EOS, also known as EOSIO, made waves in the blockchain industry with its groundbreaking initial coin offering (ICO) in July 2017. Within a mere two years since its launch, EOS swiftly rose to become one of the top five cryptocurrencies in the market.
It started challenging established leaders like Ethereum while giving fierce competition to emerging players such as Tron and NEO. That’s why, we’ll delve into eos blockchain, offering a comprehensive introduction to its remarkable journey.
We’ll explore its standout features and delve into what sets it apart as a promising blockchain platform.
Contents
What is EOS?
EOS or EOS.IO is a blockchain platform specifically designed to create big-league decentralized applications, also known as dApps. It’s got this solid framework that makes all this possible.
So, what’s the main goal of EOS? Well, it’s to give us a tool that’s super easy to use and perfect for businesses that want to build dApps. And all this while avoiding the issues that usually come with traditional blockchain platforms like Ethereum.
One big hurdle stopping blockchain from becoming the norm is its scalability. Like, think about Ethereum for a second. The speed at which it can process transactions? Super slow.
Not to mention that users need to cough up Gas fees every time they use a dApp on Ethereum. That’s a big no-no because why would anyone want to pay a fee every time they do something?
Now, here’s where EOS steps in. To make its dApps free to use, EOS uses something called vertical and horizontal scaling, which is done by these things called block producers.
It also provides a safe and scalable platform that can handle thousands of transactions every second. You can use it for all kinds of web services, like
- EOS smart contracts
- cloud storage dApps
- user authentication, and so on
There are several things that the masterminds behind EOS are rather proud of.
- First off, they’ve totally gotten rid of transaction fees.
- And second, they’ve made it possible for millions of transactions to happen every second.
But before we dive deeper into how EOS works, let’s first look at what makes a dApp platform successful, alright?
What are a dApp platform’s Primary Success Factors?
Many aspects play a heartening role in the acceptance or rejection of a dApp by the wider public.
Support for a Large User Base
Generally, the crucial elements ensuring any dApp’s success encompass its capacity to embrace a sizable user community. The platform should offer smooth, simultaneous access to countless users, all without a hint of performance glitches.
Free Usage
For end-users, the dApp on any blockchain platform ought to be complementary and effortlessly upgradeable. Imposing transaction fees could dissuade return usage of the dApp.
Low Latency
To ensure an unparalleled user experience, the dApp must operate with minimal latency. Nothing should stand between users and a smooth, fast interface.
Sequential and Parallel Performance
Your dApp must have parallel processing capabilities, deftly dividing workloads and conserving precious time. Simultaneously, enabling multiple sequential operations is crucial to dodge missteps such as double-spending.
What are the Technical Features of EOS?
Wondering about the prospects offered by EOS? They lie in the distinctive technical features this eos’s blockchain platform brings to the table.
Scalability
It’s a big deal for many blockchain platforms as the number of transactions they can handle each second is critical.
Why is that? It’s because for a transaction to happen on a blockchain, every node in the network must agree, which can slow things down and worsen the user experience.
Visa can handle 1667 transactions a second, and Paypal manages 193 (Source: ResearchGate). But Bitcoin only processes 3-4 transactions per second, and Ethereum only manages 20.
EOS, however, steps up to the plate and promises the potential to handle millions of transactions per second thanks to its innovative distributed proof of stake (DPOS) mechanism.
Flexibility
Remember back in 2016 when Ethereum suffered a major setback? Nearly one-third of Ethereum’s Decentralized Autonomous Organization’s (DAO) venture capital fund was misappropriated due to a vulnerability in its code. It caused a complete halt, and a hard fork was necessary.
This resulted in two separate blockchains with their own cryptocurrencies – Ethereum Classic and Ethereum, each with different validation rules. EOS assures us protection against such mishaps, thanks to its DPOS mechanism.
In the event of any dApp faults or attacks, the chosen block producers can halt the dApp until the system is back on track.
Consumption of Less Energy
When it comes to energy efficiency, EOS stands out, courtesy of its DPOS system, using less power than competitors.
Upgradability
Every dApp on the EOS blockchain platform can be enhanced. You have the liberty to apply code fixes, modify or introduce features, and alter application logic.
Developers can refresh their applications, not being eternally tied to a glitch. And yes, you can set up irreversible EOS smart contracts. However, such moves are the developer’s choice, not due to any protocol limitations.
Permission Schema
When it comes to permissions, EOS comes fully equipped. It offers an extensive permission system that lets you tailor-make permissions for different business scenarios.
You can shield a particular aspect of an EOS smart contract with bespoke permission. Plus, you have the liberty to distribute the authority needed to activate an EOS smart contract function across various accounts with differing authority weights.
It’s a feature that lets developers build sturdy dApps, saving them the trouble of starting from scratch.
Governance
In EOS, they support governance by combining jurisdiction, law choices, and universally agreed-upon rules. This is realized through a legally enforceable constitution.
Every EOS transaction mandates a constitution hash tied to the signature, effectively binding users to the constitution’s principles.
Parallel Execution
EOS takes smart contract processing to another level through:
Horizontal Expansion
This approach elevates the transaction rate by growing the resource pool with more systems and computers. Vertical expansion, on the other hand, boosts the rate by augmenting processing power.
Asynchronous Interaction
It allows communication without requiring all parties to be present simultaneously.
Interoperability
It’s the capacity of a computer system to meaningfully exchange and use information.
Decentralized Operating System
Consider EOS as a Decentralized Operating System, distinguishing it from Ethereum’s decentralized supercomputer role. This unique positioning allows EOS to deliver a wide variety of features that are beneficial for both businesses and users alike.
Well, Webisoft is now a leader in dApps development. We build smart contracts and dApps on solid foundations. And our developers are well-versed in some of the significant tech stacks and SDKs such as MongoDB, AngularJS/Angular, web3.js, Polygon, and more.
What are Account and Wallet Concepts in EOS?
Picture an EOS wallet as a secure locker holding key pairs needed to authorize blockchain actions.
Keosd is the tool EOS uses to safeguard private keys and manage wallets. You can access these wallets through Cleos, the EOS command-line tool.
EOS handles accounts differently from other cryptocurrencies. An account here is like an on-chain ID with specific access rights attached to it.
Several individuals can own an EOS account, all depending on the permissions. By default, an EOS account comes with two built-in permissions:
- Owner: This shows who owns the account.
- Active: This handles funds transfers, producers’ votes, and other high-level changes.
Nodeos, an operating system constructed using Javascript with Node.js in userspace, oversees the registration of accounts and all account-related activities on the EOS blockchain.
Remember, there’s no direct correlation between wallets and accounts.
What is the Cost Of Building a DApp on EOS?
A DApp on EOS will cost between $10,000 and $300,000 to build, between $10,000 and $10,000 for making an EOS wallet, and between $10,000 and $10,000 to build an EOS messenger.
However, the price of crafting a dApp on EOS hinges on three key elements – types of resources, their usage, and how they are allocated. Let’s dig deeper.
Resource Type
For dApps, accounts use three resource categories:
- RAM – For state storage
- Network – Required for bandwidth and log storage
- CPU – Necessary for computation and managing computational backlog
Resource Usage
RAM
It refers to the blockchain state storage, the data accessible from the application logic. It comprises data like account balances and order books.
Network Bandwidth
Each time a transaction is sent by a user, network bandwidth is temporarily used. Basically, it’s the average consumption over the last three days in bytes.
CPU Bandwidth
Similar to network bandwidth, CPU bandwidth is temporarily used whenever a user sends an action or transaction. It’s assessed as the mean consumption in microseconds over the prior three days.
Resource Allocation
Network, CPU — Staking
The allocation of Network and CPU Bandwidth hinges on the number of tokens in a 3-day staking contract. As time passes, the utilized Network and CPU bandwidth gradually become free, allowing you to reuse the same staked tokens.
RAM
RAM needs to be acquired at its market price, adhering to the Bancor Algorithm. In order to facilitate automatic liquidity and self-adjusting prices, the Bancor Algorithm was built on the Bancor Protocol.
While Network and CPU bandwidth automatically get freed, RAM only becomes available when data from the account state is removed, after which you can resell the RAM at its market value.
What are the Use Cases for EOS dApps?
The blockchain community has warmly embraced EOS, resulting in the development of numerous applications that showcase its versatility. Let’s dive into a couple of examples to highlight the extensive range of possibilities.
Ubuntu Energy Ledger
This innovative dApp harnesses the power of the EOS blockchain to create a clean energy marketplace. With a mission to bring affordable renewable energy to Africa, the Ubuntu Energy Ledger aims to energize 4 billion households by 2030.
In Africa, this remarkable initiative fosters small businesses, powers homes, and propels the continent toward a sustainable future.
DACTROIT
EOS Detroit presents ‘DACTROIT,’ a pioneering decentralized autonomous community (DAC). It empowers people with tools for owning and operating a complementary currency and high-speed internet access.
It promotes collaboration and alternative economic models by allowing individuals to share resources, spaces, and relationships.
With ‘DACTROIT,’ communities can shape their own future by embracing innovation and fostering meaningful exchanges within a vibrant ecosystem.
All_ebt Food Stamps
Enter All_ebt Food Stamps, a groundbreaking solution leveraging the EOS blockchain platform. It introduces an EBT virtual card to tackle issues surrounding financial inclusion and healthy food accessibility in low-income communities.
All_ebt aims to change that and empower these communities with digital possibilities.
Is It Possible to Abuse EOS?
EOS, like any other cryptocurrency, can be subject to misuse. The anonymity provided by cryptocurrencies facilitates illegal activities such as drug and weapon trading, credit card theft, and even illicit payments for sinister acts. EOS doesn’t exempt itself from these risks.
Furthermore, blockchain databases, including Ethereum’s, are publicly accessible, allowing anyone with an internet connection to view all transactions and wallet balances.
While EOS founder Daniel Larimer acknowledges that the sender and receiver addresses cannot be concealed, the total balance of a user’s wallet can be kept hidden. This feature may entice individuals seeking to evade taxes by concealing their wealth, akin to anonymous shell companies.
Nevertheless, it offers added security to affluent cryptocurrency holders.It’s essential to recognize that all technologies have the potential for abuse, but it’s crucial to remember that the majority of users have legitimate intentions.
Let’s focus on promoting responsible usage and educating individuals about the benefits and proper use of EOS. Thus, it’ll ensure that the positive potential of this technology prevails over the negative aspects.
Final Words
EOS blockchain has emerged as a prominent force in the blockchain world, captivating the industry with its ingenuity and impressive progress.
Its capacity to disrupt established cryptocurrencies and garner attention as a platform for dApp development speaks volumes about its capabilities.
With scalability, low latency, flexible permissions, and a user-friendly interface, EOS proves to be an enticing solution for businesses and developers.
As EOS continues to evolve and mature, it opens up thrilling prospects for individuals and enterprises, So, brace yourself for the boundless possibilities that EOS holds.
If you’re interested in developing blockchain utility, it’s time to get in touch with Webisoft. Whether you need NFT development or dApp and DeFi development, we offer a comprehensive range of blockchain services. Our team can help you navigate the world of decentralization to success.
