EOS: The New Blockchain
EOS is a new blockchain architecture that eliminates the scalability issues found in ethereum and other blockchains.
The main advantages of an EOS blockchain are discussed below:-
Support Millions of Users
The EOS blockchain is capable of handling millions of users. Since the EOS blockchain can be applied to any business use, it came to deal with numerous users.
Transaction fees were one major problem that we were facing in ethereum blockchain. One had to pay for any transactions in ethereum blockchain. But with the introduction of EOS, one can eliminate this woe as EOS will fully replace the transaction fees. Here all the transactions are made free of cost.
Easy Upgrades and Bug Recovery
The EOS platform provides an easy support for software and smart contract upgrades. As the development process is ongoing, it is quite evident to witness upgrades and bug reporting. But the important highlight is that the EOS platform is that robust in fixing the bugs and upgrades.
Transaction latency is another important feature for a blockchain. It is the total time taken in performing a transaction and its validation. Normally, the blocks are created with respect to the Transaction latency. In EOS, a block creation will take place in 0.5 seconds than the latency time and it is comparatively very less in EOs blockchain. This feature attracts the number of users to the EOS blockchain.
Some applications may require long sequential procedures to complete transactions. There are many transactions like cryptocurrency exchanges which require a sequential transaction. EOS provides a faster sequential performance along with parallel processing.
Parallel PerformanceAs blockchain performs a set of transactions per second, parallel performances remain inevitable in case of the blockchain. The EOS blockchain is highly capable of getting done these parallel execution of transactions.
All the above-mentioned features are acquired by the EOS blockchain mainly with the help of its consensus algorithm. The EOS blockchain will work on Proof of Stake consensus algorithm.
EOS utilizes delegated Proof of Stake (DPOS) which is a decentralized consensus algorithm capable of meeting the performance requirements in EOS blockchain. Anyone can be the block producers and the token holders and thereby can vote for this block approval. There will be a continuous approval voting system in the EOS network where the token holders are invited to participate within.
The blocks are created in rounds on the basis of round robin schedule. In the beginning stage, 21 block producers will be selected based on the preference of voting by the token holders. Later, these producers will be scheduled in an order to produce blocks. The order must be approved by at least 15 producers. Following that order, the block producers can create the blocks.
Each producer is authorized to produce blocks at a given point of time. If they miss out the time, that block will be skipped.
In case if a producer hasn’t produced any block for 24 hours, in that case, the producers will be removed from consideration until they inform the blockchain, the intention to restart block production. This ensures the working of blockchain in a smooth fashion and also helps to eliminate block creation latency.
Normally there won’t be any forks in the EOS blockchain. But in case if it holds any, they will move to the longest chain. And in case of any producers produce two blocks to two forks, simultaneously the producers will be voted out. And when a block is created and minimum 15 producers voted for it then the block and transaction will become irreversible. In EOS, the irreversible consensus will occur within 1 second.
The EOS smart contracts are defined as the combination of actions and automated action handlers These action handlers will access the database to do the necessary actions. We will be writing smart contracts to perform actions on the blockchain and the contract can be written using C/ C++. One can also go for rust, python or solidity.
But, there will be some scalability issues when we are using any language except C++. For this very reason, C++ is the most preferred language for any smart contract creation. The EOS smart contracts will be more powerful with 2 communication model and inter blockchain communication with different smart contracts and so on, which will be discussed in later blogs.
One must understand that there are several permission groups available in EOS. As per our business requirements, tone can define the permission groups which will deal with the permission management in EOS. The permission management will determine whether the actions are properly authorized or not.
EOS has already launched a token on the ethereum blockchain, but the tokens we have mentioned in this blog is not that particular token. They are the tokens that will be launching on EOS blockchain itself. While EOS blockchain gets launched in June 2018, meanwhile one million tokens will also be released along.
These EOS utility token will provide both bandwidth and storage on the EOS blockchain with the proportion of token stake.ie; if someone holds 1% stake of the total token then he will be allowed to use 1% of the total bandwidth.
So generally we can say EOS will be providing the most scalable and flexible blockchain with zero transaction fee and delegated proof of stake consensus algorithm. In nutshell, we can say that that EOS blockchain has the potentiality to create a new era in the blockchain. Check this blog to Getting started with EOS