Note: This piece was ghostwritten for a client. It is uploaded here purely for portfolio purposes.
Similar to Ethereum, EOS is a blockchain network for creating decentralized applications. It wants to simplify the experience by providing services like cloud storage and user authentication for developers to utilize. On top of this accessibility, the EOS platform will be scalable to multiple thousands of transactions per second.
What Is EOS & How Does It Work?
Like Ethereum, EOS wants to be your answer to the following problems:
- The top network for decentralized applications (Dapps)
- Beat the others at top speed for verifying transactions
- Become a Decentralized Autonomous Organization (DAO), essentially meaning it is entirely self-sufficient. It can verify transactions, take advantage of information, and command itself without any human interference.
It’s sort of like how Bitcoin Cash and Litecoin want to be the more efficient Bitcoin. Nothing entirely new is being done here, instead an advancement of previous technology. EOS claims to have the ability to process over 50,000 transactions per second with taking a performance hit. For a fun comparison, VISA can only handle 24,000 per second. This showcases the real power of decentralized technology.
Of course, the main reason for EOS is the application development. Using the EOS network, app developers can purchase EOS tokens to allow their application to exist on the network. They don’t need to spend these tokens, rather have them held as if they are reserving a space. Employing the EOS network to build apps means that developers are saving both time and money in the creation of their app, alongside having a decentralized network to run it on.
Dapps on the EOS network can interact with one another, though each has their own secure firewall to keep them safe. Because of this, users won’t have to create multiple accounts for using different types of applications on the EOS network. All apps on the network will have your information secure and usable.
EOS abides by a certain set of rules also known as a “constitution.” Their rules allow it to run without risk of servers going up against it or having viruses infect the network. Also, EOS takes advantage of something called parallel processing. This means that the network can scale as technology increases, transaction speeds are quicker than other networks, and it can do multiple things at once.
The constitution alongside parallel processing is the reason for EOS’ success as one of the most powerful Dapp development blockchain technologies.
EOS has gone through extensive testing to get to where it is. The team started an ICO on June 26th of last year, which will be ending on July 3rd, 2018. This isn’t a standard ICO, however. Tokens are distributed over 350 consecutive 23 hour periods. Each period distributes 2 million tokens, with the price set by the current demand.
The official roadmap is unavailable at the time of this writing, though the goal with the technology is apparent: to become the most versatile platform for decentralized app creation. The recently announced DAWN 3.0 is a step in that direction.
EOS is being worked on by a team known as Block.one. They are based in the Cayman Islands, with the CEO Brendon Blumer having been in the blockchain world since 2014. Before EOS, he worked with currency exchanges in online games.
The CTO, Dan Larimer, is the creator of delegated proof-of-stake and decentralized autonomous organizations (DAOs.) Also, he created BitShares and Steem. He’s kind of a big deal. That said, he sort of moved on from his previous projects whenever a new one caught his eye. This could prove detrimental to EOS if he finds something else to hold his attention.
The entire team is filled with high-profile software and blockchain developers, all of which are looking to solve the largest issue with the blockchain: scalability. It has stayed small since the announcement, but after the ICO, we can expect them to grow a couple of members.
When compared to other blockchain technologies, the team behind EOS doesn’t engage with their community as much. They’ll tweet out news and event-related information but otherwise won’t get too involved with the community. Dan Larimer has a presence on the official subreddit as well.
EOS is available on a majority of the popular exchanges like Binance, Bitfinex, and Kraken, alongside quite a few lesser known ones. The faith behind the project has brought it all over. As the ICO finishes up, we can expect it to expand even further.
Because it runs on a Delegated Proof-of-Stake system, EOS coin isn’t mineable like most other tokens. Instead, users mine ERC-20 tokens (Ethereum) and convert them over to EOS coin. Otherwise, you can invest in the coin during the ICO, assuming you aren’t from the United States.
EOS isn’t compatible with very many wallets. The team recommends using MetaMask (a Chrome web browser add-on) or the popular MyEtherWallet. That said, the website recommends not using the following wallets with EOS:
• Any Bitcoin exchange
• Any Ethereum exchange
What’s Next For Them
EOS has the potential to be a real Ethereum competitor. The team behind it is strong, with tons of experience in the crypto industry. Building a more accessible platform for developers is a surefire way to gather positive reception, and what we’ve seen so far is promising.
The hype behind EOS is high, and the platform has a lot to deliver on. Many are taking a step back and waiting to see what will happen instead of jumping in right away. Others say if they can’t do it, no one can.