What is EOS? How it works?
What is EOS? How it works?

By PrisonedBus9641 | Cryptonews9641 | 12 Mar 2020


What is EOS?

EOS was born in 2017 to offer services such as database, authentication and to simplify the development of new dApps. It was initially an ERC20 token and therefore relied on the Ethereum blockchain. Once the mainnet was launched, the tokens were converted by users through a specific operation.

This step was possible thanks to the EOS21 Protocol solution, an open source protocol that allowed a cross-chain movement of ERC20 tokens from Etherereum and EOS.

The swap from Ethereum to EOS of the ERC20 tokens is possible by creating the so-called snapshot of the old tokens on the Ethereum blockchain. This method has already been used for various airdrops and also for the passage of EOS ERC20 tokens on the main solution.

Who organizes the airdrops can send tokens to the various wallets of the users present on the Ethereum blockchain, EOS or other platforms, for example by selecting the recipients based on a series of requirements, such as a certain budget or the need to have performed at least one transaction.

How EOS works?

However after the move it is necessary to freeze or make the non-fungible tokens on the Ethereum blockchain, just as happened with the swap from ETH to EOS. However, this token pause / expiry option must be included in the smart contract.

The EOS21 protocol is also intended for ERC20 contracts that do not have an integrated pause / expiry function.

In this way, it will also be possible to swap these tokens on another blockchain. This option, called "teleportation", allowed the creation of a token on the recipient blockchain while locking the token on the old chain.

 

The EOS blockchain is capable of guaranteeing three particular characteristics:

 

  • Scalability is the amount of transactions that the platform can support.

 

  • Flexibility consists in the possibility of being able to block the operation in the event that an error occurs. For example, if the recipient's address was wrong, the digital money sent would not be lost, but thanks to the reversibility it would return to the sender, who will be able to carry out the transaction again smoothly.

 

  • Usability is the possibility for everyone, even those who do not have advanced computer knowledge. it is considered simpler than Ethereum blockchain.

 

While Ethereum and Bitcoin are based on the proof-of-work (PoW) mechanism for verifying transactions, EOS is based on the Delegated Proof of Stake (DPoS). Delegated Proof of Stake is safer.

The DPoS algorithm is divided into 2 parts:

 

  • The election process, which ensures control for cryptocurrency holders.

 

  • Production planning.

 

 

 

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PrisonedBus9641
PrisonedBus9641

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