EOS: Next-generation decentralised applications platform
EOS Review: Beginners guide
EOS is a decentralised applications (dApps) network. An application is a piece of software used by a computer to perform useful tasks, and a decentralised application is one that lives on many computers instead of one. EOS is considered to be the potential evolution of Ethereum (the first dApp network), as it promises to provide a much more user-friendly experience, and a more efficient network for dApp developers and entrepreneurs than its predecessor.
- Decentralised applications, startups, and property.
What gives it value?:
- EOS has its own blockchain network.
- It promises to scale millions of transactions per second.
- Eliminates transaction fees through delegated proof of stake.
- Token holders are eligible to vote for the miners on the network.
- Its network is very flexible, allowing for thousands of commercial-scale dApps, dispute resolutions, and bug fixes through democratic votes.
- The Consensus Algorithm is a democratic system for EOS token holders to vote on who builds the blockchain. Only the top 21 miners voted in by EOS token holders will receive regular payment for building the network. Therefore, miners must play fair and work hard to win the trust and support of the voters.
- Block producers don’t process transactions and earn rewards through Proof Of Work like miners, instead block producers on the EOS network earn rewards through Proof Of Stake. In Proof Of Stake, how many EOS tokens a block producer can earn is directly reflected by how many EOS tokens they put-up-front to stake their claim to the block.
- Dan Larimer is the co-founder of Steem, a decentralised blog writing platform, and Bitshares, a decentralised real time financial platform. Dan is the chief tech officer of EOS and a highly respected figure in the cryptosphere.
- Brendan Blumer is the CEO of Block.one, the company that published EOS. Brendan created his first disruptive invention when he as 14, and has continued to build cutting-edge business technology since.
- Rob Jesudason was the chief financial officer of the Commonwealth Bank of Australia (CBA), and will join EOS’s publisher Block.one, as a member of their board of directors with the responsibility of scaling the group’s global operations.
- Everipedia is a next-generation encyclopedia that will use EOS network to store and run its applications.
- OnePay is a decentralised point-of-sale system that is building its applications on the EOS network.
- WAX is a decentralised in-game marketplace that has chosen the EOS blockchain to build its applications.
- The potential to scale millions of transactions per second.
- Offers no transaction fees through Proof Of Stake.
- Has a world class team behind it.
- Achieved the longest running initial coin offering that raised over 4 billion dollars, the largest fund raising campaign of its kind to date.
- Has it’s own mainnet network.
- There is contention over how much power each of the 21 voted block producers will have over the EOS network.
- Block producers can freeze dApp accounts to fix problems, but have to be voted out by token holders if the freezing of accounts is due to foul play.
- Block producers have to stake their claim before building the network, meaning that those who have more money will earn more money.
- From June to September 2018, Block.One will be running a Global Hackathon competition in partnership with EOS to sponsor the development of dApps on the EOS network that help to secure life, liberty, and property.
- Since EOS released their mainnet in June 2018, EOS will spend the next few years developing its network and establishing partnerships with decentralised application developers and block producers.
- In early 2019, EOS will hold a Global Block Producer and Token Holder Summit to bring the EOS community together to share what was learned since their mainnet launch.
In my opinion, the future of EOS looks promising. At the time of writing this EOS review the mainnet has successfully launched with a very supportive community behind it. As it raised over 4 billion dollars in its record breaking initial coin offering, investors, developers, and industry have very high expectations of its performance. The Proof of Stake system EOS uses to build its network, and the potential powers its block producers may gain will no doubt be the topic of much intrigue and heated debate. Only time will tell whether or not EOS will be the death of Ethereum, but there is no doubt that EOS has begun the battle with a fighting chance.
Where to store this crypto:
Hardware wallet: www.bitgear.com.au
Desktop wallet: www.exodus.io
Online wallet: www.greenaddress.it/en/
Mobile wallet: https://wallet.mycelium.com/
Ethereum (ETH) – Original decentralised applications platform
Ethereum Classic (ETC) – The original Ethereum.
Neo (NEO) – Chinese decentralised applications platform.
Stratis (STRAT) – Decentralised applications in the C# language.