A General Guide on EOS (EOS)

What is EOS?

EOS functions similarly to Ethereum in that it is a blockchain platform for the development of decentralized applications. It has been dubbed the Ethereum Killer by its supporters. EOS provides operating system-like services and functionality that dApp developers can make use of. The aim of EOS is to provide a user-friendly, massively scalable dApp platform for everyone.

How Does EOS Work?

The vision of the developers of EOS is to build a blockchain dApp platform capable of securely and smoothly scaling thousands of transactions per second, while providing an exceptional experience to app developers, users and entrepreneurs. The aim is to provide a complete operating system for decentralized applications.

Authentication System

The EOS network is ready-made so that you can tap into a full-featured authentication system. One of the unique features of the network is the user accounts that come complete with different permission levels and their own locally secured user data. You can also share database access between accounts and store user data on your local machine off the blockchain. Also incorporated into the system is a recovery process for stolen accounts. Users have a variety of methods to prove their identity and restore access to a compromised account

Cloud Store

Part of the EOS system is server hosting and cloud storage. As an app developer, applications can be built and deployed with hosting, cloud storage and bandwidth provided by the system. This allows you to bring your ideas into reality without the limitations of storage and bandwidth.

As a developer, you can also access your usage analytics for storage and bandwidth right from EOS as well as setting limits for particular applications. These services can be paid for by staking tokens.

Scaling Up

The major blockchains (Bitcoin and Ethereum) use consensus overstate, which means that all the computers on the network can verify the current state of the whole blockchain. This helps to prevent fraud and confirm transactions. The blockchain in these cases is just a graph of the state of the system, and when each new block appends to the blockchain, nodes on the network take each transaction from the block and update the address state associated with these transactions.

On the other hand, EOS implements consensus over events. When using consensus over events, the focus is on the transaction rather than the state. Instead of verifying the state of the network at any given time, nodes verify a series of events that have occurred so far to keep track of the network state. It is longer for the system to completely confirm the history of transactions upon restarting but can handle a much higher throughput of transactions as it runs. To put it simply, the network can scale 21 million transactions per second on a single machine with infinite, parallel scaling possible between several machines.

Free to Use

Applications built on the EOS platform do not require micropayments by end-users to send transactions and perform tasks on the blockchain. Payment methods used for transactions are determined by individual app developers. This means companies are free to come up with their own, unique monetization strategies.

Features, not Bugs

The governance model on the EOS system is based on block producers that vote on which transactions are confirmed, whether an application is running correctly, or if the source code of individual applications or the system is changed. The community reserves the right to upgrade, downgrade and fix bugs in the system through a democratic process.

No Trouble Performing

The system reduces latency and maximizes performance by structuring each block into sequential cycles made up of threads running in parallel within these cycles. This restructuring enables you to send and respond to transactions in single blocks as well as between blocks.

Team

Block.one created the EOS project. The company is led by crypto-entrepreneur and co-founder of Bitshares and Steemit Dan Larimer and Brendan Bloomer. Both are highly experienced in the crypto world and have been publicly promoting the technology as a whole, in addition to their own projects.

On September 14, 2017, EOS 1.0 was released. Dawn 2.0 was released on December 4, 2017 which brought resource tracking and inter-blockchain communication. Dawn 3.0 was released in April 2018.

The community behind EOS is a vibrant and global one with plenty of love from investors and contributors alike. They have regular meet-ups and their telegram group is very active as well as their other communities on Facebook, Twitter, and Steemit.

EOS Token and Trading

The EOS token sale took place over a full year and was one of a kind. It started on June 26, 2017 with 350 periods of distribution. At the completion of each period, the total number of tokens designated for that period were distributed to contributors based on how much ETH they contributed, divided by the amount of total contribution.

In its year-long ICO, the project raised $ 4 billion.

Within this time, most of the major exchanges listed EOS tokens. Therefore the price was mainly determined by the market. This enabled anyone to sell and gave plenty of time to observe development and progress before contributing. The result is one of the most lucrative token sales to date.

How to Buy EOS

The largest trading volume of EOS is on Binance where it is traded in pairs with BTC, ETH and USDT. It can also be purchased on Bitfinex, Huobi, or OKEx although the process is not as straightforward.

Where to Store EOS

There are several community-created wallets for storing your EOS tokens. One of the most popular is Greymass wallet. It can easily store tokens and allows you to vote for block producers in a user-friendly layout.

Another solid option is Simpleos. The wallet is true to its name in providing simplicity that even novice token holders can feel comfortable using. However, if you are more tech-savvy, you can use the Command Line Interface (CLI) wallet which is included with the blockchain as an open-source feature directly from Block.one.

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