A Guide to Know Everything About EOS
Let’s dive right in:
‘EOS’ in real terms is ‘E-OS.’
So, find out the answer to ‘WTF is EOS?!’
1) What is EOS?
EOS is one of the latest addition to many blockchain projects, which enter the competitive market of cryptocurrency. It aims to build a network that has the potential of processing millions of transactions per second.
2) EOS Blockchain
The primary objective of EOS is to help create a decentralized blockchain that can execute fast and feeless transactions. EOS will not only allow smart contracts to get assembled on top of it but will enable developers to release DApps as well. EOS also want to develop a platform that runs like an operating system, making it extremely easy to use.
Decentralized applications can be called the future of the internet. There are now over a thousand of them available on different blockchains.
An instance of a DApp that could run on EOS blockchain is a decentralized form of “Facebook” or somewhat like it’s predecessor “Steemit”, where nobody has the authority to control the network and permission to access your personal information.
If a tangible or intangible asset is decentralized, it means that no single person or entity can gain control over it.
3) EOS Blockchain: Millions of transactions
Another goal of EOS is to be able to execute millions of transactions within seconds. It might fix a big problem. Although other blockchains can recognize and execute smart contracts, none of them can process them with speed. For instance, bc Ethereum is only able to handle 15 transactions per second.
Why is the transaction speed such a big problem? Well, get an idea of it with the following example:
- Approx. 52,000 Facebook likes happen every second and every single like can be known as a separate transaction that you don’t ever see.
- Then comes the finance sector that requires to process more than 100,000 transactions per second.
- Here, you can see the need for millions of transactions per second, making EOS a perfect alternative for these types of industries.
4) EOS: Why it’s Steem’s predecessor!
Another solution that EOS is trying to find is the issue of usability. For instance, Steem(it) can execute around 100,000 transactions per second and utilize smart contract technology. However, it’s quite challenging for developers to incorporate basics such as task scheduling and account recovery.
By utilizing an operating system protocol, EOS will allow developers to insert these core functions.
5) How does the EOS work?
EOS, like many other smart contract blockchains, is being referred to as the ‘Ethereum Killer.’ It means that it can do whatever that Ethereum can but in a more enhanced and improved way. So, the comparison of these two may make it easy to understand its work.
As we know, both EOS and Ethereum are capable of hosting decentralized applications, which get supported by smart contracts. However, the significant distinction lies in the amount that each network can process at any given time.
It can be known as ‘Scalability’ which is one most vital things to consider while assessing the potential of a blockchain.
6) EOS Coin (Cryptocurrency):
Like any other blockchain, EOS also has its native cryptocurrency, called EOS.
When using the Ethereum blockchain, you need to pay some amount as transaction fees. It’s called GAS, and as more and more people use the network, it gets more and more expensive.
This concept is the reason Ethereum becomes unusable on a global level as it won’t be worthy to make small transactions. When people need to use the network, they will have to rent EVM (Ethereum’s Virtual Machine), which requires a transaction fee.
7) The EOS is a bit different though. Instead of ‘renting’ computing power, it’s coin holders get the ownership of the network.
In simple words, if you own 15% stake in EOS coins, you would own 1% of the network. It means you would have 1% of the required computing power to execute the transaction. Thus, transactions on EOS are fee-less.
The EOS coin works the same way as any other cryptocurrency- you send, hold and receive funds between crypto wallets. It makes it an effective payment system as you can make transfers to anyone around the globe for free, within a few seconds.
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