What is Eos And Everything you need to know about EOS

What is Eos And Everything you need to know about EOS

The blockchain technology has stood out for serving as a key element in the development of cryptocurrencies, on the other hand, it has also lent itself to an infinity of projects in various areas that many companies in the ecosystem have known how to take advantage of.

In recent years, the remarkable increase in the creation of decentralized applications that operate on this technology has kept community members eager for the innovations they can bring. However, although this can be seen as a positive aspect for users, it also represents a problem in terms of the operation of the blockchain as such.

The number of decentralized applications and the high degree of adoption, has generated a slowdown in the network that significantly affects its performance and has caused an unsustainable situation for block chains and cryptocurrencies.

Because of this, a need is created for a platform that can attack the problem of scalability caused by the increase in the number and use of these applications, in order to provide more stability and improve the operability of the blockchain.

What is EOS and what does it offer users?

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EOS is a project that is presented as a blockchain solution, where through a user-friendly platform for decentralized commercial applications, the scalability problem caused by its growing use can be solved. In addition, it allows communication between block chains, separating, in turn, the authentication of the execution of these applications.

Apart from facilitating the interaction between this type of applications, it also offers its users the possibility of carrying out millions of operations at a high speed and without having to pay any kind of commission for the transactions.

In the same way, being a blockchain technology protocol that lends itself to improving the horizontal and vertical scalability of the DApps, it gives developers the possibility of creating more efficient and better performing distributed applications that work without any inconvenience in the network.

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How does EOS technology work and what are its advantages?

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EOS is a platform that presents many similarities to the Ethereum network, even a part of the community positions it as a possible successor to this well-known network, due to the improvements it offers its users and which Ethereum currently lacks.

Among the most notable similarities is the execution of intelligent contracts in its network, allowing any developer the ability to create a variety of decentralized applications that can maintain their functioning on the platform.

However, one of the features in their technology that marks the difference between the two is the evidence of delegated participation used as a consensus algorithm.

This mechanism seeks to get rid of all the disadvantages that the work test can represent, among which are the electric power cost, the considerable use of time and others that are considered as an obstacle to a more optimal performance.

As noted on other occasions, the participation test mechanism seeks to achieve consensus on the platform, through the intervention of users in possession of network tokens units that represent the community's interest and that allow verification of transactions while maintaining efficient performance.

In the case of EOS, the participation test is carried out in a delegated manner, which means that instead of resorting to the majority of the tokens' holders, the validation of the transactions is reduced to a smaller number of interested users, randomly selected in each operation.

The result of this method, obviously, is that by requiring a smaller number of users in the validation of transactions, these can be carried out more quickly, even granting the ability to process millions of transactions in seconds.

Another advantage of its technology is a system to dispense with transaction fees, replacing it with a property model. In this way they use the power capacity of the network, in which users can make use of it according to the number of tokens of which they are owners.

The EOS technology will be implemented in its own chain of blocks once the developer team completes the construction of the software platform in which it will maintain its operation. After being launched by the company, it will be operated under an open source license by the members of the community.

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Who are behind this project?

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The software under which EOS is developed is developed by the block.one company based in the Cayman Islands. This company has employees and advisors around the world and its main focus are technological solutions at the business level, among which is the development of blockchain technology.

EOS has Brendan Blumer as Executive Director, a character who has more than ten years of experience in business technology. He also had the experience of Brock Pierce (founder of Blockchain Capital) as a partner in the project, until its official separation in March.

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What is the token associated with the project and where can it be stored?

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Currently EOS is managed under the marketing of an ERC-20 token in the Ethereum network, it was created with the purpose of making an initial offer of currency (ICO) to help drive the project.

However, by being part of the blockchain of Ethereum, these tokens do not have any kind of utility in what refers to the EOS proposal itself, as expressed by its own web page.

It is expected that the EOS tokens can be exchanged in equal proportion by those who belong later to the developed platform, that is, by the tokens of the blockchain using the EOS software.

In the meantime, in order to acquire the EOS tokens, you only need a wallet compatible with the Ethereum ERC-20 standard such as MetaMask or MyEtherWallet.

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Future plans

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Starting from the fact that EOS is a project that has not yet been launched, it still keeps the user community in some uncertainty, above all due to the high expectations that its proposal has generated and the great collection it has received through its extensive distribution. of tokens, reaching more than US $ 2 billion in Ether for the sale of the same.

Until now, it will only depend on the continuity that the developers give to the platform, once it is presented to the community in the month of June of this year. After the event, it will be up to the users to use the software developed by the company in a blockchain platform to take advantage of the mechanism and the advantages offered.

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Conclusions

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EOS as a project, has presented a series of solutions that positions it as a great alternative in the cryptographic ecosystem, especially in relation to other platforms such as Ethereum and NEO, which are also based on intelligent contracts.

Despite all the points in favor and the great interest on the part of the investors, it is still to be tested after its official launch, those innovations in the field of decentralized applications and solutions to the problems of scalability starting from its announced version of protocol for better network performance.

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