The Blockchains, Part 7: The EOS Blockchain
EOS ICO was one of the longest in the history of cryptocurrencies thus far. It has lasted for 350 days from June 2017 to June 2018 and has yielded $4.1 billion. We invite you to read the below article in order to learn what makes EOS blockchain different from the rest.
EOS blockchain was created for the purpose of supporting the development of the industrial-scale decentralized apps in a user-friendly and efficient manner.
Launched by the blockchain industry’s top experts from the Block.One team, EOS is one of the latest powerful blockchain projects that make smart contracts, dApps creation and management, data storage, and user authentification easy. It competes and beats Ethereum in terms of transaction speed, yet it provides great usability.
EOS provides all the functions necessary for developers to build their dApps in a way similar to web-based apps. Interface development is enabled by a web-based tool stack which makes it easy to access and use.
The project is said to solve some of the major blockchain problems such as scalability (resolved by vertical and horizontal scaling mechanisms), and high transaction fees (by eliminating transaction fees altogether). EOS also enables high transaction speed (millions of transactions per second, as opposed to 4 transactions per second of Bitcoin and 20 transactions per second of Ethereum). The applications on the platform are free for its users.
One other advantage of EOS is that accidents like Ethereum’s DAO attack are prevented by EOS’ distributed proof-of-stake consensus mechanism. The DAO attack has caused the entire system or Ethereum to stop and ultimately ended up in a hard fork — a division of the community and the blockchain.
Another distinctive difference that makes EOS stand out among other blockchains is that EOS tokens are not mined. Instead, the blocks are generated by producers for a reward — the newly created EOS tokens. Each producer publishes the number of tokens they wish to get as a reward for the produced blocks and then the median amount of tokens is generated based on all the published expected reward amounts to be distributed between all the block producers.
Emirex supports all the major blockchains, including EOS. Come back soon to check out the next articles about the fascinating world of blockchains!
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Digital Commodities Asset Exchange in the Middle East, focusing on tokenised commodities. Licensed and Regulated. Tokenisation advisory.
