EOS Blockchain: Explained
What is EOS?
EOS is a functional platform using blockchain technology to develop decentralized apps (dapps), which is very similar to Ethereum.
In reality, it was known by followers as the “Ethereum killer.” It makes ‘dapp‘ creation very understandable by offering an operating system-like set of services and characteristics that dapps can make use of.
The whole concept behind EOS is to combine the most elegant characteristics and promises of the many existing intelligent contract techniques (e.g., Ethereum’s computing support, Bitcoin’s safety).
The EOS team is working in a streamlined way to provide one massively scalable dapp, which is easy to use for everyday users and other developers, who are interested in putting some work into the project.
How does EOS Blockchain work?
EOS works on a mechanism of consensus, and it’s called Delegated Stake-of-Proof (DPoS).
Miners use large quantities of computing energy on a regular PoW blockchain like in Bitcoin to solve complicated mathematical equations. Once the equation has been resolved, the miner publishes on the network the other miners’ response for verification. Then, the agreement is reached, and the block is mined.
On a PoS network like Cardano or EOS, nodes stake several tentative tokens (locking tokens for a specific wallet address for a specified period of time) for the chance of being selected for the addition of the next transaction block to the chain. Which things are often taken into account? Despite the selection being completely random, factors such as the amount staked, the amount of time staked, and the node’s reputation is a big deal for the system.
Why use EOS?
EOS software is an advanced operating system that can be used to build useful applications. The software’s genius is its capacity to scale horizontally and vertically, which implies that millions of payments per second can be processed soon by EOS-based blockchain.
Another advantage of the software is that it does not charge user fees, rendering it a popular tool for both customers, designers, and coders. There’s no question, EOS is a significant change in the world of decentralized app building and testing.
Parallel processing: the ability to do stuff in parallel, quicker speeds of money transferring, and greater scalability.
A Constitution: A set of laws that everyone agrees. Those laws are connected to every consequent mined block so that the user can easily read the chain.
Self Sufficiency and Evolution: The present model enables inflation of 5 percent, which will be used to expand further and saturate the network with coins, stimulating other users to invest, then increasing the scale and power of the EOS project.
Decentralized operating system: EOS is comparable to a decentralized operating system, meaning designers and coders can create apps under the EOS platform in real-time, no need to install it on the workstation. Owning EOS coins is a server resource claim, which can be used as a currency to pay for other resources, too.
EOS developers need to have the coins to use the EOS blockchain. Developers will not spend the coins to use the server resources; they need to prove they own some amount of them.
This operating system will be hosted on servers (information centers), which on the exchange will also be participating as the block producers. Block benefits in EOS are an incentive to host EOS apps for these servers.
The apps operating on this decentralized OS will be able to interact with each other, and the “firewall” apps will also be measured.
Important EOS details
EOS Accounts: The EOS account is made up of two separate entities, the active key, and the owner key. You can use the active key to move resources, vote for block manufacturers, buy ram, etc.
The owner’s key indicates the account’s ownership and is required to create any adjustments to the account’s property. This key is best kept offline (safely) because most things on the EOS network don’t need to be done.
Public governance: Unlike most other blockchains, EOS has a constitution baked into an agreement with management characteristics.
Anyone, who logs in and enters the framework of an EOS account, will have to agree to the constitution contract.
Any owner of the EOS token that violates the constitution is in contravention of the agreement and could be taken to civil action immediately.
Voting mechanics: Any customer staking EOS tokens can participate in EOS. Using the full weight of their stock, each person is permitted to apply for up to 30 block manufacturer applicants. For instance, if a consumer has staked 1000 EOS, they can count 1000 ballots for up to 30 BPs each.
A total amount of ballots obtained from the key collection of validators are the bottom 21 project producer applicants. The network also compensates additional block manufacturers, classified by complete ballots, for serving as standby block manufacturers.
EOS Block explorers:
- EOS Tracker
- EOS Flare
- EOS Park
- MyEOSKit Explorer
- EOS Query
- EOSDAC Explorer
- EOS Web