What is EOS?

Posted by Alexander on March 19th, 2022

The initial coin offering (ICO) for EOS was introduced in July 2017. It stunned the blockchain industry. EOS had set itself as one of the top cryptocurrencies within two years of its introduction.

It put a lot of pressure on market leaders like Ethereum and newcomers like Tron and NEO. In this article, we\'ll provide you with an overview of EOS and go through its key features for creating scalable enterprise-level dApps.

EOS Overview

EOS/ EOS.IO is a platform for blockchains that create decentralized industrial apps. This technique is supported by strong infrastructure.

The major goal is to provide a user-friendly and business-friendly tool for developing decentralized apps while overcoming the drawbacks of other blockchain platforms such as Ethereum.

One of the most important constraints preventing blockchain technology from becoming widespread is scalability. EOS uses block producers to scale vertically and horizontally to make its applications free for users.

It also provides a safe infrastructure that can handle thousands of transactions per second. It\'s a complete and secured blockchain for delivering web services like:-

• Cloud storage app

• Smart contacts of EOS

• Authentication of EOS

dApp Platforms’ Successful Factors

Several elements can create or ruin a dApp\'s popularity with the general public. The list of the most important success variables for any app are:

• A large users base is supported ver well.

• End-users should be able to upgrade their dApp on any blockchain platform without difficulty.

• To deliver a good user experience, the dApp should execute with the lowest feasible latency.

• Parallel processing should be available in any dApp on any blockchain platform to spread the workload and save time.

Features of EOS

Scalable

Its transactions require each node in the network to come to an end for anything to move through. The number of transactions executed per second is a major challenge for most blockchain platforms.

Flexible

A coding susceptibility in Ethereum was exploited in 2016. It finalized in about a third of the funds held by the Decentralized Autonomous Organization being siphoned off (DAO).

Permission Scheme

EOS has robust permission that allows users to design unique authorization schemes for various business scenarios.

Upgraded

Upgradeable dApps are available on the EOS blockchain platform. It means that users can be given permission to deploy code fixes, add/alter functionality, and change the application\'s logic.

Consume less Energy

Due to DPOS, EOS is a less energy-intensive platform than others.

Governance

The governance of EOS is maintained by establishing jurisdiction and a choice of law, and mutually agreed-upon norms. This is skilled by the generation of a legally binding constitution.

Decentralized Operating System

EOS is a decentralized operating system that helps EOS provide a wide range of commercial and user-friendly functions.

EOS Accounts and Wallets Concept

The EOS wallet is thought of as a repository for public-private key pairs required to sign operations on the blockchain in the EOS architecting. 

Keosd is an EOS application that handles EOS wallets and keeps private keys. Cleos is used to access wallets (the EOS command-line tool).

In comparison to other cryptocurrencies, EOS has a unique account structure. In EOS, an account is similar to an on-chain identity with access permissions attached.

Depending on the permissions, many users can hold an EOS account. By default, an EOS account has two permissions:-

• Active: This permission identifies the account\'s owner.

• Owner: This clearance is required for fund transfers, producer polls, and other top-level changes.

How is the Developing Cost of dApp on EOS Calculated?

The cost of producing a dApp on EOS is always determined by three factors:

Resources Types

All the accounts consume the following three types of resources:

• Random Access Memory (RAM)

• Bandwidth and Long Storage Network

• CPU, Computation and Computational Backlog

Use of Resources

• RAM: The information that may be accessible from application logic is referred to as blockchain state storage.

• Network: Every time a user sends a transaction, it is momentarily consumed.

• CPU: Every time a user sends an action or transaction, it is momentarily consumed.

Allocating Resources

• RAM: It must be purchased at the current market price, as determined by the Bancor Algorithm.

• Network and CPU: The number of tokens kept in a 3-day staking contract determines how many of these are distributed.

Cases of Using EOS dApp

The blockchain community has well-received EOS. The platform has already spawned a slew of applications. We\'ll go over a couple of these applications to give you an idea of the possibilities.

DACTROIT

This experimental project envisions and promotes new methods for people to share their spaces, resources, and relationships.

Ubuntu Energy Ledger

By 2030, the proposal seeks to offer Africa cost-effective renewable energy and power to 4 billion households. To help fund small enterprises, the community relies on microloans and investors.

All_ebt Food Stamps

Food Stamps support over 45 percent of the population in Puerto Rico, including families, women with young children, the elderly, and the disabled.

Conclusion

EOS, often known as EOSIO, is the most commonly utilized blockchain platform in the world right now. All blockchain-based decentralized apps provide services with users\' utility and benefits.

EOS is a colonist in developing softwares for gaming and gambling and a vast range of other applications for music sharing, fitness tracking, digital payment, and other uses.

dApps of traditional blockchain have been quickly replaced by EOS dApps, which are safer and more inexpensive. It has emerged as a scam-free champion of blockchain technology based on running trends and can deliver benefits for a wide range of business demands in the future.