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What is an EOS?
EOS is one of the latest blockchain projects. Its goal is to build a network capable of processing millions of transactions per second. The company behind the EOS’s software is called Block. They also participate in many different other blockchain projects.
The goal of EOS is to create a decentralized blockchain system that can process transactions quickly and free of charge. It will also allow the creation of smart contracts based on this, which will allow developers to release dApps.
DApps are the future of the Internet. An example of a dApp application that can be used on the EOS blockchain is the decentralized version of Facebook, where no one controls the network and no one can access your personal information.
Another goal of EOS is the ability to process millions of transactions per second. This would solve a big problem, as other blockchain systems can recognize smart contracts, but none of them can process them quickly. For example, although Ethereum is the most popular blockchain system with a smart contract, it can only process 15 transactions per second.
Another issue that EOS seeks to solve is the usability problem. For example, both Steem and BitShares can process around 100,000 transactions per second and use smart contract technology. However, it’s really difficult for developers to insert basic features such as account recovery and task scheduling.
Using the protocol of the operating system, all these basic functions will be built into EOS, which will allow you to collect everything you need on one platform.
How does EOS work?
EOS is often called the Ethereum Killer. This means that he can do everything that Ethereum can do, but much better. First, as we have already mentioned, both Ethereum and EOS are capable of supportingdApps, which are supported by smart contracts. However, the key difference is the amount that each network can process at any given time. This is called “Scalability”, which is one of the most important things to consider when analyzing the potential of a blockchain system.
When you use the Ethereum blockchain, you have to pay for transactions. And as more and more people use the network, it is becoming more and more expensive.
This makes it unsuitable for use on a global scale, since sending small amounts becomes unprofitable. The problem arises from how Ethereum was built. When people need to use the network, they so called “rent” Ethereum capacities, which requires transaction fees. However, the EOS model is different: instead of leasing computing power, EOS coins owners own a network.
For example, if you own 1% of EOS coins, you will essentially own 1% of the network, which means that you will own 1% of the necessary computing power to process the transaction. Thanks to this, transactions become free on this network.
What is EOS used for?
The EOS coin works just like any other cryptocurrency: you can send, store or receive funds between wallets. This makes it an excellent payment system, since you can transfer money to anyone in the world for free in just a few seconds without a commission.