large-scale business transactions. A significant percentage of the work is also related to the prevention of hacker attacks. The developers were able to establish the most steady operation of block circuits, and assaults on a specific application may be promptly identified and used.
In the future, the platform will ensure that blockchain is implemented in the most popular applications and will take part in the daily processing of massive amounts of data to serve millions of people around the world.
The EOS blockchain, according to the developers, is currently faster than Bitcoin and Ethereum in terms of transaction speed. The DPOS algorithm is responsible for the great speed – hundreds of transactions per second. EOS has devoted users (nodes) who make decisions, and everyone else relies on them. Because there is no competition among miners, the time between blocks can be shortened and transaction speeds boosted. Large miners in the Bitcoin network are now attempting to shorten the time it takes for blocks to be distributed. Empty blocks are closed, the EOS network is reset, and these blocks are not added to the blockchain.
Because the EOS network's developers did not construct a centralised system, they were able to attain fast speeds for their own blockchain. To ensure that the EOS operating system is extensively used by millions of people, high speed is required. EOS.IO has the potential to be more than just a payment platform, similar to Bitcoin, or a platform for implementing smart contracts, similar to Ethereum, but also a platform for developing a wide range of decentralised apps. The most important thing to remember is that EOS is an open-source platform that is being developed by the entire community. The latest version of EOS.IO DAWN 3.0, which was published in June, will allow many public and private blockchains to interconnect.
Consumer interest in the project has been continuous since its inception, owing to constant progress. EOS's growth prospects are linked to its revolutionary operating principle (transactions will not have painfully long addresses, and users will have to identify the recipient's nickname when sending messages within social networks) and startling operational speed.
The active dynamics of EOS in terms of project development mean that, with a professional approach and a steady rate of advancement, the product has a good chance of accessing the worldwide market and carving out a position for itself. The project provides user-tested principles and incorporates modern technologies that serve as a paradigm for constructing decentralised applications. Simultaneously, the user's functionality is unrestricted, allowing for even more software development and establishing the EOS network as a worldwide blockchain technology player.
A Final Thought
So, what exactly is EOS? EOS is a well-thought-out project bolstered by the trust of its community and investors, who are looking for a new and unique idea to apply on the blockchain market. We can be confident that EOS will amass and apply the knowledge gained from many successful projects. Against this backdrop, the massive amount of money raised during the ICO does not appear to be a fluke.