EOS 101 – a new blockchain operating system
Launched in July 2017, EOS is emerging as a potential competitor to Ethereum. EOS is a blockchain-based, decentralised operating system and has been designed to allow commercial-scale decentralised applications by providing the necessary functionality.
EOS was developed by Dan Larrimer, the founder of crypto coins STEEM and Bitshares to be a faster, more scalable operating system for decentralised applications. The EOS.IO software aims to introduce a blockchain architecture design that enables both horizontal and vertical scaling of decentralised applications. The software offers an operating system-like concept on which applications can be built.
Some of the features provided by EOS software include authentication, accounts, asynchronous communication, databases, and what appears to be the most interesting feature—application scheduling across multiple CPU clusters.
What is the meaning of decentralised operating system?
Understand it like Ethereum. Just like Ethereum allows developers to build applications on its platform, EOS allows developers to use the the platform construct to build applications for users. In order to gain a claim on the server resources, a developer needs to own an EOS coin. They are not required to spend the coins in order to utilize the server resources but just need to prove their occupancy of coins.
The operating system is hosted on data centres, also called servers, who are also the block producers. These EOS servers to receive block rewards in lieu of hosting its applications.
Multiple applications running on the software will have the opportunity to communicate with each other and thereby be able to share frameworks in order to make development faster, more technical, and more secure.
Additional Features of EOS include
- Parallel Processing: Their platform can perform multiple functions in parallel providing more scalability and faster transaction speeds.
- A Constitution: the set of rules agreed upon by everyone. The rules are linked to each and every block that is mined.
- Evolution: will be done based upon the 5% inflation allowed in the current model.
- The applications based on EOS utilise very common functions such as username-password, backend database management, user interfaces etc. The applications will also have their own secure database and file space.
- Instead of the proof-of-work based blockchain, it is a blockchain that employs messages for the representation and execution of transactions. Models such as these are superior or achieving higher performance.
- It supports asynchronous smart contracts which are cheaper and faster.
- The users do not have to pay any fee on the platform. That is to say that it functions like traditional websites where access is for free users. The EOS tokens are used for a bandwidth allocation and the applications are required to pay for this allocation but only when the network is clogged. This is where the possession of the tokens come in handy.
EOS Token Distribution
The token distribution began on June 26, 2017, and will continue for 341 days from then on. One billion tokens are being distributed in a schedule of three periods. 10% of the total amount of EOS Tokens are reserved for block.one (the developer of their software) and are not liable to be traded or transferred on any network.
To take part in token distribution, a user requires an Ethereum-compatible wallet or an application where the only the user holds the private keys. Their team recommends using either the MetaMask wallet or the MyEtherWallet.
Their coin was launched on June 26, 2017, and out of the total supply of one billion, roughly 54.8% is in circulation with a market cap value of $5,666,305,191.
EOS is not an officially defined acronym and it offers Telegram chat groups into multiple languages. It appears that the distribution system being employed by them is the fairest of the systems so far where speed is not a determining factor in gaining the possession of the coin.
It is the first blockchain with its own constitution which applies to every single block that is being mined. The software will also be able to process millions of transactions per second via horizontal scaling.
Is EOS worth investing in?
Though EOS is fairly an infant in the crypto world, those considering investing in this stand to gain high returns but with patience. It is the first decentralised operating system and offers solutions to many faults found in the previously existing similar projects. There are some risks that need to consider because of the newness of the operating system but the fact that it has been developed by Dan Larimer works more in its favour than anything else.
Also, the implantation Graphene that they plan to use for its applications has been tested for years by platforms such as BitShares. The way in which they plan to implement, more or less, the same technology being implemented by already-existing platforms will provide a must faster and efficient scalability if nothing else.
Moreover, it is possible for EOS to surpass the Ethereum token in no time. It is primarily about block.one which aims at bringing business on the blockchain. Block.one, and therefore, EOS has successfully developed real-life products whose use-cases are currently being employed by people without any knowledge of cryptocurrencies which is precisely what the future of blockchain is supposed to be.