What is the Future of Eos? (EOS)

What is the Future of Eos in this guide? We will answer questions such as who created it, what is its features and project.

Often referred to as the “Ethereum Killer,” EOS is a smart contract platform that runs commercial-scale DApps (decentralized applications).

EOS is the cryptocurrency that powers the EOS network. One billion EOS tokens were minted in a one-year ICO before the EOS mainnet went public in June 2017. Backers have raised more than $4 billion, making it the most successful ICO campaign ever.

What is the Future of Eos? (EOS)

What is EOS Coin?

EOS is a high-performance blockchain infrastructure that provides a fast, cost-effective and secure environment for commercial-scale DApps. The EOS blockchain is a competitor to Ethereum built for both public and specific use cases.

The EOS ecosystem has three main components:

  • EOS.IO: The underlying software is more like an operating system that runs and manages the EOS blockchain network. It provides a toolkit for developers to simplify DApp development.
  • EOS Blockchain: The main EOS blockchain managed by the Delegated Proof-of-Stake (DPoS) consensus algorithm that hosts and runs DApps.
  • EOS Tokens: The EOS blockchain has EOS tokens, a core currency that is responsible for on-chain betting, governance, and other economic activities on the network.

The EOS architecture enables fast and inexpensive transactions with the ability to host and run smart contracts in a robust execution environment. EOS has a half-second block time, which is ultra-fast compared to some other blockchain platforms where average block times range from 2-10 minutes.

EOS introduced the EOS VM WASM (web assembly) engine as part of the EOSIO 1.0 release, which boosts processing speeds by 12x. It also stores the state of the network in multiple index tables, making it much more responsive than other blockchains where users face frustrating delays when performing daily activities on DApps.

The EOS blockchain is designed to be not only robust, but also extremely flexible. Unlike some other blockchain platforms, developers can easily upgrade their smart contracts deployed by EOS and add extensions to enhance their scope and functionality. Network behavior on the EOS platform is defined by highly configurable system contracts, making it easy to perform system upgrades without changing the underlying consensus.

Smart contracts on the EOS blockchain are written in industry standard C++, with a wide range of software development (SDKs) and a wide variety of development tools provided by the EOSIO library. These tools and SDKs make it easy for developers to seamlessly build and launch their DApps on the EOS blockchain.

How Does EOS Work?

The EOS blockchain brings a paradigm shift in the field of programmable blockchain with its unique approach to solving one of the most fundamental problems in the crypto ecosystem: scalability.

It uses a customized variant of a Proof-of-Stake consensus algorithm called Delegated Proof-of-Stake (DPoS) to help achieve the required scalability. The DPoS consensus algorithm was an invention of Dan Larimer, CTO of the EOS project and founder of Bitshares (an early crypto exchange) and Steem (a crypto-based publishing platform). DPoS was tested on Bitshares and Steem before it became part of the EOS blockchain.

Before we get into the mechanism of the DPoS consensus algorithm, we need to understand the concept of ‘Block Generators’. In any PoS-based network, there are stakeholders (or validators) who are responsible for block generation and overall network security.

On the EOS blockchain, there are block producers who are the custodians of the network and are selected by the community voting process. The first 21 block producers selected are called Delegates. They verify all transactions in the network, create blocks, execute different transactions for smart contracts and ensure the security of the network.

Block producers allocate EOS tokens on the network to ensure the security and smooth functioning of the ecosystem. If they act maliciously, they lose their stake and an alternative block producer takes over. Community voting also selects alternative block producers, and a total of 84 alternative block producers are selected, with standby mode. If delegates cannot manage processes due to a machine failure, alternative block producers take their place.

Block producers use an algorithm known as Asynchronous Byzantine Fault Tolerance (ABFT). It acts as a secondary structure for the EOS consensus algorithm for block generation to achieve certainty and a single source of truth. The block producers in DPoS and the second layer of the ABFT consensus mechanism allow for much faster block confirmation times and throughput.

The EOS mainnet has hit an all-time high throughput with 4,000 TPS (transactions per second) to date. However, the network can handle up to 10,000 TPS with EOSIO 1.0, and with further updates to the development roadmap, throughput and system efficiency will increase.

Another exciting and innovative aspect of the EOS blockchain is sentient transactions. Unlike other smart contract platforms like Ethereum, there are no fees when using a DApp or interacting with a smart contract. These no-cost transactions are possible due to the prepaid network resources that developers pay when implementing a smart contract on the EOS blockchain.

In the traditional Web 2.0 world, developers pay for the resources their applications require, such as servers, network bandwidth, and domain to deploy and run their applications. Users can access these applications for free using their browsers.

The same model is implemented here on the EOS blockchain, where developers stake EOS tokens to provide an equivalent amount of resources for their DApps. There are three resources developers can use on EOS:

  • CPU: The amount of CPU time required to process processes.
  • NET: Network bandwidth required for operations (data transfer).
  • RAM: Used by smart contracts to store data on the blockchain.

Depending on the size of the stake, developers can secure an equivalent amount of resources from the EOS network to host and run their DApps. Users can use the DApp without paying any transaction fees. The EOS protocol replaces transaction fees with inflation, as developers can get their tokens back from the network.

What is the Future of Eos? (EOS)

Who Are the Founders of EOS?

The EOS platform was developed by the company Block.one, and its white paper was authored by Daniel Larimer and Brendan Blumer.

Both men continue to be members of Block.one’s executive team, with Blumer serving as CEO and Daniel Larimer as CTO.

Blumer is a serial entrepreneur, and one of his earliest ventures involved selling virtual assets for video games. He went on to co-found Okay.com, a digitally focused real estate agency in Hong Kong.

Larimer is a software programmer who has also started a series of crypto ventures. They include the crypto trading platform BitShares and the Steem blockchain.

The pair met in 2016 and formed Block.one the following year.

EOS Coin Review and Future

The potential of smart contract platforms like Ethereum has been pinpointed and their aim is to address challenges that current projects have not been able to meet so far. The EOSIO blockchain project essentially offers the same functionality as its biggest competitor, Ethereum. EOSIO provides data hosting, secure access and authentication methods, user management, authorization management, and a development environment for DApps. Many expert forecasts suggest that the future price of EOS could rise above $8 in the near term.

EOS had a successful launch, but it’s had a bumpy ride over the years. One reason is the lack of corporate interest in building decentralized applications and the lack of a solid developer community. As such, there have been Proof-of-Work (PoW)-based blockchains, underlying computing platforms and operating systems that are not well suited to building large-scale DApps like Ethereum.

However, networks like Ethereum currently maintain a low TPS rate and may not be able to handle enough transactions in the future, especially given the growing number of users in the crypto industry. Ethereum’s 2.0 upgrade is on the way, but in the race to become the most preferred blockchain platform, nothing is yet completed.

EOSIO is expected to handle millions of transactions per second at a low cost. The essence of EOSIO lies in its unlimited scalability. Also, the EOS network is based on DPoS, making transactions on the network free, fast and secure. Overall, it’s a network you should definitely keep an eye on.

How Many EOS Coins Are There in Circulation?

  • Market Cap: $1,680,773,197 (11 May, 2022)
  • Circulating Supply: 989.160.069 EOS
  • Total Supply: 1.054.383.774 EOS
  • Max Supply: No Data
  • All Time High: (Apr 29, 2018) $22.89
  • All Time Low: (Oct 23, 2017) $0.4802

What is the Future of Eos in this guide? We answered the questions of who created it and how it works. Keep following us.

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Note: The information, comments and evaluations contained here are NOT in the Scope of Investment Consultancy. Keep following the SinceCoin.

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