One of the newest ideas to join the mainstream blockchain corporate giant industry, the EOS blockchain is a project that has seen colossal success in a very short amount of time. It is one of the most powerful and influential exponents of the blockchain, but few really understand it due to its seemingly intricate nature and complex designs. However, here we will discuss the various aspects of the EOS blockchain and evaluate it briefly in the end as a vector of spreading the influence of the blockchain and as a major tool for developers across the entire world.
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The EOS is a relatively new system that is looking very promising at the moment. It is a very intelligent piece of technology that bears witness to the genius of the people working behind the blockchain and those who work in it. The EOS has shown itself to be a very effective way of accomplishing any given task, as we shall see now. If you would like to read more about cryptocurrencies visit this article.
First off, the EOS blockchain differs from the regular blockchain in small ways. For one, the EOS blockchain is meant to be a high traffic, heavy duty blockchain. While the whole infrastructure for such a megaserver is still in the drafting stage, the hope is that eventually the team may come up with a server that can host up to a million requests at the same time. This is the aim of the whole project as well, to serve the needs of a major company better.
That is yet another key difference between the EOS blockchain and the standard Bitcoin blockchain. The EOS blockchain is designed to be able to process the needs of a large company all by itself, whereas the majority of blockchains may not be able to take this burden of information and handle it all by itself.
An ICO was held for the EOS blockchain server, that is, an Initial Coin Offering. In such an event, a company makes a sales pitch to customers, allowing them to buy stakes in the company at the cost of cryptocurrencies instead of fiat money of any sort. Alternately, a company can sometimes also make a limited time availability deal on its own cryptocurrency, allowing it to be bought with either fiat currency like dollars, or in cryptocurrency of a different type; like Bitcoin. The investors may then receive a portion of the company as a share in its profits, they may be given special rights to exert within the company’s leadership board. By doing so, the company can usually get a lot of crypto coins out to potential customers, and thus the coin gets an advantage over competitor brands, you see, the company is able to eventually release thousands of its brand into the market very easily, and this gives it an edge over new companies of the same age.
During EOS blockchain ICO, the company was able to sell quite a lot of tokens and amassed more than a billion dollars! However, this was precisely the intention in keeping the ICO going for a few days short of a year; the longest ICO in history was meant to be so long so that people could get in on the action and learn as much as was possible about the whole movement.
The biggest aim of the EOS Blockchain is to see the fulfilment of one of the oldest dreams of the crypto world: the complete decentralisation of all businesses and companies. In order to do so, a platform is required to be able to support a huge number of users simultaneously and to be able to manage hundreds of thousands of requests at the same time. This will eventually allow for the mass production of dApps, specially designed applications that can work across hundreds of thousands of users, but the best part is that such applications are decentralised and can be fully autonomous. Imagine a social media app like Facebook, except where your personal and private data wouldn’t be sold to third party consumers for money, and all your data would be secure. Doesn’t that sound just amazing? Well, thanks to the EOS blockchain, it may just be possible.
However, the primary purpose is still to maximise transactions performed rate. This is a really big problem for most cryptocurrencies, because most of them have a very low transaction rate.
For example, Ethereum, the most popular smart contract platform in the world, can only manage about 15 contracts in a second. Whereas the number of transactions happening on Facebook per second is well above the tens of thousands. A lot of leading banks across the world also help to drive up the number of transaction rate to above a hundred thousand per second. If you would like to read more about cryptocurrencies visit this article.
The whole EOS system is based off a number of complex and intricate algorithms that work I tandem to create a system that is truly magnificent to behold. It is usually compared to Ethereum to show how it is superior to Ethereum in every single way imaginable, and usually is dubbed the “Ethereum killer”, because of this. The reason of why it is better than Ethereum is that EOS uses a DPoS system of technology, where several people are paid to keep the community safe. However, if one of these people abuses their post, they can easily be voted off the post and replaced. As a result, a faster and more reliable system is achieved due to the difference in methodology and approach. Moreover, EOS doesn’t use GAS or any other type of sub currency as a fee for transferring funds, like Ethereum does. As long as you own EOS coin you can use the network and its processing power for free. Sounds great, right?
So now we have seen how the system works, it is largely up to you to decide what the future holds for cryptocurrency.
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