EOSEOS is an Ethereum like blockchain technology where it provides a platform for developers to run their decentralised applications on (i.e. where anyone can publish their apps and connect directly to user without the need of any centralised figure to manage a user’s information).
What is EOS?
EOS is an Ethereum like blockchain technology where it provides a platform for developers to run their decentralised applications on (i.e. where anyone can publish their apps and connect directly to user without the need of any centralised figure to manage a user’s information).
In June 2018, EOS' mainnet has been launched. the launch was not performed by the development team Block.One which raised more than US$4bn from the 1-year ICO process; but rather by the community. The launch process lasted for more than a week before the mainnet went live.
How does EOS work?
EOS envisions a Blockchain DApp platform that allows developers, entrepreneurs and users to interact securely, whilst providing transaction scalability. Its consensus mechanism focuses on the use of a version of Proof of Stake (“POS”) algorithm called Delegated Proof of Stake (“DPOS”) which is much more cost effective than the more widely used Proof of Work method of consensus.
EOS has been touted by many as the ‘Ethereum Killer’ – it will do everything that the Ethereum network does and more whilst being infinitely faster (faster transaction per second and deployment of decentralised applications) and free of transaction cost (by eliminating user fees).
As Ethereum has the first mover advantage, EOS will need to prove to the community that their coin can live up to the hype of having the technology to reach millions of transaction per second. The zero transaction cost could potentially allow for more ICOs moving to the EOS chain.
Furthermore, the EOS team led by Bitshares and Steem/Steemit mastermind Dan Larimer is well-known in the industry which provides great advantage for the future development of the coin.
Is EOS truly decentralised?
Hashreader News on 2018-06-23
After just one week of the EOS mainnet going live, the community is questioning its decentralized nature. Early last week, the network’s 21 block producers who verify transactions and validate blocks froze seven EOS accounts allegedly belonging to thieves who had stolen funds by scamming users...