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A Beginner’s Complete Guide To EOS

· 21 Nov 2018 in Guides
Basil has three years of freelance experience writing on disruptive technologies. He focuses on breaking news and education pieces; helping to spread the gospel of Blockchain. He hopes to have his own blockchain company one day; helping the world through its innovative ledger technology. https://twitter.com/basil_kimathi

EOS is a platform that employs the distributed ledger technology to host decentralized applications (Dapps)

EOS is the brainchild of Dan Larimer who is also the co-founder of Steemit and Bitshares. Dan sought the help of block.one, a private firm located in the Cayman Islands to develop the blockchain platform.

The Beginning Of EOS

EOS was first launched on the Ethereum platform as an ERC-20 token. However, the platform was not ideal due to its speed constraints. EOS then conducted a one-year ICO, from June 2017 to June 2018, and raised more than $4 billion.

The team behind the EOS blockchain claim that the platform can comfortably handle a million transactions per second. This speed is supersonic compared to Ethereum’s 25 transactions per second.

EOS aims to compete with other blockchain projects specifically, Raiden and Lightning Network among others. Both platforms that have been developed as side chains.

The Difference Between EOS and EOS.IO

The overall EOS ecosystem has two intertwined components, EOS, and EOS.IO, which work together to set it apart from other blockchain projects.

For example, think of the EOS.IO as a computer’s operating system and the EOS as an application running on it. The EOS.IO defines how everything built on it will interact with each other and the outside world.

This approach allows the EOS dApps to be scaled whether horizontally or vertically. EOS’s native coin is called the EOS coin.

EOS.IO is capable of operating at its maximum without an adverse effect on its performance. This is possible by employing asynchronous communications and parallel execution criteria. Additionally, individual processes are run separately.

Consensus Algorithm And Its Functionality

The EOS platform makes use of a Proof-of-Stake consensus algorithm and adds role-focused permissions. This approach enables roll-back, bug fixing, and other decisions to be made in the fastest time possible. Adding and confirming new blocks is done by block producers. These individuals earn EOS tokens for every block added.

The EOS.IO has already defined database schemas, web toolkit, among other tools that aim at making developing dApps on the EOS platform easy.

The EOS platform functions as a one-stop-shop for decentralized applications providing server hosting, authentication, and cloud services. These features allow data to be stored off the main chain into a local machine.

Unlike other blockchain platforms, the EOS platform does not have fixed transaction fees. Instead, an app created on the platform defines how its users cater for the transaction fees.

Already, the EOS platform has over 100 decentralized applications with the leading application interacting with six thousand users daily.

The EOS Community

EOS has a very active community behind it which at one time drove its price to $21. That was the highest price seen since the launch of the project. Currently, EOS is trading at $4.45 which is reflective of the current bearish market status.

EOS coins can be stored in mobile-based, computer-based, and web-based wallets. EOS can be purchased on leading cryptocurrency exchanges like Huobi, Bitfinex, Binance, among others. In most of these exchanges, EOS is paired against USDT, ETH, or BTC.

In conclusion, given its ability to scale and accommodate the diverse needs of decentralized applications without compromising on speed, the EOS platform is bound to become a force to associate within the near future. Also, Its unique approach to solving disputes on the platform is another plus for the EOS blockchain.

Learn More

If you want to learn more about EOS, read our latest news report on its transactions-per-second headline. The best place to buy EOS is through Binance, the steps to do so are found in our complete guide. Lastly, if you’re curious about EOS price, check out this EOS Price Prediction article.

 

Basil has three years of freelance experience writing on disruptive technologies. He focuses on breaking news and education pieces; helping to spread the gospel of Blockchain. He hopes to have his own blockchain company one day; helping the world through its innovative ledger technology.

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