Cryptocurrency Explained : EOS
EOS is a blockchain platform for the deployment of decentralised applications. It aims to become a decentralised operating system that supports industrial-scale applications. It is similar to Ethereum in function.
The idea behind EOS is to bring together the best features from various smart contract technologies (e.g. computing support of Ethereum, security of Bitcoin) into one simple to use, scalable dapplication (decentralised application).
History
Based on a white paper published in 2017, the EOSIO platform is developed by private company block.one, which has just released its version 1.0 of the EOSIO software on 2 June. To ensure the widespread distribution of the token at the launch of the blockchain, one billion tokens had been distributed on the Ethereum blockchain by block.one.
This will provide a distribution that anyone can use to launch the EOS blockchain once the software is released. CEO of block.one, Brendan Blumer, announced that block.one would support EOSIO blockchain with over one billion USD in funding from the token sale.
Advantages
- Free and Fast Transaction: EOS uses parallel processing, which allows higher transaction speeds and more scalability. It can process millions of transactions per second due to horizontal scaling. EOS also does not demand its users to pay every transaction, which helps to increase adoption.
- Governance: EOS has a governance structure based on a constitution of mutually accepted rules that govern the system, whereby modifying these rules will be done via a voting process.
- Self-Sufficient: EOS blockchains will generate 5% inflation per year, which will be used in further developing the network and reward block producers for confirming transactions.
- Ease of Use for Developers: EOS has incorporated a web toolkit for simplified development of dapps, along with database schemas, role-based permissions, and other built-in functions that make the creation of dapps easier.
Disadvantages
- Many Competitors: Beside Ethereum, there are many other competitors like NEO, Crown, Rootstock RSK and RChain. It is unknown if there will be room for more than one successful platform of this type.
- No Guarantee Tokens will be Honoured: As block.one is not launching an initial blockchain, it is up to the EOS community to implement a blockchain that supports the Ethereum-based EOS token holders in being credited with EOS tokens on the new chain.
- Possible Withdrawal of Involvement: Creator of EOS, Dan Larrimer, is known for moving on to the next thing as he had done with Bitshares and Steem. While it might not necessarily is a bad thing but the former projects did not replicate early successes after he removed his involvement
There you have it, EOS explained in under 5mins. As always, before deciding to invest in anything, do research more before finalising your decision.
Article from: https://www.numoney.store/sg/post/cryptocurrency-explained-eos