What is EOS Blockchain?
First released in July 2017, EOS Blockchain was designed to compete with the likes of Ethereum and Bitcoin and is currently considered the most viable decentralized blockchain network. You can think of the system as an upgraded Ethereum, with a streamlined codebase.
EOS Blockchain also offers blockchain features that we haven’t seen yet from Ethereum or Bitcoin, such as ‘smart contracts.’ Smart contracts allow agreements to be automatically triggered by blockchain, meaning that an agreement is guaranteed to be upheld even in the absence of one of the parties.
Smart contracts have long been in the public spotlight in the case of Ethereum, with users of the platform struggling to prevent the collapse of several major projects due to problems in the code.
How does EOS Blockchain work?
EOS can be accessed via desktop browsers or iOS and Android apps. The mobile apps are aimed at solving problems developers often face when working with blockchain technology.
For instance, EOS uses a new type of transaction in which users assign “smart contracts” to one another without the need for an intermediary. The project has even set up a blockchain for the education industry.
Its EOS School Network gives students the ability to learn about blockchain technology by conducting tests, quizzes, and learning with the help of an on-site teacher.
EOS has a clear vision: to provide an open blockchain that provides universal access to its network and core functions — as well as a means to run decentralized apps. What does the EOS project have planned?
Founders of EOS Blockchain?
The EOS platform was designed by Block.one, a company Block.one, and the white paper is written by Daniel Larimer and Brendan Blumer. Both remain part of Block.one’s executive team and executive team, with Blumer acting as CEO as well as Daniel Larimer as CTO.
Blumer is an entrepreneur with a track record Blumer is a serial entrepreneur as well one of his early ventures was selling virtual content for games. He later co-founded Okay.com an online-focused real estate company located in Hong Kong.
Larimer is a programmer who also has started several crypto ventures. These include the cryptocurrency trade platform BitShares as well as Steem. Steem blockchain.
The two began their relationship in 2016 and formed Block.one in the following year.
How can you develop a DApp on EOS Blockchain?
EOS provides developers with the tools to create their own platform by facilitating a peer-to-peer network that functions as a bridge between applications, or “dapps.”
The platform is also supported by a wide range of tools and resources that can be utilized by developers and developers’ partners to develop their dapps and more.
Alongside DApps, the platform is also a key part of the wider EOS ecosystem — and as such, it’s helping to facilitate the development of a range of services and products — from crowdfunding and mining tools to voting, governance, and more.
What are DApps? A blockchain is a distributed database that keeps all transaction information from all other computers on the network, and it’s something that EOS is designed to support.
What are the benefits of EOS Blockchain?
By providing as many developers as possible with a suite of basic tools, EOS claims it can drive blockchain technology to the mainstream, so as to boost its usage in the world of commerce.
The platform also enables its users to publish new apps and services — creating a social network, for instance, without the need to build a server. Instead, users share their data with each other, while the apps handle the processing.
By doing so, developers are given a significantly more elegant way to bring their blockchain creations to life. Additionally, the platform enables the creation of smart contracts, in which the rules of blockchain technologies are written into code.
EOS and Ethereum
Since EOS was launched back in June, it’s evolved into the third-largest digital currency by market capitalization — and so it seems a good place to start learning more about it.
The platform is ‘truly open,’ says Mason. This is in contrast to the ‘rigged system’ that allows only a handful of businesses to dominate the Ethereum network. “Blockchain is super important to the future of computing,”
Mason said. “If you want to change the world, you have to understand blockchain.” But the most crucial feature of EOS is its main blockchain technology, known as ‘Block Swarm.’ It works much like a voting system on a political ballot, and it empowers users to vote on their behalf. “The good thing about this is that EOS is very scalable.
There is a way to buy EOS through Binance, Coinbase, Kraken, and numerous other exchanges.
What is the uniqueness of EOS Blockchain?
EOS.IO could be considered an operating system like Windows or iOS. However, EOS.IO aims to make its users familiar. EOS.IO can be compared to Windows or iOS but EOS.IO is the cryptocurrency that drives it.
The company claims that it can handle the needs of hundreds or even thousands of DApps, even if they are being used by large numbers of people. This efficiency is attributed to parallel execution and a modular approach.
Token holders can vote for block producers in a unique twist.
EOS has some distinctive features that critics don’t like the best. Some argue that Block.one is too involved in this project, which could be a problem because this is what blockchains and cryptocurrency were intended to do.
And that, in the words of former IBM chief scientist Andrew Ozzman, is the platform’s killer feature: simplicity. While blockchain technology can be complex to understand, Ethereum is particularly difficult to get your head around — but EOS aims to put the user at the center of everything. What are your thoughts? What do you think of EOS? Is it the right platform for entrepreneurs? Let us know in the comments section below!
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