EOS is a blockchain-based cryptocurrency marketplace designed to scale decentralized services in a diversified manner. It provides access to accounts, authentication tools, asynchronous communications, databases, and the distribution of application processes across multiple cores or system nodes. Thanks to this approach, the network can expand for millions of operations per second, eliminates the need to pay a commission and contributes to the quick launch of any decentralized service.
OVERVIEW OF EOS CRYPTOCURRENCIES
EOS is based on Ethereum technology and is designed to perform multiple tasks simultaneously. One of the developers of the project is Dan Larimer, a very famous in the cryptocurrency community, among whose merits is the successful promotion of Steemit and Bitshares. He sees the main task of the platform to fix the main vulnerabilities that prevent the ubiquity of decentralized blockchain-based applications. In addition, the site should provide the work of millions of users, guarantee timely updates and a small commission.
In fact, EOS is an operating system that can be used to conduct ICOs for one or several projects. Whether it will be in demand in reality depends only on the developers who have joined it, since more than 15% of the coins are in their hands. Tokens were launched on the Ethereum network. The total issue is 1 billion, 10% of which belongs to the team of creators and 90 investors.
Note! 200 million coins were distributed during the first round of ICO, which kicked off this summer. The final cost of 1 token was less than $ 1. Another 2 million coins will be distributed among investors every day for 350 days. Their price is constantly changing and depends on the amount of funds invested during the ICO. You will be able to purchase coins on the platform's official website.
One of the main reasons for the focus on EOS from casual users is the composition of the development team. As mentioned earlier, the project is headed by the well-known Dan Larimer. He has won the trust of the crypto community for his unconventional approach and originality in creating new platforms. It is he who is credited with developing a delegated PoS algorithm and the principle of decentralized independent structures (later adopted by Ethereum).
However, many criticize the ambiguity of his sites and the fact that he often leaves them at the beta testing stage. So, having launched the BitShares trading exchange, Dan left the project immediately after the difficulties arose with the attachment of electronic money to the asset market. Although this was not her only problem. A large part of the community considered the resource unnecessarily confusing and deceptively promising.
However, just a few days after leaving BitShares, he launches a new project - Steemit. The platform resembled the social network Reddit and made it possible to generate income based on the popularity of user posts. Some greeted the service with enthusiasm, while others criticized it for instability and artificial shortages.
Dan himself, answering questions about these projects, says that although they had certain difficulties, they became the necessary basis for the creation of EOS. Each of the sites has contributed to solving a problem that hinders the ubiquitous commercial use of blockchain. So BitShares proposed the principle of horizontal scalability, which contributes to a manifold increase in the speed of transactions. Steemit, on the other hand, helped solve the problem of escalating fees by providing new methods of interaction between users without any transaction costs.
A detailed overview of EOS. Delegated Proof of Collision Algorithm (DPOS) is a key part of the platform. This is intended to meet the performance requirements of decentralized applications on the blockchain - including handling millions of users.
EOS FEATURES
The platform emphasizes all of the following core features:
Scalability: EOS is capable of supporting thousands of commercial scale decentralized applications. Parallel execution, asynchronous communication, and other features also increase the scalability of the platform. In addition, the platform can decouple authentication from execution.
Flexibility: EOS offers generalized role-based permissions, the ability to freeze and fix broken apps, and a web build platform, making it a flexible option for decentralized app developers.
Usable: EOS has a web-based interface development toolkit, as well as self-descriptive interfaces that self-describe database schemas and a declarative resolution scheme.
Equal Opportunity: EOS Tokens do not have a predetermined price, and the price of tokens is determined by market demand. This is intended to simulate mining without giving unfair advantages to large buyers. It's more democratic.
Widespread: Platform tokens are distributed over 341 days. This is intended to give the community enough time to become familiar with the project and participate in the distribution. As of November 2017, shipments are around 448 million EOS out of a total of 1 billion EOS. The countdown timer on EOS.io shows you every stage of a marker sale. In the picture below, this is for the 163/350 period, with the release of 2 million platform tokens during this period.
WHAT PROBLEMS EOS SOLVES
Basically, the goal of the platform is to create a blockchain that can be used for scalable commercial purposes. Notable advanced blockchains , including bitcoin , Ethereum, BitShares and others are known for their scalability and longevity, but they also have big problems.
These chains can support tens of thousands of transactions per second (if not more). However, they are burdened with large fees and limited computing power.
For blockchain technology to become widespread, the project believes that certain changes need to be made, including the ability to support millions of users:
“Bridging companies like Ebay, Uber, AirBnB and Facebook requires blockchain technology capable of handling tens of millions of daily active users. In some cases, applications may not work if the critical mass of users is not reached, and therefore a platform that can handle massive numbers of users is of paramount importance. "
Other problems with today's blockchains include the fact that users have to pay for services on certain platforms. Social network users are not used to paying for services. Few people want to pay to access the platform online - regardless of whether they pay with currency or cryptocurrencies.
The platform whitepaper also highlights issues such as complex updates, bug issues, high latency, and lack of parallel performance.
EOS is a commercial grade blockchain designed to support millions of users through a delegated proof of share system. The platform software introduces a new blockchain architecture that facilitates vertical and horizontal scaling of decentralized applications. The end result is an operating system-like platform on which decentralized applications can be built.
Some of the key platform features include accounts, authentication, databases, asynchronous communication, and application scheduling across hundreds of cores or CPU clusters.