In this article, We learn about “EOS”.Let’s Go!
EOS is the native token of the EOSIO network and is a blockchain technology positioned as a decentralized operating system.
EOS.IO is a blockchain protocol powered by its native token, EOS.
In practice, this means providing blockchain developers with the necessary set of tools and services to build and scale decentralized applications.
The network’s first white paper was released in 2017, and the team conducted a year-long ICO that garnered over $4 billion in investment. This was one of the largest crowdfunding campaigns in cryptocurrency history, and EOSIO now has one of the largest market caps of any blockchain system.
The protocol simulates most properties of a real computer, including hardware (CPU and GPU for processing, local/RAM memory, hard drive storage), with comg resources distributed equally among EOS cryptocurrency holders.
EOSIO operates as a smart contract platform and decentralized operating system designed to deploy industrial-scale decentralized applications through a decentralized autonomous company model.
The smart contract platform claims to eliminate transaction fees and enable millions of transactions per second. EOS (EOS) is a software that introduces blockchain architecture and is designed to enable vertical and horizontal scaling of decentralized applications.
EOS software provides accounts, authentication, databases, asynchronous communication, and application scheduling across multiple CPU cores and/or clusters.
How does EOS work?
EOS aims to build a decentralized blockchain that can process transactions ultra-fast and free, and supports smart contracts.
EOS strives to function as an operating system by providing out-of-the-box services such as cloud storage, user authentication, and server hosting. This should make dApp development incredibly easy and streamlined.
To use the EOS blockchain and resources, developers must hold EOS tokens – they do not need to actually pay to use EOS, they just need to hold some tokens to access it.
In some ways, EOS is similar to Ethereum. They are both capable of hosting dApps built using smart contracts.
But one of the main differences is that EOS is designed to handle thousands of transactions per second, while Ethereum can only handle a measly 15 transactions per second.
EOS makes this possible because it adds an extra layer on top of Ethereum that solves the scalability issue. However, this also means that the market cap of EOS is permanently tied to the market cap of Ethereum.
What are the main advantages of EOS?
- Scalability: As already mentioned, EOS is designed for the development of industrial-scale dApps. It is more scalable and user-friendly than current blockchains (comes with a web toolkit for interface development and self-describing interfaces).
- Free for Everyone: The platform is designed to open up the benefits of the platform to everyone by enabling developers to create dApps that are freely accessible to blockchain users.
- Utility Token: The native token EOS is a utility token, which means that it provides the holder with bandwidth and storage space on the blockchain, which is proportional to the overall stake (e.g., holding 1% of EOS tokens allow the use of up to 1% of the blockchain bandwidth).
- Solving the gas problem: EOS combines the high throughput of BitShares and Graphene with the amazing smart contract capabilities of Ethereum and solves the gas price problem. So, in short, it’s free, faster, and more scalable than any other Ethereum-based blockchain.
Why use EOS?
Many companies have migrated from Ethereum to the EOSIO network to solve scalability issues.
As one of many sidechain solutions implemented on the Ethereum blockchain, EOSIO stands out as a comprehensive, out-of-the-box option.
EOS, the native utility token, is not mined but used to exchange for resources such as bandwidth and storage, and to pay transaction fees. That’s why all transactions on EOSIO are free.
While the EOS ICO gave the network celebrity status, the project has also received its fair share of criticism, with some skeptics even questioning the software’s “blockchain” status (EOS supporters have given gave a strong answer) but).
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