Eos(Equation of State) also called as eos.io is a blockchain protocol with an open-source MIT software license. According to the EOS news, it is one of the latest and fastest-growing projects in the cryptocurrency field, and EOS differ from other blockchains in terms of scalability. The EOS software was created by Block. One company.
Some of the features of EOS are that It provides authentication, databases, asynchronous communication, accounts and the scheduling of applications across multiple CPUs which results in a blockchain architecture having the potential to execute millions of transactions per second eliminates user fees and allows for fast and easy deployment of decentralized applications. The previous blockchain like Ethereum does not provide the facility of vertical and horizontal scaling. EOS blockchain introduced this type of scaling.
The EOS project came into existence on June 26th, 2017 with Dan Larimer as its’ chief architect. Billions of tokens were released and distributed at that time, and the project attracted a fund of around $ 1 billion. Later, the project attracted $4 billion in funding, which is an unbelievable one.
The main objective of EOS is to gain the potential for processing millions of transactions per second and increase scalability, other than just becoming an operating system like a platform for creating commercial based new decentralized applications which are not possible for Ethereum and others. The goal of achieving millions of transactions per second is quite reasonable as only 21 nodes are spread over the EOS network and formation of the block needs interaction between these 21 nodes which make the EOS differ from other blockchains.
EOS tokens can be useful for developers to build dApps using network resources. An EOS network does not require mining. In EOS, Block producers can earn new EOS tokens as rewards for creating the required number of blocks Coin holders can provide computing capacity to others who do not run apps.
The user many ask some desired amount which they expect to be paid through EOS token.
The median value of the expected pay published by all block producers determines the number of tokens to be generated. EOS coin also cuts the cost of the transaction. For example, if you are using Ethereum blockchain, you will have to pay some transaction fees, which makes it unusable on a global scale as sending small amounts for each transaction will be worthless.
The block creators may demand more blocks if there is more storage requirements. The token holders may approve the higher price which the block creators demand for their work.
Also, the more people will be on the network, the more it will become expensive. We can even say that when someone needs to use the network, they rent Ethereum’s Virtual Machine, which will cost them some transaction fee. The EOS model brings the new concept in the way that instead of renting computing power, EOS coin holders gets the ownership of the network. The working of the EOS coin is the same as any other cryptocurrency. It is an excellent payment system to transfer money to anyone across the globe for free, in just a few seconds. This can be seen as paying cash to someone in the real world where you don’t expect to show identification to buy any service or product.
In brief, EOS blockchain is the fastest-growing project in the field of blockchain to do a million transactions per second. EOS also differ from other blockchains in terms of scalability. As the other blockchains ask for transactions fees for using their virtual machine, in EOS, the user gets the ownership of the network. EOS is still in its experimental stage, but it has the potential to become one of the most useful blockchains in the future for free and scalable transactions which will be very fast.