EOS is a kind of software that introduces blockchain architecture that enables horizontal and vertical scaling of decentralized applications. This can be achieved by building an application on an operating system like construct. This software provides authentication, accounts, asynchronous communication, Databases and scheduling of applications across multiple CPU cores or clusters. This results in a blockchain architecture that holds the potential to scale up to millions of transactions per second where-in eliminating user fee and paves way for easy and quick development of decentralized applications.
The main idea behind EOS is to put together all the positive features from the existing blockchain successes such as security of Bitcoins, computing support of Ethereum and many more under one roof i.e. an easy to use dapplication platform that can be used by individuals and corporations that contribute and empower the blockchain technology environment.
EOS focus on building a blockchain dapp platform that is highly secure and can be scaled to Thousands of transactions per second without compromising on the developer and user experience. With the primary focus on providing a competent operating system for decentralized applications on the web integrating the attributes like cloud storage, server hosting and user authentication.
The EOS network is a ready-made platform for apps that lets developers tap into a full-featured authentication system. User accounts, complete with different permission levels and their own locally secured user data come as a feature of the network. The latest EOS updates have enabled shared database access between accounts and the ability to store user data on a local machine off of the blockchain.
Recovery for stolen accounts is baked into the system as well, with various methods of proving your identity and restoring access to a compromised account.
Server hosting and cloud storage are part of the EOS system as well, meaning that application developers can build and deploy applications and web interfaces with hosting, cloud storage and download bandwidth provided by the EOS system. This opens developers up to bring their ideas into reality free from the demands of securing storage and bandwidth.
The developer will have access to usage analytics for storage and bandwidth directly from EOS, and be able to set limits for specific applications to whatever levels they choose. These services are paid for by staking EOS tokens.
Most common blockchain (think Bitcoin and Ethereum) use “consensus over state,” meaning that at any point all of the computers on the network can verify the current state of the entire blockchain in order to prevent fraud and confirm transactions. The blockchain in those cases is a graph of the state of the system, and when each new block is added to the blockchain, nodes on the network take each transaction from the block and update the state of each address associated with those transactions.
When using consensus over events, the focus is on the transactions (or simply messages) as opposed to the state. Instead of verifying the state of the network at any given time, nodes verify the series of events that have occurred so far to keep track of network state. The result is a system that takes longer to completely reconfirm the history of transactions when restarted, but can handle a much higher throughput of transactions while running.
What this means in plain English is that the EOS network can scale to one million messages or transactions per second out of the gate on a single machine, with theoretically infinite scaling possible in parallel between multiple machines.
An application built on the EOS platform does not REQUIRE micropayments by end users to send messages and perform tasks on the blockchain. This is left up to the individual app developers to determine how transactions fees (which are extremely low) will be paid, meaning companies are free to come up with their own monetization strategies and offer their users service for free or not.
The EOS system provides a governance model based on block producers than can vote on which transactions are confirmed, whether an application is running correctly and on changes to the source code of individual applications as well to the EOS system itself. This means that the community can actively upgrade, downgrade, and fix bugs in the system in a democratic and secure manner.
The EOS system reduces the latency and maximizes performance by structuring each block (produced every 3 second currently and being tested at 0.5 seconds) even more finely into “cycles,” which are sequentially performed. Cycles are in turn structured into “threads” that run in parallel within cycles. This allows for messages and transactions to be sent and responded to within single blocks and between blocks, bringing the theoretical bottom limit to the response time down to simply message transmission time over the net.
Looking for blockchain solution implementations?
Talk to Our Experts now on your requirements.