What is EOS?
EOS is a cryptocurrency and operating system architecture which allows easy scaling of decentralized applications (dApps), leading to a robust blockchain with features like fast transaction times and an absence of transaction charges. EOS bills itself as an “Asynchronous Smart Contract Platform,” which infers not only heavy use of smart contracts but also that its public ledger consensus system is vastly different from that of traditional blockchains, which require a network participant to download the entire blockchain of a coin in order to function as an active node.
Brief History of EOS
EOS was originally offered by block.one, a Cayman Islands exempted company. The initial EOS token distribution takes place from June 26, 2017 to June 15, 2018. The total EOS token cap is defined at 1 billion EOS. 200 million EOS were distributed between June 26, 2017 to July 1, 2017 and every following day, 2 million EOS become available, until the 1 billion supply cap is reached. The remaining 100 million EOS are kept reserved for block.one, the issuing company, and will not be made available to public. Fenbushi Capital, Li Xia Lai, Blockchain Capital, Michael Cao, Yunbi, Bitfinex, Aurora Investment advisors and Hyperchain Capital were some of the biggest investors during the initial token distribution.
How EOS Works
EOS provides a distributed operating system with dApps support, initially built on the Ethereum network. The EOS team describes the way their system functions as follows:
“EOS.IO is software that introduces a blockchain architecture designed to enable vertical and horizontal scaling of decentralized applications. This is achieved through an operating system-like construct upon which applications can be built. The software provides accounts, authentication, databases, asynchronous communication and the scheduling of applications across multiple CPU cores and/or clusters. The resulting technology is a blockchain architecture that has the potential to scale to millions of transactions per second, eliminates user fees and allows for quick and easy deployment of decentralized applications.”
Why Should I Buy EOS?
EOS comes with the motto of “decentralizing everything,” offering some unique advantages over first-generation blockchain-based cryptocurrencies:
- Enhanced Scalability: EOS supports both “vertical and horizontal scalability,” which means there will never be any congestion in the network, irrespective of the user’s activities.
- DAPPS Support: EOS allows developers to build commercial level dApps (decentralized applications) where high transaction volume and faster transactions are possible. Multiple dApps can run in tandem, which means every dApp can execute at the same time.
- Two-Tier Architecture: EOS utilizes a dual layer architecture where authentication data is kept separate from the execution data and executed separately as well. This allows for a more streamlined network, allowing for faster transaction settlements.
- Role Based Permissions: The EOS network allows for different levels of access and rights to different groups of people within an organization. Everybody has the potential to use the same network resources, but their powers can also be separately attributed.
- Freeze and Fix Broken Applications: When a dApp misbehaves, the EOS architecture allows the owner free operation of the application and fix it. Once fixed, the application can resume working. This allows easy maintenance and troubleshooting without disrupting the whole network.
- Recover Stolen Keys: EOS also has an easy-to-use stolen key retrieval system. A designated account partner has the right to allow a user to retrieve the key if the proper “last working” key is submitted along with a retrieval request. This enhances security of an EOS wallet.
- Smart Contract: EOS makes use of the Smart Contract features of Ethereum, where multiple entities of the network can easily interact and transact without human intervention.
- Tweak to Fit Your Needs: The EOS operating system can be tweaked (features can be edited, enhanced, modified or deleted) to fit any particular need. This allows organizations to create a system exactly how they need it for their particular business.