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EOS is one of the main cryptocurrencies in terms of market capitalization at this time. At the time of writing, it is ranked at number 5 in terms of market capitalization on CoinMarketCap. So what is it? The answer, scalability and flexibility. Here is a compact view of the project.
introduction
EOS.IO is basically a blockchain-based platform that developers can use to develop and deploy dApps. The platform is created by Block.one, a company in the Cayman Islands. The EOS platform is based on intelligent contracts that developers can use to define the characteristics of their dApp and can encode them in any way. But blockchain technology has a big problem that presents in the form of scalability. EOS aims to solve this problem forever.
The scalability of the world's major blockchain networks such as bitcoin and ethereum is very low compared to the scalability of the global financial framework currently used as VISA. VISA is able to process thousands of transactions on its network per second (TPS) but for bitcoin and ethereum, this number has not even exceeded 100. If millions of people have to use a dApp built on a decentralized platform, its scalability must be at the top. EOS focuses precisely on this problem and wants to make its platform suitable for decentralized applications on a commercial scale. It does so by choosing a different consent algorithm within it. Instead of implementing the commonly used consent mechanism Proof-of-Work (PoW), EOS uses Proof-of-Stake (DPoS) delegate. Because of this mechanism, the platform claims to handle many more transactions than ethereum and bitcoins.
Proof-of-Stake delegate (DPos)
EOS uses the Proof-of-Stake (DPoS) delegated in its core that allows you to create blocks within 0.5 seconds. In order to achieve irresistibility, the platform also linked the Byzantine grace tolerance to Byzantine (aBFT) asynchronous with DPoS. Combined, these frameworks ensure the irreversibility of the transaction within approximately one second.
Unlike traditional PoS, where token holders vote for block validity, token holders vote for block producers in the DPoS ecosystem. Now, the block producer group that is able to get the most votes decides and organizes the block generation.
The first step of the BFT-DPoS duo is the selection of the block producer group. This selection is based on some predefined rules. The top 21 block producers are selected through the continuous vote made by EOS token holders.
After the group has been selected, the aspect of achieving consensus among the block producers arrives. Conflicts are resolved within this group of block producers through voting. The votes of two thirds (2/3) are necessary to obtain an agreement. This means that 15 block producers must agree something to define it definitive. All producers can sign all the blocks. Once a block is signed by a 2/3 majority of the group (15 votes), it is considered irreversible.
The order of the generator blocks is also taken into consideration. All block manufacturers agree on the order in which the blocks will be generated. To generate a block, a block producer in the EOS ecosystem receives 0.5 seconds. If a manufacturer can not generate the block at this time, it is skipped. The longest chain in the group is considered valid. If a block maker sees a longer chain than the rest, switch to that chain.
Transactions are also validated in the EOS ecosystem. All transactions include the hash of the header of the last block in the chain. If that block is not present in the chain, the transactions are considered incorrect. More details on this can be found here.
Initial coin offer (ICO)
EOS collected a large amount of money when it increased its annual ICO. During his ICO he raised $ 4 billion. This funding is enough to kick this project into the mainstream if used correctly.
competition
Competition in the blockchain world is increasing at a rapid pace. Several dApp development platforms are growing every day that passes, but EOS has managed to make its place in the top league. The platforms that compete with it are Ethereum (one of the biggest platforms in the blockchain arena), NEO and Cardano. Let's see who will win this race by becoming the biggest blockchain development platform in the coming years.
The group
You can read the technical white paper related to the project here.
