Are you happy with the current conditions of the blockchain sphere? Hooray for the Bitcoin! We are on the edge of the new world with it! It will replace all the financial system and we need nothing apart from it.
Really? Such loud statements could be made in 2015 or earlier. Now, I hope for your understanding and acceptance of the fact that Bitcoin is not capable of changing the whole game in the stage it is:
Slow.
High fee.
Eating very much resources.
We know about lightning network, but the main object of this discussion is Proof of Work which causes many inconveniences.
But, the progress is unstoppable and the community has invented a list of new consensus models. What are we going to talk about is DPOS. Some think it can become the best algorithm for the blockchain technology, some say that it is insecure and unstable, but let’s get closer to the point.
Delegated Proof of Stake is the algorithm of your choice.
No, it is not a promotion. Choice here means your choice on whom to seal the next block. With the power of your stake you vote for an account which will become one of the trusted witnesses and starts the maintenance of the network. This leading group builds the chain, everyone chooses the leading group — pretty familiar, but digital.
Here is a full paper by Dan Larimer (creator of the alg) for you to read.
It is time to move to practice, isn’t it? Current biggest DPOS boom and the 4th generation blockchain is EOSio. The community is exploding in its growth and we see a huge interest to this platform.
Why so? Of course, the gains that it has… Just joking, calm down.
This chain really shows that more social type of consensus can be a very bright future of our communication. You have all the profits of DPOS connected with a highly scalable platform for the creation of the decentralized applications in a synergy a huge complex systems of society interactions can be built in a few scripts. Let’s dig deeper, it is not as easy as it sounds.
The platform brings us to a new heights in DAPP creation.
First of the milestones is of course the speed of the network, which in case of mainnet is around 3k-6k transactions per second depending on multiple conditions. Some tinkerers in their tests have reached more than 100k TPS which is really impressive, because the consensus keeps safe in such cases. Oh, you find 3k a little number? Bitcoin is around 7 now.
These guys plan to move it to a million and that sounds awesome.
Process of DAPP coding ahead. Smart-contracts on the EOS blockchain use WebAssembly technology, which could be called a low-level programming web format. Such approach increases the flexibility of an application in the network to gaining a toolbox of a full C++ or something more powerful (is there?) in the smart-contract structure and that can explode the DAPP market when everyone will finally understand and find out what it is for and what features can this precious tech bring to the world of the decentralization.
And the last, but not the least thing to mention about this technology is of course the feeless approach to the network architecture.
“Is this a joke or what?” — you will ask, while already planning the DDOS attack with an infinite amount of the free transactions.
Of course it is not so easy. In order to operate on the blockchain you need to stake the resources of the blockchain — RAM, CPU and NET. You turn your tokens into the operational resources and you can turn them back if you really want it. So, you don’t really pay fee, but you rent the resources of the network with your tokens.
Forget about your DDOSes, kids, unltss you don’t want to spend tons of money to drop it :)
Hope, we could have established some information about the new chain in your head. Don’t be afraid to find some more in the digital space. Crypto is moving.
Wow!
And we really are taking part in this running train on innovation and already have created the representation of our oracle service in this network. Feel free to check out our two articles about the Ducatur Oracles on EOS. We are really enthusiastic about broadening the possibilities of the developer on this platform to make a new step in connectivity between the real world and our little growing chain products.
The usability is a key word for the industry right now.
