What is EOS and How is it Improving the Blockchain Ecosystem?

  • The EOS network falls just after Bitcoin and Ethereum in terms of running age.
  • The network focuses on improving scalability and transaction finality time. 

Bitcoin, after its launch in 2008, became the face of blockchain technology. After its release, several other blockchain platforms were too developed for various uses. Among them, Ethereum emerged as a major player, which offered unique smart contracts and dApps. It wanted to transform into a single-world computer.

However, the limitations of such platforms were soon realised as their popularity and value attracted a large number of users. Blocks filled with transactions to be validated started to pile up, causing the high gas fees and lazy transaction speed. This opened an opportunity for the launch of networks focussed on improving the network scalability and one such player in this space emerged as EOS network.

What is the EOS Network? 

The EOS network was built using the EOSIO software which was written by block. one, a Cayman Island-based company, launched in June 2018. It is a layer 1 solution designed to address the scalability issues. The open-source platform was developed to provide security, flexibility, high performance, and a better experience to the end users. 

The EOS Virtual Machine (EOSVM) powers this third-generation blockchain which boats nearly chargeless transactions through its WebAssembly engine. The network ran smoothly during the initial years, however, with time the development slowed and the existing projects had no longer funds to continue operating.

This led to people migrating to other networks, and to address this, the EOS block producers (BPs) reached a consensus to launch the EOS Network Foundation (EOSNF). This new entity was made responsible for handling capital allotment and carrying the vision of the network forward. The EOSNF also made sure that tokens are no longer locked and has turned into a fully Decentralised Autonomous Organisation (DAO) now. 

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Features of EOS Network

The performance of a blockchain is measured through several parameters, such as Transactions per Second (TPS), latency, throughput, and gas fees. However, several existing blockchains have these parameters that do not fall within the expected quality range for end users, and thus, they fall short of being mass-adopted by the public. The EOS network, through its unique features, aims to resolve these issues.

The EOSN runs on a Delegated Proof of Stake (DPoS) consensus mechanism. Here, token holders have the right to vote in a continuous approval voting system and choose the block producer. Anyone can participate in this process and claim to be a block producer; they just need to ensure they get the votes of token holders. The block-producing time is 0.5 seconds, and only a single block producer can produce a block at any given time. If the person fails, then the block for that time slot is skipped.

When a round starts, 21 block producers are chosen based on the votes and then put in a schedule as agreed by the majority. If a BP fails to produce a block and shows no activity in 24 hours, then the person is removed from consideration. If they mention their intention to continue, then they are given a chance. This ensures that the time slots do not remain empty, and unreliable BPs are removed from the consensus.The EOS network provides users with human-readable accounts, making it easier for them to remember their own as well as their clients’ accounts. The EOS DeFi projects are secured through a Recover+ security protocol. The network, through its technology partner Antelope, offers near-instant finality time for the users.

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EOS is the native token of the network, which can be used for casting votes and making governance-related decisions. The network has a future vision of investing in startups focused on the metaverse, NFTs, GameFi, and eSports. It aims to achieve this vision through its $100 Million venture capital fund held by EOS Network Ventures (ENV).

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