What Is EOS and How Does It Work?

2019-02-11 06:26:23 · 2163 views · 2 min read

What Is EOS?

EOS is a blockchain-based, decentralized system that empowers the development, hosting, and deployment of commercial-scale decentralized applications on its platform. It is designed to support dapps similar to Ethereum in its core functionalities. It makes dapp development easy by providing an operating-system-like set of services and functions that dapps can make use of.

 

How Does EOS Work?

EOS aims to build a blockchain platform that can smoothly process thousands of transactions per second without on-chain transaction costs and also provide an accessible experience to app developers and users. They aim to provide a complete operating system for decentralized applications by providing services like user authentication, cloud storage, server hosting, and more.

 

Like Ethereum miners, blockchain producers produce EOS blocks and get paid by EOS blockchain itself, so that removes fees from end users - in fact, no micropayments are required for users to send transactions or do tasks on the blockchain.

 

Unlike Bitcoin and Ethereum that use proof-of-work (PoW) consensus method, Delegated Proof of Stake (DPoS) allows EOS to be able to have some of the fastest block-producing times in the market. On the EOS Blockchain, two blocks are produced every second, and it is 30 times faster than Ethereum and 1,200 times faster than Bitcoin.

 

What Are Eos’s Key Advantages?

  1. Graphene technology + DPoS consensus algorithm + Multi-lane processing capacity = Over one million TPS

  2. Free to use. Meanwhile, EOS tokens are needed as a staking vehicle for more resources. The value of the token will increase as EOS includes more applications.

  3. With Webassembly virtual machine, EOS is compatible with EVM and several programming languages. This means that transferring smart contracts on Ethereum to the platform requires almost no cost.

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