It is part of the EOSIO platform that aims to provide an infrastructure for developing and running decentralized applications (dApps) and smart contracts on the blockchain. Launched in June 2018, EOS uses the Delegated Proof of Stake (DPoS) protocol to achieve consensus and facilitate transactions quickly and efficiently. Here are the full details about EOS:
1. Network and Protocol:
EOSIO: It is the open source protocol that underpins the EOS platform. EOSIO is used to create scalable blockchain networks that can handle a large number of transactions per second.
DPoS (Delegated Proof of Stake): A consensus protocol used by EOS that relies on voting to select a group of validators who verify transactions. This improves speed and efficiency compared to other systems such as Proof of Work (PoW) used in Bitcoin.
2. Advantages of EOS:
Scalability: The EOS network can handle thousands of transactions per second, making it ideal for applications that need high speed.
Low Transaction Fees: Transactions on the EOS network do not incur fixed fees. Instead, users get the resources (such as CPU, RAM, and NET) they need by holding EOS.
Flexibility in dealing with decentralized applications: Developers can easily build and run decentralized applications on the EOS platform using smart contracts.
3. Artistic design:
Smart Contracts: EOS enables the creation and operation of smart contracts that allow transactions to be executed in an automated manner according to agreed terms.
Distributed Computing: EOS uses a distributed architecture for processing, allowing data and transactions to be distributed across a large number of nodes spread across the network.
Resource Account: On the EOS network, users can rent resources such as processing and storage to run applications. These resources are based on the amount of currency that users own.
4. How to get EOS:
EOS can be purchased through many cryptocurrency exchanges such as Binance, Coinbase, and Kraken.
EOS can also be mined via a DPoS mechanism, where validators (voters) receive rewards.
5. Organizational structure:
Block.one: The company responsible for developing and directing the EOS project. However, the network itself is decentralized and does not depend on a single company.
Block Producers: In the DPoS model, 21 Block Producers are elected to write blocks and verify transactions. These Block Producers are chosen based on the votes cast by EOS holders.
6. Funding and launch:
EOS was launched after an ICO (Initial Coin Offering) that raised around $4.1 billion, making it one of the largest initial coin offerings in history.
7. Risks and criticisms:
Potential centralization: Although the network uses a DPoS mechanism that aims to distribute, there is concern that a small group of validators may control the network.
Competition: There are many other blockchain projects offering similar solutions such as Ethereum, Cardano, and Solana, which increases the challenges facing EOS in achieving complete market dominance.
8. Main uses:
Decentralized Applications (dApps): Developers can build decentralized applications on the EOS network, allowing the creation of marketplaces, social platforms, games, and other applications.
Smart Contracts: EOS provides a flexible and fast environment for executing smart contracts on the blockchain.
9. The Future:
EOS aspires to become one of the largest networks hosting decentralized applications and smart contracts thanks to its ease of use and high performance. The network is constantly evolving, aiming to improve scalability, security, and user interface for developers.
10. Total supply and distribution:
Total supply: 1 billion EOS.
Distribution: EOS is distributed among ICO investors, validators, and developers. Part of the supply is used to secure resources on the network (such as storage and processing power).
11. Governance:
The EOS community uses a decentralized governance mechanism, where coin holders can participate in making decisions regarding the development of the network. Changes are voted on through this governance system, which can include technical and regulatory decisions.
12. Future Challenges:
Despite its great potential, EOS still faces challenges such as strong competition from other blockchains (such as Ethereum 2.0) and concerns about decentralization and excessive control by a small group of validators.
EOS has worked to develop a more secure and flexible environment for decentralized applications, but it still requires more development and expansion to prove itself in the competitive market.
