ABCs of EOS (Understanding EOS PT1)

bob-elr (56)in #cryptocurrency • 6 years ago

Hello Friends,

I was reading about EOS hours ago (Thanks to @samstickkz) and i came across something beneficial, so i decide to some of the tips as a beginner and for the beginner and intermediates.

[Lk]

For any adventure one is thinking of taking, there is need, not just need but a very paramount one, to seek information about it by : reading , asking questions and so on, which is what i've made a habit few days ago.

I recently woke up to see the future in cryptocurrency world. And no way i can cope other than reading and asking questions. I have made some crypto guys my friend that they guide me through any difficulty i may experience. Here, I will send a big shout-out and three knuckles to @amec. He's a very responsive and supportive dude. Always there for me irrespective of how crazy and meaningless my questions may be atimes, @samstiskkz for the consistent updates on the group and on his blog.

[LK]

What is EOS

This is a blockchain-based, decentralized operating system, designed to support commercial-scale decentralized applications by providing all of the necessary core functionality, enabling businesses to build blockchain applications in a way similar to web-based applications.

EOS’s asynchronous communication and parallel processing provide scalability, while its ownership model eliminates transaction fees. These features make EOS a serious competitor of Ethereum (although EOS’s ICO actually supports Ethereum). It uses delegated-proof-of-stake and introduces the ability to fix bugs and rollback changes with supermajority consensus.

The project is headed by blockchain VIPs. 20% of the EOS token supply were sold for about $185M in ETH over the first 5 days of the 341-day long token sale. (And 10% are reserved for block.one). The structure of the token sale is such that the remaining 70% (i.e., the majority) of EOS tokens will be produced and sold at market value.
EOS, by block.one, is a blockchain-based, decentralized operating system, designed to support commercial-scale decentralized applications by providing all of the necessary core functionality(including databases, accounts with permissions, scheduling, authentication, and handling communication between the application and the internet), thus allowing developers to focus on their own particular business logic. EOS.IO is software that allows businesses to build blockchain applications that resemble existing web-based applications, using an architecture similar to website frameworks.

Two promised features of EOS have really caught everyone’s attention, though: elimination of transaction fees (via an ownership model whereby users own and are entitled to use resources proportional to their stake, rather than having to pay for every transaction), and scalability (they say it can process millions of transactions per second with asynchronous communication and parallel processing). High transaction costs and bad throughput are Ethereum’s critical weaknesses, so these features make EOS a serious contender for the title of go-to blockchain development solution. Notwithstanding, since EOS is still largely conceptual, its ICO is being conducted on Ethereum (ERC-20)

It’s ownership model provides d’App developers with predictable hosting costs, requiring them only to maintain a certain percentage or level of stake, and makes it possible to create freemium applications. Furthermore, since EOS token holders will be able to rent / delegate their their share of resources to other developers, the ownership model ties the value of EOS tokens to the supply and demand of bandwidth and storage.

It also introduces the ability to fix bugs and rollback changes with supermajority consensus, rather than requiring a hard-fork. This is due to EOS using delegated-proof-of-stake, whereby multiple witness-nodes are nominated by the network as representatives to make certain high-level decisions more quickly, without polling the entire network. Although this makes the blockchain somewhat less decentralized, it contributes to the ability of mainstream enterprises to adopt and interact with blockchain technology.

CTO Dan Larimer is credited with inventing delegated proof-of-stake and the concept of decentralized autonomous organizations, and he founded BitShares (a decentralized asset exchange) and Steemit (a blockchain-based social media platform). Larimer and the BitShare core development team also founded Cryptonomex, the company behind Graphene, an open-source blockchain deployment platform claimed to be capable of processing over 100,000 transactions per second with an average confirmation time of less than 1 second. Some might say, however, that Larimer is a controversial figure in the blockchain community (of the snake-oil salesman variety).

CEO Brendan Blumer is also founder and CEO of ii5, whose debut product is 1group, a centralized property-listing platform for realtors in India. Before ii5, Blumer founded Okay.com (also a real estate platform, in Hong Kong), which merged with Asia Pacific Properties (APP) about a year after launching, and before that was http://Accounts.net, an MMORPG trading platform (in the US). Blumer’s LinkedIn profile says he relocated to Hong Kong at the age of 18 when Brock Pierce (currently Chairman of the Bitcoin Foundation and Co-Founder and Managing Partner of Blockchain Capital; founder of IMI Exchange, ZAM, and IGE) acquired an operation he had started (at 15), selling virtual assets on a website he had developed. Brock Pierce is also block.one’s Chief Strategy Officer.

Another blockchain veteran involved in EOS is advisor Ian Grigg, a financial cryptographer who has been building cryptographic ledger platforms for over 20 years; inventor of the Ricardian Contract and co-inventor of Triple-Entry Accounting. [Ref. to quora]

While i was exploring, I I stumbled on this. This will greatly help the beginners understand the concepts surrounding EOS.

[Exolain to your Grandma]

EOS Go is proud to present the first in a series of infographics, specially designed to help newcomers learn more about blockchain. Anyone is welcome to share this work as far and wide as they wish under Creative Commons Attribution 4.0 International License. Our next infographic in the series will go one step deeper into EOS, explaining the mutual benefits for everyone working together on a blockchain-based website, and how such a model will allow individuals to own their information while competing with legacy companies.

[EOS infographic]

EOS Go is dedicated to uniting the EOS community towards launching EOS and beyond.
Software company block.one is creating EOS.IO and releasing it as open source code; thousands of individuals will need to come together to bring this new "internet of value" to life. [Ref]