EOS

Overview

EOS is a blockchain platform for creating decentralized industrial applications. It has a strong underlying infrastructure supporting core functionality that allows businesses to build hassle-free secure blockchain-based applications.

EOS' main purpose is to create a user- and business-friendly tool for constructing decentralized apps (dApps), while also overcoming the constraints of current blockchain platforms like Ethereum. Scalability is one of the most fundamental barriers to the broad adoption of blockchain technology.

The present rate of transactions feasible with Ethereum, for example, is extremely low. Furthermore, users must pay the Gas fees in order to utilize any of the platform's dApps. This is useless because users will refuse to use a system that requires them to pay a transaction fee at each stage. EOS employs a number of techniques to keep its applications free for users.

Characteristics of EOS

EOS promises to host thousands of commercial-scale DApps without encountering performance issues because of parallel processing and asynchronous communication across the network.

Separate modules involved in dApp operation boost efficiency even more. For example, the authentication phase is carried out separately from the execution operation.

EOS's core usability features are a web toolkit for interface construction, self-describing interfaces, database schemas, and a declarative permission mechanism. These things make it easier for developers to create and maintain apps.

Founders

Brenden Blumer

Brendan Blumer (born August 8, 1986) is an entrepreneur, CEO, and investor from the United States. He is the founder and CEO of Block.one, a technology firm that develops the EOS distributed ledger platform. He currently resides in Hong Kong.

Main components of EOS Core

The EOSIO Core is made up of several primary components that help create the groundwork for the EOSIO ecosystem:

• EOS Virtual Machine (EOS VM)
• EOSIO System Smart Contracts 
• EOSIO Contract Development Toolkit (EOS.CDT)
• Nodeos Core Daemon
• Keosd Key Manager
• Cleos Command Line Interface (CLI)

The EOS Virtual Machine (EOS VM) is a purpose-built, high-performance blockchain WebAssembly implementation for executing smart contracts within the EOS ecosystem.

The blockchain protocol's foundation relies heavily on EOS' smart contracts mechanism. The fundamental behavior of an EOSIO blockchain can be altered to fit a range of business use-case requirements without requiring core software changes because smart system contracts have access to privileged capabilities.

The EOSIO Contract Development Toolkit (EOS.CDT) is an LLVM-based ToolChain for compiling and optimizing smart contracts on the EOSIO platform. Providing standard library implementations for the C and C++ programming languages provides a more reliable framework for developers to declare their smart contract structure and accompanying data structures.

Nodeos is the main service daemon that runs nodes on the EOSIO network (and can be configured via various plugins).

Keosd is a key management daemon that can sign digital messages like transactions and is included with the EOSIO blockchain to make it easier to build. Its purpose is to provide secure key storage in a locally encrypted wallet file.

Cleos provides a command-line interface (CLI) and specific developer tools to make connecting to EOS blockchains easy for software engineers. The CLI allows you to read data from the blockchain's history, send new transactions, and test and deploy smart contracts.

Consensus mechanism of EOS

Delegated proof of stake, or DPoS, is EOS' consensus technique. In DPoS, the person who possesses the coins does not have the ability to validate transactions, but he or she can vote on who should. It's akin to the democratic process. 'Block producers' are the individuals for whom you can vote. They are the ones that are in charge of verifying transactions and receiving incentives. The network's security is managed by a total of 21 block makers.

Scalability of EOS

EOS has a transaction rate of over 10,000 transactions per second. EOS allows for inter-blockchain communication, leading to the construction of a new EOS blockchain with increased transaction capacity. If EOS raises the benchmark and scales to more than a million transactions per second, it will become the most scalable blockchain capable of handling any real-world application.

Use cases

EOS has been well received by the blockchain community. The platform has already spawned a slew of applications.

All_ebt Food Stamps

All_ebt creates an EBT virtual card based on the EOS blockchain technology, with the goal of assisting low-income communities with challenges such as financial inclusion and access to healthy food. Food Stamps support over 45 percent of the population in Puerto Rico, including families, women with young children, the elderly, and the disabled (22 percent in the U.S.). However, because food stamps do not work online, they have been separated and excluded from the digital economy.

Ubuntu Energy Ledger

On the EOS blockchain, the Ubuntu Energy Ledger is a renewable energy marketplace. By 2030, the proposal seeks to offer Africa cost-effective renewable energy and power to 4 billion households. Microloans and investors are critical to the community's ability to fund small enterprises, and people's houses, and put Africa on the path to green energy.