What is an EOS?

What is an EOS?

EOS is a blockchain platform designed to create decentralized applications (DAPPs) of any scale. Fans call her the killer of Ethereum for similar functionality with greater scalability, zero transaction fees and the original model of on-chain management.

Why is there so much hype around EOS?

EOS holds the record for fees for ICOs – more than $ 4 billion. The platform’s token sale lasted almost a year – from June 26, 2017 to June 1, 2018.

High expectations are associated with previous successful projects of the main platform developer Dan Larimer and the declared revolutionary platform scalability. Already at the development stage, the EOS blockchain was used by such large industry projects as Bitfinex, Bancor, Everipedia.

At the same time, before the launch of the mainnet, the EOS token increased in price by 4 times.

Who created the EOS?

The creator of EOS is Block.one. The co-founder of the platform is industry veteran and blockchain visionary Dan Larimer (co-founder of Bitshares and Steemit). The platform code is freely available on Github. Community members are free to send pull requests (suggestions for changing the code), but the final word is with Block.one.

There are third-party developers who create related products: wallets, voting tools, and plugins. Often, block validators themselves in the EOS network (block producers) do this.

What are the goals of EOS?

EOS developers combine existing blockchain solutions and proprietary technologies to create a functional DApps platform.

“We are creating a blockchain architecture that is potentially scalable to millions of transactions per second, without commissions, with quick and easy implementation of decentralized applications,” says the EOS team in the project’s FAQ.

How is EOS different from other blockchain platforms?

  • lack of transaction fees or “gas”. EOS is free to use;
  • developers at whitepaper say EOS will be able to process millions of transactions per second. For comparison, the Ethereum network bandwidth is up to 30 transactions;
  • EOS uses the original DPoS (Delegated Proof-of-Stake) consensus algorithm. DPoS is praised for scalability and low energy costs, but criticized for the complex management structure and the danger of centralization;
  • the platform does not require knowledge of unique programming languages ​​- decentralized applications can be created in C ++;
  • network management model – a complex structure with the rules of the game prescribed in the Constitution. The relations between the participants are regulated by smart contracts, and disputes are resolved by the special arbitration body of the EOS Core Arbitration Forum (ECAF).

What is DPoS and how is it different from PoS?

DPoS (Delegated Proof-of-Stake) is a consensus algorithm first developed by Dan Larimer in 2013 for his BitShares project. This protocol is also called a form of “digital democracy.”

The difference between DPoS and PoS is the separation of network participants into block producers and voters. In other words, not all EOS coin holders can be directly involved in creating blocks. In order to become a validator, a network member must fulfill two conditions:

  • Have sufficient technical capacity to maintain the smooth operation of the 24/7 node.
  • Maintain an impeccable reputation and spend resources on building a community and obtaining the necessary user votes.
    If in PoS the chance to become a block validator depends on the number of coins blocked in the wallet, then in DPoS this role is played by the votes cast for the block producer by network participants.

Unlike PoS, the coins used in voting are not blocked in the wallet, but can be freely used. This will reduce the weight of the voter in the next vote. Another difference is the lack of a mandatory minimum amount of coins for voting.

What is the consensus building process in DPoS?

The process of creating blocks in DPoS blockchains is divided into rounds. Each round has the following structure:

  • Coin holders vote for block producers.
  • The block producers with the most votes fall into the pool from which validators are selected for the next round of block creation. In each round, 21 block producers participate, each creates 12 blocks.
  • The validators validate the blocks created during round 252, and the process repeats.

How does DPoS work in EOS?

In the creation of each new EOS block, 21 validators are involved. But there are much more people who want to take this place.

Block producers are chosen by network participants, and the weight of each vote depends on the total assets of the voter. From the pool of validators with the highest number of votes, a queue is formed from which validators are selected for the next round of creating blocks.

A voice can be transferred to another validator at any time. You can also vote for several block producers at the same time, and the votes will have equal power. Loss of user votes removes the validator from the game. Such a political structure forces validator to refrain from abuse and, according to Larimer’s plan, should make impossible collusion and excessive centralization.

How to choose and vote for a block producer?

The competition of block producers within the network is reminiscent of the political struggle of parties in an electronic democratic state. Unlike PoW blockchains, where political weight depends on computing power, EOS validators need to expand and develop the community around the project in order to increase their own political weight with increasing competition.

Traditionally, validators are fixed in the regions as leading local block producers, which reduces the likelihood of a repetition of the situation of centralized mining, in which bitcoin fell. The largest block producer in Eastern Europe is Attic Lab.

In order to exercise your voting right, you must download the voting tool on the site of the block producer that you trust.

The card was prepared in collaboration with the block producer Attic Lab.

Add a comment