Simple Guide for EOS

EOS is Ethereum Operating System, is a blockchain controlled system.
A decentralized system that allows hosting, development and execution of commercial decentralized applications. To understand EOS, one has to understand blockchain and its essence in enabling the functionality and efficiency of EOS.

What is Blockchain?


A blockchain is simply a digital ledger that cannot be tempered with and is programmed to record not only financial transactions, but virtually any data of value.
One of the unique characteristics of a blockchain is that it constantly reconciles its database and does not store data in one single location which therefore hard to corrupt the data.

Structure of EOS

Image source(url: https://steemit.com)

EOS comprises of two key elements;

  1. EOS.IO
  2. EOS token

EOS.IO

The EOS.IO is the operating system of the EOS blockchain and enables the decentralized scaling of applications. EOS.IO helps developers to come up with blockchain related applications focusing on decentralized applications, smart contracts and autonomous corporations.
Smart contracts refer to self-executing agreements between seller and a buyer being directly recorded into lines of code. Smart contracts allow trusted agreements and transactions to take place among disparate and unknown parties without the need of legal system external enforcement mechanism or legal system. They make the transactions transparent, traceable, and irreversible.

EOS token

EOS token is on the hand the cryptocurrency of the EOS network.
EOS alleviates shortcomings with scale while improving the experience of the user when dealing with Ethereum applications. This aids easy execution of small contracts which then enables new types of applications to be built. Lowering or eliminating time associated with executing coding on Ethereum, amounts to valuable market opportunity which has made Ethereum one of the best cryptocurrencies in market capitalization (Seth, 2018).

Aim of EOS


There are already several blockchain based networks existing like Ethereum, which enables decentralized application.
EOS focuses on the solving the limitations of other networks. Its aim is to solve the limitations by;

  • Fixing the problem of scaling by providing an alternative network that can withstand millions of transactions in a split second
  • It generates a developer friendly platform for building a new, fast Ethereum decentralized applications.
  • It is developed in part by Dan Larimer, who has worked on other successful blockchain projects including Bitshares and Steemit.
  • The EOS token itself is only required for the registration of new applications. Its demand is based solely on the need for EOS, which grows as more products are built on top of the Ethereum blockchain

EOS tries to address the following shortcomings by providing more scalability, usability and flexibility through its unique mechanism.
EOS enables flexibility by promoting free usage by the user which is simply eliminating transaction charges and allowing developers to utilize the network in proportion to their stake; peer-to-peer transaction model. EOS uses proof of stake concept which enables flexibility constant high level decisions.
Proof of work is the validation of work that has taken place and providing prove that it has taken place it mostly followed by bitcoin to authenticate that the chain is effective. Proof of stake on the other is an alternative means of validating and verifying a block or transactions . This type of process eliminates challenges experienced in proof of work and is believed to be advantageous in the way that;

  • There is no need for costly hardware as a computer will come up with the figures as long its online
  • It is power efficient as there is no much electricity consumption
  • The validators are loyal and more likely to give accurate results
  • It gives fast validations than PoW in general

Price trend of EOS


The highest price was recoded as 21.46$ in the end of April in 2018. This coin has much bigger volatility because the trading volume is still very small.
Right now EOS price is 5.25$. Compared to the price last year, it has been already 5 times. We can expect the growth of price more if the project can implement more attractive projects.

【参考】
EOS Homepage
[EOS Go Block Producer Report] EOS NodeOne

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