What is EOS?
What is EOS?
What is EOS you might ask? EOS is a project by the developer who build Bitshares and the person who built Steem along with other developers. This is the third project for Dan Larrimer. Dan had a lot of success with Steem and Bitshares.
EOS includes existing innovations such as blockchain, smart contracting and currency.
It also includes special innovations that Dan and others have developed for Bitshares and Steem and this is the 10000+ transactions per second that Steem and Bitshares can accomplish.
It’s also delegated proof of stake, user accounts separated from keys. On Bitcoin for example, if someone gets your Bitcoin private key you’ve lost the account. On Steem it you can do a count reset, so your account is separate from your keys. This is a very important innovation in a blockchain world.
EOS also includes newer innovations such as on-chain governance.
Another important thing is that EOS has a Parallel Processing. The people who launch apps on EOS will be able to freeze and modify their applications according to the rules that they program in the system.
Another new feature is Decentralized Operating System. The Decentralized Operating System has specific routines and commands to call to do things with the blockchain. this makes programming of smart contracts much easier. It also operates in a multi-threaded like environment on the blockchain which is very unique. Blockchain has had nothing like this before.
Other features include: maximum 5% annual inflation. This inflation is used in a budgeting system to fund network operation and growth.
The tokens have automatic emission which is used to fund applications functioning on EOS. Each token can fund a certain amount of app development on the system permanently.
Another key feature is that the operation system is upgradeable. Due to the operation system not requiring a hard fork to update code, EOS enables developers to launch systems which can be upgraded in the future.
One of the other important advancements of EOS is asynchronous communication. This enables EOS to communicate with other blockchains even though EOS is faster than the other blockchains. That’s a very important achievement, many other blockchains will never be able to do that feature.