Get Started with EOSIO — Blockchain Roadmap
EOSIO is a platform that will enable the creation of a smart contract, namely dApp. There are many different applications to be built on the blockchain. With more developers focusing on blockchain, things will be very different in the future.
EOSIO talks about blockchain application topics in the white paper;
Support of millions of people; Blockchain that can work with tens of millions of active daily users is needed. In some cases, an application may not work unless a critical mass of users is reached, so a platform that can handle a large number of users is crucial.
Free use; application developers need the flexibility to provide free service to users. Users should not have to pay to use the platform or use its services. A blockchain platform that is free to use for users will likely be more widely adopted. Developers and businesses can then create effective monetization strategies.
Easy update and bug fix; Businesses building blockchain-based applications need flexibility to evolve their applications with new features. The platform must support smart contract developments.
Low latency; A good user experience requires reliable feedback with a delay of no more than a few seconds. Longer delays frustrate users and make non-blockchain applications less competitive with existing non-blockchain alternatives. The platform must support low latency of transactions.
Sequential performance; There are some applications that cannot be implemented with parallel algorithms due to sequentially dependent steps. Applications like stock exchanges need sufficient sequential performance to handle high volumes. Therefore, the platform must support fast sequential performance.
Parallel performance; large-scale applications need to split the workload between multiple CPUs and computers.
EOSIO uses the Delegated Proof Of Stake (dPoS) consensus algorithm. This algorithm means that stakeholders, i.e. EOS holders, elect delegates by voting and provide the elected delegates with the authority to produce blocks. People who have this authority are also defined as block producers.
In EOSIO, blocks are produced every 0.5 seconds, that is, 2 per second. If it is not generated within 0.5 seconds, that block is skipped and spawns after 0.5 seconds. In other words, if there is a delay of 4 seconds in block production, a gap of 8 blocks is formed, but there is no data loss.
Block producers are selected by voting, and this voting takes place according to a certain cycle. Every 126 blocks mean 1 turn. Each block producer is allowed to produce 6 blocks. Since 21 block producers are selected, the number 126 is formed from 6 x 21, that is, 1 round.
If a generator misses a block and has not produced any blocks in the last 24 hours, it will not be considered until they notify the blockchain to begin regenerating blocks. This means that the block producer is unreliable and cannot be a candidate in any way, thus ensuring the security of the chain.
Under normal circumstances, a dPoS blockchain cannot be forked in any way because instead of competing, block producers collaborate to produce blocks. In the case of a fork, the consensus will automatically switch to the longest chain.
Transaction confirmation; dPoS block generation belongs only to the block producers, and every transaction is thus confirmed by 99% in 0.25 seconds. If a transaction is approved by at least 15 of the 21 producers, it is a valid transaction.
The block reward is certain that the block producers will be 21, but a reserve will also be selected. It is expected to be between 100–200 with the number of spare block producers.
Although EOSIO is commission-free, technically, in no reconciliation mechanism, transactions cannot be free and only the payment is in a different form. The block reward is; Block producers receive 0.25% for each block they produce, and 0.75% per block is allocated to all block producers, that is, depending on the votes they receive among the candidates. So there is a 1% commission.
The EOSIO system allows receiving a special name consisting of 12 special characters.
Actions; each account can send configured actions to other accounts and define scripts to manage actions when they receive them. EOSIO gives each account its own private database that can be accessed by its own transaction databases. The combination of actions and automated transaction handlers demonstrates how EOSIO works with smart contracts.
Role Based Permission Management; leave management provides a notification system that gives control over who can do what and when.
Named Permission Levels; Name-based permission levels can be created in EOSIO. EOSIO allows each account holder to define their own hierarchy as well as group and define actions.
Actions with Mandatory Delay; It may be required to pass a certain period of time for certain transactions to take place on EOSIO.
Recovery from Stolen Keys; EOSIO allows the recovery of stolen or lost keys. Another recovery account is provided to be defined to the account.
Minimizing Communication Latency; Latency is the time it takes for an account to send an action to another account and then receive a response. The goal is to allow two processes to communicate within a single block without having to wait 0.5 seconds between each action. To activate, EOSIO splits each block into loops. Each loop is split into chunks, and each chunk contains a list of transactions. Each action contains a set of actions to be delivered.
Token Model and Sourcing;
There are three classes of resources consumed by EOSIO applications:
Bandwidth and Storage (Disk)
Compute(CPU)
State Storage(RAM)
Bandwidth and computing (CPU) have two components, instantaneous usage and long-term usage. A blockchain keeps track of all actions, which are eventually stored and downloaded by all nodes.
Information held in State Storage (RAM) is information accessible from application logic. It contains information such as order books and account balances. If the state is never read by the application, it should not be stored.
In addition, block manufacturers within EOSIO publish their own processing power, RAM capacity, bandwidth, etc., with the blockchain, everyone knows. In this way, the usage rate can be determined for people, that is, 1% of EOSIO coins can be obtained. 1% of CPU power available from manufacturers can be used. In other words, a share of the system is received as much as EOS.
In addition, if no action is produced, the EOS coins can be rented.
Account Freezing; If there is fraud in EOSIO; in this case, if 15 out of 21 producers are voted to suspend the relevant account, this decision will be processed directly and the account will be frozen.
Changing Codes; When there is a contract that does not work as desired in EOSIO, the contract owner will be able to update the contract. If it is accepted by the block producers at a rate of 15/21, the update will take place.
Constitution; In a sense, every EOSIO user has to declare that they accept a certain law. It has an approach that can solve problems that cannot be solved with computer code by talking.
Inter Blockchain Communication; EOSIO is designed to facilitate inter-block communication. It is accomplished by making it easy to create the proof of the action entity and the proof of the action array.
Segregated Witness(SegWit); SegWit is when witness data is later ignored when calculating the transaction ID (TXID), because the witness data is no longer needed.
The dPoS algorithm that EOSIO uses makes EOSIO a more centralized coin compared to PoS and PoW. EOSIO is central but not as centralized as NEO. At the same time, EOSIO will not be an Ethereum killer.
Ethereum’s Roadmap process will have a positive impact on the market with Casper and Sharding updates. Ethereum has made the concept of decentralized a priority. The difference between EOS and ETH is already here, namely in priorities, EOS interoperability and ETH decentralized take precedence.
EOS seems to have formed the concept of game theory. There are indeed valid reasons to hold and buy EOS tokens.
EOS has raised 3B+ USD during the nearly one-year ICO period. As a result of such a high ICO, the project is expected to progress further.
During the development process of the constitution, constitutions were issued at certain intervals and constitutions were accepted by users.
The Constitution has been written, but who will deliver justice here?
One of the constitutions is; “This EOSIO blockchain has no owner, no manager. It is subject only to the terms of this Constitution”. The administration is determined according to the constitution, that is, the administrators are actually among the people who wrote this constitution. The people who determined this constitution can change it in the future.
another constitution; “The choice of justice, the choice of law for disputes, will be this constitution, the Mediation Lawyers and the laws of Malta, in order of priority.”
Another important issue is the cost of the computer to be used by the block producers and the problem of whether the chain can meet these expenses.
The annual cost of block producers is around 1M USD. Since there will be spare block producers between 21 and 100–200, there will be 121 block producers at best, which means that the annual expense will be 121M USD+. 1% per block will be distributed to block producers.
Compared to Ethereum; Ethereum daily average transaction volume was at most 40K USD. 40K x 365 makes 14M USD+. In other words, even if it is used as much as Ethereum, the expenses of block producers cannot be met.
Transactions from the EOSIO blockchain are supposedly free, but fees are deducted from the network. (121M / 1.460 / 1M) x 100 = 0.82% inflation. EOS has already set a maximum inflation rate of 5%.
Block producer is elected by voting. Each EOS coin equals 30 votes. In other words, those who hold more coins have more say, but a block producer has to be elected almost every minute. Considering that many investors will keep their coins on the exchange, there is no reason why the exchange should not vote.
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