What is EOS: A brief introduction
When the first initial coin offering (ICO) for EOS or EOSIO was launched in July 2017, it shocked the blockchain industry. Within two years of its introduction, EOS had established itself as one of the top five crypto-currencies. It put new entrants and market leaders (such as Ethereum) up against each other (like Tron and NEO).
What is EOS?
EOS/ EOS.IO is a blockchain platform for creating decentralized industrial applications. Cryptocurrency expert adore this because it is supported by strong underlying infrastructure.
The major goal of EOS is to provide a user-friendly and business-friendly tool for developing decentralized applications (dApps) while overcoming the limitations of other blockchain platforms such as Ethereum.
One of the most significant constraints preventing blockchain technology from becoming widespread is scalability.
The present rate of transactions feasible with Ethereum, for example, is extremely low. Furthermore, users must pay the Gas fees in order to utilize any of the platform’s dApps. This is useless because users will refuse to use a system that requires them to pay a transaction fee at each stage.
EOS uses vertical and horizontal scaling to make its applications free for users (done by block producers). It also provides a safe and scalable infrastructure that can handle thousands of transactions per second. It’s a complete and secure blockchain platform for delivering web services like:-
EOS smart contracts
Cloud storage dApps
User authentication, etc.
The most important selling factors of EOS, according to its creators and promoters, are as follows
Transaction fees are completely eliminated.
Millions of transactions per second capability.
What distinguishes EOS from other operating systems?
So, what are the advantages of EOS? The answer consists of the following technical aspects provided by the EOS blockchain technology.
Because blockchain transactions require each node in the network to come to an agreement for anything to move through, scalability (or the number of transactions executed per second) is a major challenge for most blockchain platforms. The user experience is harmed as a result of this.
A coding vulnerability in Ethereum was exploited in 2016. It resulted in nearly a third of the funds held by the Decentralized Autonomous Organization (DAO) being siphoned off (a venture capital fund initiated by Ethereum). The system as a whole came to a halt. Ethereum had to be hard forked, resulting in two separate blockchains, each with its own coin — Ethereum Classic, which used the previous validation standards.
Ethereum is a blockchain with a new set of criteria for validation.
Because of the DPOS technology, EOS promises to be secure against such flaws. In the event of a dApp failure or attack, the elected block producers have the ability to put the dApp on hold until the system is recovered.
EOS has a robust permission system that allows users to design unique authorization schemes for a variety of business scenarios.
You can use custom permission to protect a specific feature of an EOS smart contract, for example. You can also divide the authorities needed to trigger an EOS smart contract function among various accounts with varied authority weights. This functionality allows developers to create solid dApps without having to reinvent the wheel.
EOS, often known as EOSIO, is the most commonly utilized blockchain platform in the world right now. All blockchain-based decentralized applications provide services with real-world utility and benefits. EOS is a pioneer in the development of gaming and gambling software, as well as a wide range of other applications for ride-hailing, music sharing, fitness tracking, digital payment, and other uses.
Traditional blockchain apps have been quickly replaced by EOS dApps, which are safer, faster, and more inexpensive. EOS has emerged as a legitimate champion of blockchain technology, based on current trends, and can deliver significant benefits for a wide range of business demands in the future. Enroll in a smart contract developer course get started with your crypto journey. There is a high demand for smart contract developers these days, and why not? It has been growing like wildfire now, after all.