What is EOS?

The evolution of technology has led man to develop new investment platforms, thus creating cryptocurrencies . A new form of digital payment through virtual currencies that are contextualized in a chain of blocks to what is called blockchain, like what EOS is.

What is EOS?

New innovative platforms for cryptocurrency mining are created every day, however, EOS has a completely different approach, as it has in fact proposed to compete with companies like Ebay and Facebook regarding the number of simultaneous active users carrying out transactions.

History of the creation of EOS

EOS has become in recent months one of the most powerful blockchains of the moment. It was created in 2017 by Dan Larrimer, through Block.one. The company is based in the Cayman Islands and its CEO is Brendon Blumer.

This blockchain system was designed to scale vertically and horizontally with decentralized applications. EOS is characterized by being a decentralized operating system.

The platform provides various services such as:

Database authentication
asynchronous communication
application programs
accounts across multiple cores.

EOS Features
EOS provides unlimited transaction capacity, more than millions of transactions per second. In other words, it has parallel processing, as it offers more speed and scalability. All this without its users having to pay any type of commission for the transactions carried out.

This blockchain allows permission levels and includes features of web tools for interface development, as well as data schemas and self-description.

EOS vs Ethereum
The EOS platform is a very similar technology to that of Ethereum . Although currently blockchain users have considered that EOS is the new competitor of Ethereum, since it has more benefits.

In EOS developers can create applications within the platform, in fact these created applications will be able to communicate with each other and will be hosted on data center servers.

It is important to mention that it avoids forks, since the nodes work cooperatively instead of competing.

eos mining
Their general consensus algorithm is based on DPOS . With this software, all users who own the EOS tokens will be able to choose to produce blocks thanks to a voting and approval system.

Users are given permission to produce blocks in proportion to the votes they accumulate. Everyone can participate in the production of blocks as long as it can generate sympathy among users to vote for them.

Users will be able to choose block producers and users with tokens can offer proposals to benefit the entire community.

Experts in this world of cryptocurrency development and blockchains have carried out analyzes where they show that this blockchain will grow throughout the year 2019 due to its great potential and benefits that it offers its users.

EOS is a project created by the company Block.one and according to its White Paper , it proposes the creation of a “software that presents a blockchain architecture designed to allow vertical and horizontal scaling of decentralized applications” and with that idea it was planted on the market of investors to become one of the most successful ICOs in history. Until now, EOS remains one of the projects that has raised the most funds.

To achieve a Blockchain network capable of vertical and horizontal scaling, the use of a new consensus algorithm, Delegated Proof-of-Stake (DPOS), a variation of the well-known Proof-of-Stake algorithm, was proposed.

The algorithm presented a radical change in what we know as cryptocurrency mining since now the production of blocks was not allowed for anyone, but rather they had to be voted on by the holders of EOS tokens. Regarding the application, the possibility is open for anyone to apply to be appointed block producer within the EOS network.

However, block producers have to do a lot of work within the network. These producers invest in the network to improve its infrastructure, development, customer service support, financial support for developers of Decentralized Applications within the network and many other actions aimed at strengthening the EOS network. To be able to carry out all these activities, economic capacity is needed and it is an element that voters will evaluate when deciding on the block producers within the network.

So that we can get an idea about the economic size of the block producers within the EOS network, we can take a look at the list of the current 21 producers . It can be seen that the Huobi and Bitfinex exchanges are consolidated producers within the network. We can also appreciate that a large majority of the producers are from the Asian continent.

For further reading: China’s 11th Crypto Ranking: EOS 1st, TRON 2nd, Ethereum 3rd, Bitcoin 15th

Returning to the topic of the block creation process, each of them is produced on the EOS Blockchain network within 0.5 seconds, being one of the fastest networks in the entire cryptocurrency market. Compared to Bitcoin blocks which are produced every 10 minutes or so, compared to Litecoin blocks which have a time of 2.5 minutes for each block, EOS runs at a much faster speed. To achieve such production, each block producer must work at the exact time designated by the system in order to generate the block and include it in the chain.

According to the data provided by Eotracker , at the time of writing this article, an EOS network block was registering an average of 20 to 35 transactions each. If we take it to unit of time then we could see that there are between 40 to 70 transactions per second.

These blocks are created in rounds of 126 blocks that are distributed among 21 producers so that each one produces 6 blocks. The 21 producers are chosen before each production process, Blockchain Development services which implies that the producers are kept in a constant election among the coin holders. Depending on whether or not they fulfill their functions, the producers can be removed or reelected in their positions.