EOS Details and Specifications
More details were released about EOS today. EOS is my favorite upcoming project. Before learning about EOS, I was excited about Tezos which has an ICO beginning in July. I will cover what I liked about Tezos just so that you can see why I like EOS so much comparatively, and it may also help you appreciate how awesome EOS will be. What I liked about Tezos was really two things:
It combined two existing innovations, smart contracting with improvements over Ethereum's protocol. Then also it used Dash-like budgeting to fund on-going development. It also added on top of these two existing innovations, a third innovation which was deciding to put the protocol of governance on the blockchain rather than having it exist on forums like reddit. In other words, Tezos would put the core functionality of the protocol up to a blockchain software vote on the decentralized network, solving things like a stalemate in a bitcoin blocksize debate.
Large backers are involved in Tezos which would help drive the team to success, meaning it is very certain they would deliver a viable product.
Now this brings me back to EOS and why I prefer it much over Tezos. Tezos takes a baby-step toward a blockchain future. The EOS project Dan has going takes a grand leap toward a future that probably only he could realize.
EOS Features
- Includes existing innovations: blockchain, smart contracting, currency
- Includes innovations that Dan and others have pioneered in Bitshares and Steem: fully scaled high tps on-chain 10k+, delegated proof of stake, user accounts separated from keys, hierarchical permissions for accounts, password resets, (and more?)
- Includes newer innovations such as on-chain governance that Tezos attempts to achieve. For EOS this is the ratified constitution. On EOS, the constitution serves to make a framework for dispute resolution, and exists as an arbitration framework for all users globally.
- NEW FEATURE: Parallel Processing offers smart contract and application authors to have their programming logic function apart from the system as a whole. On traditional computers we call this multi-threaded applications.
- NEW FEATURE: Decentralized Operating System enables application authors to use a consistent code framework to develop their smart contracts and applications on the EOS network. This means less lines of code, and less room for simple bugs. Also, because of the multi-threaded nature of this operating system, specific applications can be halted and modified without disrupting the global system from operating. This is truly a one of a kind innovation. In the case of the DAO on Ethereum, that application could have just been halted on EOS without hard forking the network. Then the DAO would go through its own internal procedures for dispute resolution, but if those failed, then it would revert to the EOS constitution for dispute resolution.
Other Key Features
- max 5% annual inflation, which is used in a budgeting system to fund network operation and growth
- tokens have automatic 'emission' which is used to fund applications functioning on EOS; emission can be rented to others, this is unlike other PoS coins which reward you in more coin, on EOS, tokens have emission which can only be sold or used to perpetually fund an application forever and ever. This is handy for developers because they would never have to buy tokens for gas, it eliminates gas completely.
- free for app users, unlike Ethereum, users of the platform on EOS will not have to buy gas and send it... this is quite big because it opens the entire network up for anyone to use
- responsive, because of the high TPS and also sub 2 second response window, applications using EOS will be responsive to the needs of developers
- upgradeable, due to the operating system not requiring a hardfork to update code, EOS enables developers to launch systems which can be upgraded in the future
- asynchronous communication, this is what enables parallel processing but it also means applications can query other blockchains and wait for output results since communication is asynchronous
- web assembly, this can produce deterministic code, which is something Tezos aims to achieve
There is a lot to EOS! Will certainly be sharing more as I learn about it.
Source: https://steemit.com/eos/@eosio/how-is-eos-different-from-everything-else
Source: Dan's EOS Presentation in May
I'm not into programming but more into financial potential of EOS. It seems to have a great potential in that area. Bitcoin fees and ETH gas are eventually going to ruin them. On the other side, EOS will have a questionable future on the exchange markets. I really don't see it as another exchange token, rather as a financial tech that could go mainstream pretty fast.
Right. ETH as a currency looks locked in now just like BTC. Moreover, I think Ethereum is going to hit some major roadblocks as a platform that scales at low cost. EOS will solve many of the problems Ethereum is facing today. The more I am learning about how EOS works the better I like it over any other smart contracts platform. Also, Dan is so low key and I love it.
Great in depth look at EOS. It appears Dan has taken the steps to make this platform extremely developer friendly. There are so many things to like about it. One question I've been asking though is, why is Dan launching it on Eth when that will be who he's looking to replace?? Would love to hear your thoughts on this.
that's 'cos eth has the best smart contract yet. they need eth to perform their fair and widely distributed token sale.
Haha.... the same way ETH used BTC in 2014 crowdsale. Now EOS uses ETH for their crowdsale.
lol... a circle chain!
Very informative post.Thank you.Upvoted and followed. Fell free to take a look at my posts @digitree
I do not see a killer feature in the list that really separates EOS form others (like Ethereum and NEM). Either the marketing could be more focussed or it is another coin of the mill.
I love to hear your thoughts on this.
Killer feature is parallelism + web assembly. Everything else is just doing the little things right.
like @dantheman said... nem isn't parrallel with an OS like layer built into it, plus @dan brings a lot of small features that are unique to bitshares and steemit
Thanks. Do you happen to known sources where these features 'parallelism + web assembly' are explained further (in a simple manner)?
Parallelism:
Also, asynchronous communication is sort of like AJAX programming, where a javascript query is sent to a website, and then code is executed when that external website responds. In blockchain, it would look like EOS doing a query to another blockchain or website, and then EOS executes specific code when there is a response... so the chaining of events isn't limited by fixed communication ordering on the blockchain.
Good clarification...!
@dantheman
It would be great if you could do a post on a sketch of a potential architecture of a censorship resistant Patreon built on top of EOS.
The important feature would have to be the ability to reference out-of-band content (like YouTube, Vimeo, minds.com, steemit, etc) and have the content producer be paid in his or her cryptocurrency of choice be it BTC, ETH, ETC, DASH, or XMR.
What do you think? How easily could one build this Patreon replacement on EOS?
This would be a great case study.
Best Regards,
Vishal
Hello, I realy like your post, you have been followed and you can do the same here @valhalla-hash
The next big thing or a quantum leap? Serial success for DantheMan. Thanks for your perceptive analysis.
Do we already know when it will launch?
No, but I think it is very soon, probably within 2 months the ICO will take place is my guess. They have the testnet ICO running on the Ethereum test net. It will be an Ethereum ICO, so long as they give us a window to invest without hitting a cap it should be fairly easy to participate.
Loving it Ted!
This is simply great!
Your Youtube channel along with this post clarify lots of things regarding EOS to me....I'm not a trader/investor; I'm a Business Development type of guy who always looks on how to combine/integrate things for big brilliant solutions & I'm sure the DAPP over EOS will make lots of difference (especially with the 'no gas' needed)