Why EOS?

LITER Admin
Sep 5, 2018 · 4 min read

One of the most frequently asked questions that we get from people in the crypto world is, Why EOS?

Yes, LITER is developed and will be operated on EOS blockchain.

LITER Project looks to provide Blockchain Enabled and Incentivized Review and Reward Platform service to over 1 million reviewers and users after the official launch. In LITER, reviewers generate reviews of products and services of their choices and users respond to the generated reviews by voting ‘likes’ and these activities are to be rewarded through LITER’s unique infrastructure.

LITER has a service model that connects the real world and the crypto world. Incorporating the crypto world’s blockchain technology to the real world’s service model, LITER is able to provide transparent incentive rewards to reviewers and users for their time and efforts in review activities so that they continue to generate quality, honest, and user-driven reviews with motivation.

LITER’s target users are the general public and we needed a blockchain platform that enables a service for a large number of people and guarantees pleasant user experiences at the same time. For a decentralized, user-driven review service, there are required elements that blockchain platform should have.

1. Fast transaction and confirm speed is required. The system should be able to record user activities such as review generation, review responses, and rewards in speedy way. EOS’s DPOS algorithm offers 0.5 sec per transaction speed. This enables blockchain based service to compete with the real world service in terms of speed.

2. A blockchain system that can transfer rights in policy making decisions. In the beginning, major policy decisions will be governed by centralized LITER foundation or a board of directors that includes the most loyal users. But eventually these rights should be transferred to community, and the system should allow such transfer.

3. The system should support policy changes based on the decisions made by community. Distribution, quantity of coins and others related matters should be updated and modified as those elements may change. To support this, core contract and application contract should be separated, and the changes must be updated on smart contract without the hard fork process.

We needed 3 required features above in order to provide quality service to users. Just in time, EOSIO Dawn 3.0 equipped with above features was introduced.

Source: EOSIO DAWN 3.0

EOSIO Dawn 3.0

EOSIO Dawn 3.0 is completed with following updated features.

Scalability: Scalability enables DApp to easily incorporate the market needs in the real world and update its policy without the hard fork.

Inter-blockchain communication: This is the critical feature for scalability. Inter-blockchain communication allows a single blockchain to verify an event on another blockchain in secure way. With this, inter-blockchain can be secure just as intra-chain communication between smart contracts.

Transaction Compression: With this feature, blockchain can store and transmit large numbers of transactions with compressible data, which some social media related applications would want the most in current condition.

Fast Transaction Speed: 500ms Block Interval & BFT DPOS: EOSIO Dawn 3.0 reduced block interval from 3 secs to 0.5 sec. This reduces latency of confirmation, which ultimately increases transaction speed. This allows DApp to provide service to the general public who is accustomed to the fast speed in real world services.

BIOS Architecture: This main feature that supports smart contract utilization, which enables community to make updates without the hard fork. It is the biggest change made to EOS blockchain from the previous version. With this, core blockchain now has ability to create accounts, deploy contracts, and enforces resource quotas whereas DPOS including token, voting, staking, and resource allocation are now defined by the Web Assembly based system contract (application contract).

[Initial LITER Mockup Tests on EOS]

Change or updates of the features listed above are the reasons why LITER has chosen EOS, specifically EOSIO Dawn 3.0. With this, LITER is able to provide secure, stable, and quality service that our users would not notice the differences compared to fast services in the real world. That was our goal. For our users, LITER service is not different from any other services in the real world, but will expand and grow organically using blockchain technology.

Reference:

LITER Project

Blockchain Enabled Incentivized Review Reward Platform

LITER Admin

Written by

LITER Project

Blockchain Enabled Incentivized Review Reward Platform

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