A Platform for Decentralized Applications
EOS (EOS) is yet another Ethereum rival that appeared on the market in 2017.
The goal of the EOS project is to build a decentralized operating system, which, like Ethereum, can support the development of decentralized applications (DApps).
On the way to this lofty goal, EOS is also aiming to completely eliminate transaction fees and build a system capable of conducting millions of transactions per second.
EOS’s CEO, Brendan Blumer, has been involved in the blockchain space since 2014. Blumer is also the founder and CEO of block.one.
And before entering the blockchain space, Blumer also founded OKAY.com, which provides a collaborative data-sharing ecosystem for the regions in the Asia-Pacific property market.
At this point, it’s important to note that EOS as a blockchain project is still in the concept phase. This means that no functioning network has been deployed.
Now, let’s take a second to look at the interworkings of EOS and whether or not it could be a rival to existing decentralized operating platforms.
One of the problems that the EOS team says it’s aiming to address is scalability. In 2017, scalability became a sand trap for many digital currencies, including Bitcoin, which struggled to overcome the problems associated with a rapidly expanding user base.
EOS’s team says it wants to use a distributed-proof-of-stake (DPoS) consensus mechanism to hurdle this issue. Through a DPoS, the team could potentially compute millions of transactions every second.
Another important issue that the EOS team wants to address is security and network flexibility. Relying on a DPoS consensus mechanism would help the EOS network in remaining immune to attacks like what happened to Ethereum during the DAO attack. Basically, if one application goes rogue or has errors, the system will make sure it’s frozen before it spirals out of control.
One of the key differences between EOS and Ethereum is that Ethereum bills itself as a decentralized supercomputer. In almost all of EOS’ documentation, the blockchain project bills itself as an operating system. This means that EOS is more targeted than Ethereum.
If you’re interested in learning more about the EOS project, click here to access its website.
And you can access the white paper here.
How to Buy EOS
EOS is available on a wide range of exchanges, including Bithumb, Huobi, and Bitfinex.
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