EOS: A Fast Blockchain Operating System For Decentralized Applications

Peerity.io
Jul 28, 2017 · 3 min read

Great strides are being made in the crypto world as EOS, a smart contract blockchain, has recently been launched. EOS cuts off transaction fees and handles transactions at a blinding speed of millions of transactions per second. Bitcoin meanwhile can take up to an hour for a transaction to be processed.

Block.one, the company that built the EOS operating system, has stated that they want the project to be used by large corporations enabling them to automate processes, create new applications, and monitor assets with more precision. EOS launched an ICO (or Initial Coin Offering) which raised nearly $200 million. The new technology EOS is introducing may have a gigantic impact on the cryptocurrency market, potentially upsetting the mainstays of Ethereum and Bitcoin.

With Reuters and the New York Times covering the company and its token, the project has received a substantial amount of press coverage, which helped drive sales.

EOS addressing speed and scalability issues

By creating a faster operating system, EOS is opening new opportunities and blasting down the doors of old institutions.

Decentralization is important as it not only spreads abilities to others but also creates a border-less world. No longer will currencies be tied to one place or one organization but rather funds can be accessed from anywhere by anyone. This also enables people to quickly self-organize and not wait on large organizations for resources.

ALSO READ: Blockchain Humanitarian Aid: How Ethereum Is Changing The World By Distributing Funds To Those In Need

What is EOS

EOS, a direct competitor to Ethereum, is headed by Dan Larimer, a programmer and the architect/engineer behind BitShares and Steem. Bitshares is a decentralized exchange that began in 2014. It functions as a network, bank, ledger, company, exchange, software, community, and currency based upon many of the same principles as Ethereum’s The DAO. Steemit, on the other hand, is a blockchain-powered social media and blogging platform that pays out its user in Steem or Steem Backed Dollars (SBD). You can see it as a decentralized version of Reddit mixed with Medium.

EOS, Dan latest project, is promising to be a new operating system for blockchains that is more scalable and faster than Ethereum. Furthermore, the system will allow users to build decentralized applications more efficiently.

EOS uses a delegated proof of stake consensus model to verify transactions. The model works similar to a representative democracy and “witnesses” or delegates verify and maintain the validity of the blockchain. This democratic approach encourages people to actively use their voices and creates a larger sense of community.

Supporters of this model say that users with less stakes can help create the community and that the Delegated Proof of Stake model cuts down on transaction times. Community members will be able to witness the process of verifying transactions and will have a better understanding of how the blockchain system works.

The Future of Crypto

So what does this all add up to? Well when transactions happen faster less time is wasted on budgeting, managing, and controlling a currency or platform. That frees up more time for more important things like building communities and tools that provide for infrastructure and long term growth. Some see EOS as a game changer that may take over Ethereum one day.

Peerity.io and other community based tools are guiding people into a new, self empowered era in which people are able to work together more easily. The name of the game is a mutual aid with new technologies and companies like Peerity who are looking to help people and communities grow.

Want to learn more about the Peerity Project? Check out the company’s official announcement on BitcoinTalk HERE.

Peerity.io

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