A new blockchain-based platform called EOSIO has taken its place in cryptocurrency as its reputation steadily grows. It uses a model called ‘Delegated Proof of Stake’ (DPoS) to ensure up to a million transactions in a few seconds compared to any other cryptocurrency!
Dan Larimer is the person responsible for EOSIO along with other crypto platforms like Bitshares and Steem. EOSIO functions as a decentralized application on a blockchain platform under a company called Block.one. It started in 2017 and its aim is to manage free and faster transactions in a matter of seconds.
The token used for EOSIO is called EOS and Block.one envisions four goals for it to achieve in the long run—satisfies the needs of any enterprise, accessible for developers, scalability, and a user-friendly interface. Each of these objectives is meant to make EOS a well-functioning cryptocurrency platform than most.
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As a new decentralized blockchain-based platform, its main priority is to continuously improve speed and scalability. It has several distinctive features:
Compared to other crypto coins, EOS has found a way to solve an issue crypto coins face in the long run—scalability. This aspect is a top priority for EOS because scalability is the limit to how many transactions a blockchain can process in seconds, minutes, or days.
It generally takes up to 3 days for other crypto coins to process the transaction. This is not the case for EOS. EOS has the potential to reach a million transactions in a few seconds due to its high scalability.
Another distinct feature is its cost-effectivity. This means EOS users can make an exchange without paying microtransactions, making it completely decentralized.
With fast transactions and no fee, it’s the perfect combination for anyone who wants to invest in cryptocurrencies. EOS also allows you to buy Random-Access Memory (RAM) for your permanent storage. For example, using EOS to buy 2 GB of RAM storage grants you 2 GB for your EOS blockchain and account.
EOSIO constantly updates EOS, so there are no compatibility issues with current technology. All information about exchanges in the blockchain are kept anonymous even to the witnesses who handle the processing of the transactions. This provides transaction safety and leaves its clients unknown.
To secure your crypto coins, there are necessary steps to go through before your transaction is fully processed. This is to make sure your keys and coins are safe and you have authorized the transaction yourself with your signature and keys.
Another impressive aspect in EOS there are different software and functions that provide a smooth experience for its users and dApp developers:
EOS aims to support developers create and build their applications or servers by providing high-quality software. A graphic user interface with various features that are easy to use for developers to easily debug smart contracts, make the compatibility for authenticators, and more. Developers can also use it for running and testing apps they’ve made.
In the crypto industry, there is always a fear of being scammed or the transaction gets hacked leading to the loss of your crypto coins. With this in mind, EOS made their own solution to prevent this.
EOS supports Ricardian Contracts and tools to validate the conditions of the transaction before the user accepts it. A Ricardian Contract is a form of authentication paired with smart contracts. Its purpose is to translate the blockchain transaction’s code into layman’s terms.
Using this contract will allow you to see the transaction’s details. It will ask for your signature for verification before it proceeds, ensuring the safety of your tokens.
From the functions of other features, EOS can gradually reach its goal with proper maintenance for its development. Through the Delegated Proof of Stake mechanism, there is a voting system that verifies the blockchains.
Delegated Proof of Stake
Common crypto coins such as Bitcoin and Ethereum use a mechanism called ‘Proof of Work’ to reward their crypto miners These miners make sure the transactions go smoothly and they get paid in return for their services. On the other hand, EOS uses the Delegated Proof of Stake (DPoS) to monitor the blockchains on the platform.
People who manage blockchains in EOSIO simply verify the transaction instead of solving complex mathematical equations to gain their coins. The people chosen to do this are called ‘witnesses’. Generally, you can place a wager on the person who they want to become a witness. The person who has the highest number of bets made on them will then become a witness.
Witnesses are important to DPoS because they create and validate transactions in a block. There are over 200 witnesses who watch over the blockchains. In case a witness is inactive, there are back-up witnesses to keep the transactions as fast as 3 seconds.
Using DPoS is advantageous because EOS is an ownership model, wherein they own the resources unlike others who rent it. When witnesses wager their EOS tokens, various resources such as CPU and Network Bandwidth are granted.
Transactions of Proof of Stake
A new feature only introduced in EOS software is called ‘Transaction As Proof Of Stake’ (TAPOS). It has traits such as making sure the witnesses cannot interfere with a blockchain or conduct malicious activity.
Another property is that it can notify the network when the transaction is on its way. TAPOS can also avoid duplication of the transaction to prevent confusion.
EOS was crafted as an ERC-20 token using an Ethereum blockchain. Due to its origins, it’s not a surprise that EOS would have the same characteristics with one of common cryptocurrencies used in the industry.
EOS and Ethereum have gathered attention for its innovative blockchain technology to take cryptocurrency to the next level through scalability. Both manage the customer and client exchanges with smart contracts. Adding to that, both tokens share the same goal in creating a decentralized system for their clients to enjoy without a third-party transaction fee.
While they do share common traits, EOS decides to take a step forward in improving the platform and fixing what other platforms may have issues with.
The whole EOS system is currently moving forward in their plans to make this a free operation for anyone to use without paying extra fees.
Cloud storage has become a common way to store your data from your laptop, computer, or mobile devices nowadays. Through this, developers can create web interfaces or apps along with hosting a server. It gives freedom to developers by supplying bandwidth and the EOS system.
EOS is creating a path for it to become a completely decentralized application and it is accessible to everyone. Witnesses can easily be interchanged if there are complications with the transactions. This will make the process smoother and provides a high possibility for it to reach its goal of a million transactions per second.
Since the EOS token started recently, it can only be obtained by buying BTC or ETH then eventually converting it. To get BTC or ETH, you can purchase them with fiat money or other crypto coins on sites that have EOS too.
Here are some sites you can go to purchase EOS online:
There are various wallets you can choose online or use an app to keep it all safe. You can keep it in 3 kinds of wallets —a cold, hot, and hardware wallet.
Here are some wallet options:
EOS started off great and its value gradually rose until it became a part of the top cryptocurrencies to use. It can exceed the expectations of its audience because of how it quickly progressed during its ICO stage.
Its potential to scale as high as a million transactions in a few seconds sets a new standard for cryptocurrency, becoming a reliable platform for users everywhere.Purchasing your own EOS tokens is worth the price because it has the potential to become one of the fastest cryptocurrencies in the market. EOS has a promising future that can benefit you and others who want smoother transactions in a matter of seconds.
Words by: Clarissa Panganiban