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A beginner Guide to EOS cryptocurrency

EOS is a cryptocurrency designed with a goal to institutionalize a network capable of performing millions of transactions per second. Therefore, cryptocurrencies can compete with a global payment card processing standards like Visa and Mastercard which can process thousands of transactions per second. Initially, the capability of all the blockchain-powered cryptocurrencies is nowhere comparable with the international standards for transaction processing.
EOS is newly-created Blockchain projects that recently emerges into the cryptocurrency landscape. The goal behind the creation of it is to create an enabling environment for the development, hosting and execution of decentralized applications (Dapps). Its second ICO has gained too much traction from the crypto enthusiasts.

No one correctly knows the abbreviation of an acronym EOS, and the creators of it haven’t yet disclosed any formal definition of it.

Harnessing the key functionalities provided by the EOS, businesses, and individuals can create blockchain-driven applications and products in a way they create web applications.

EOS paves the way for hassle-free web development through empowering its users with the web toolkit for interface development. It works pretty much the same way as Google’s Play Store and Apple’s App Store.

EOS.IO and EOS Tokens

EOS ecosystem consists of two core elements: EOS.IO and EOS tokens. In order to acquire backward compatibility, EOS.IO is tethered to the operating system of a host computer and it governs the execution of the EOS blockchain network. Leveraging the blockchain network, EOS.IO lays down the foundation of both the horizontal and vertical scaling of decentralized applications.

On the other hand, the EOS token is the crypto coin of the EOS network. In order to harness the EOS network resources to run and build decentralized applications, users are required to hold EOS coins instead of spending them. If a person owns EOS tokens, but not running apps currently then he can allocate his/her bandwidths to other participants of the network who need it most.

The EOS network is currently owned and governed by the block. one organization and it was first put forth by the Dan Larimer who is also a founding member and creator of other established platforms like Bitshares and Steem.

What Distinguishes EOS Coins from Other Cryptocurrencies?

Even though already many blockchain-oriented networks like Ethereum support decentralized applications, but EOS emphasized reducing the shortcomings of blockchain-oriented systems and attempts to enhance the speed, scalability, and flexibility of Dapps.

 

As the size of the Dapps ecosystem is continuously scaling up with time on a specific blockchain network, eventually, its performance gets compromised due to the scarcity of resources. Thereby, many unexpected issues arise predominantly network congestion due to a larger number of invalid transactions and similar requests, spamming apps, slow execution speed, and inadequacy of computing power available across the network.

 

EOS can support thousands of commercial-scale Dapps without compromising the performance of network speed and performance with an aid of parallel execution and asynchronous communication technology throughout an entire network.

 

By treating each module involved in a Dapps individually, EOS boos the efficiency of Dapps up to the greatest extent. For instance, the authentication process and execution process are performed separately.

 

EOS unleashes proof-of-stake and a role-based permission concept which allows the users to make real-time high-level decisions, like rollback, fixing of unexpected bugs in a broken app, via consent of designated stakeholders.

Conclusion

Undeniably, the solution proposed by EOS well-suited for resolving the commonly-occurring problems of a blockchain network. However, the concept behind EOS is still based on theoretical assumptions that may not bring the expected outcome.

 

The overly-exaggerated claim of EOS developers of processing 100,000 transactions per second is subject to open criticism by many stalwarts of the blockchain network. We sincerely hope, EOS coins will reshape the whole crypto landscape once it is ready for the massive adoption.

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