What is the EOS token? The Ethereum killer? You decide!

What is the EOS token? The Ethereum killer? You decide!


I really like the EOS logo. And the tech is very promising at the monent of writing. But in general I like the whole look of the project. But there is also a lot of controversy around this project. 

I was really wondering what is the next big project that will exceed 15 or even 30 billion in market capital in the next 10 years. Ok first of all this are my thoughts and no financial advise. Do you own home work. I’m going to make a serie about what coins can be the next big thing. And this is the first coin of the list that makes me think YEAH this can be such a coin!

Did you know that EOS in Greek mythology is a Titaness and and the godess of dawn, She rise each morning from here home at the edge of the ocean. She is mostly described as a women with rosy fingers or rosy forearms as she opend up heaven to let the Sun rise from the Ocean. 

So i will say that i bet on the Godess of dawn, not Ether its a liquid with a strong odor and taste, which quickly evaporates and catches fire... haha no thats a joke.

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So lets dive into the the world of the EOS TOKEN! This post wil cover the following:

  • What is EOS?
  • What is EOS.IO?
  • EOS stand for?
  • User activity
  • Can EOS be mined?
  • Controversy
  • Conclusion

 

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What is EOS?

EOS is a very powerful dApp platform developed by Block.one in May 2017. EOS is similar to Ethereum in some ways, but stands out on several points. Such as the transaction costs and the scalability of the EOS system. 

The Block.one company has the reputation of being a company that makes a lot of contributions in the development of smart contracts and decentralized applications.

What is the Block.one company? The EOS website states the following:

“Block.one - a manufacturer of highly scalable, high-quality, open source software - is at the forefront of developing the next generation of the Internet. We make it our mission to build a safer and connected world. ”

The white paper was first published in 2017. The basis for this project can be found in two other projects called Steemit and Bitshares. In 2018, a subsequent protocol was published by Dan and his colleagues. Dan is the Chief Technical Director at the time of writing.

EOS was born an ERC20 Ethereum token. But over time, EOS has evolved to launch the mainnet. Now EOS system uses EOS.IO software that uses the consensus algorithm Dpos. This system works with smart contracts in a decentralized way.

EOS Dawn 1.0 was released in 2017, Dawn 2.0 brought resource tracking and inter-blockchain communications on December 4, 2017, and in 2018 Dawn 3.0 was released. This is also referred to as the official launch of the project.

A block is created in the EOS blockchain within 0.5 seconds. If such a block is not made on time, this block will be skipped. Transactions are processed by a unique protocol called Transaction Proof-of-Stake (TPoS). This protocol is characterized in that the hash of the last block created is processed in all transactions.

What is EOS.IO

What is EOS.IO? This is the software used to create dApps. And as I have already said EOS uses Dpos which makes for fast transactions.

The EOS Website states the following about EOS.IO:

“EOSIO is a blockchain platform designed for the real world. Built for both public and private applications, EOSIO can be adapted to a wide range of business needs in a variety of industries with rich role-based security rights, industry-leading speeds and secure application processing. Building on EOSIO follows familiar development patterns and programming languages ​​used by existing non-blockchain applications, allowing developers to create a seamless user experience using development tools they already know and love. ”

EOS stands for?

The EOS website says the following about this:

We believe that EOS means different things to different people. We've had countless amazing interpretations of what EOS stands for or what it should stand for, so we decided not to formally define it ourselves.

No official definition has been released by the EOS team. But by some creative people, EOS is also known as Ethereum on steroids. Or Enterprise Operating System and Evolution of Scalability.

User activity

The community behind EOS is a strong community. This is reflected in the many meetings, investors and employees of the project. A lot of art is also applied, such as creative drawings:

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And there are still many busy social media groups where the community can be found. For example on Facebook, Twitter, Telegram and Steemit.

There are now many users and Dapps on the network. You can find it here:

  • https://www.dapp.com/dapps/EOS

For comparison Ethereum's Dapps can be found here:

  • https://www.dapp.com/dapps/Ethereum

Can EOS be mined?

The simple answer: No. EOS operates through the Delegated Proof-of-Stake consensus protocol. There are 21 producers who create blocks and validate transactions. Each of these producers is chosen by the holders of the EOS token. This is done via a voting system. This means that the more votes (own and delegated coins), the more likely you are to become a block producer.

The rewards are awarded to the producers by the EOS.IO software each time a block is created.

What requirements are required to become a block producer:

  • 80 GB - 3 TB RAM
  • 4-8 vCPUs
  • 1 TB SSD storage

The difference between EOS, Bitcoin and Ethereum can be explained as follows:

Bitcoin and Ethereum are the founders and have laid the foundation for many other projects. This allowed EOS to know and prepare for and to focus on the issues Bitcoin and Ethereum are experiencing. This has made it much easier for EOS to avoid these problems. As a result, EOS has faster transactions and has been able to achieve much greater flexibility.

It is important to note that Ethereum wants to switch to the proof of stake system. A so-called Ethereum 2.0. Nobody knows how this manifests itself. It seems to be a very complicated process.

The controversy

Now I cannot deny that there is a lot of controversy surrounding EOS. Opponents of the project say that the project is highly centralized because it uses a Delegated Proof-of-Stake Consensus Algorithm. Only 21 block producers can verify transactions.

The EOS Website states the following about decentralization:

“In EOSIO, token holders can choose 21 block manufacturers to process transactions, which distributes power among the token holders and aligns the interests of all parties involved. The main difference between EOSIO and other blockchain protocols is how much we have decentralized the core concepts of the chain. "

This is not the only thing talked about. Many people think that the 4 billion ICO was negligent and greedy at best, or even fraudulent at worst.

The EOS network has had several bugs. These are vulnerabilities that emerged in the run-up to the project's launch. How can this happen with such a large budget? Many people wondered this. Bugs continued to be reported after launch.

“The EOSIO Bug Bounty Program welcomes hackers and developers to submit security vulnerabilities in Block.one's product suite or services. Through the findings of experienced security researchers worldwide, Block.one hopes to strengthen both the EOSIO protocol and this critical way of identifying technology weaknesses.”

Conclusion

While there are many problems with EOS, there are certainly benefits to be found in the project. The network ensures very fast and cheap transactions. As far as I know only if the network is not too busy.

It can offer fast, cheap transactions to users as long as the network is not too busy. Now the problems that EOS is experiencing are not unique. And EOS has managed to maintain a consistent value over other projects. There are supporters and opponents of the project. We also see this at Ripple, for example. This does not mean in advance that a project will succeed or fail. We can only wait. Time will tell us.


LiquidAttic
LiquidAttic

I’m a simple man and a simple crypto enthusiast.


LiquidAttic crypto blog
LiquidAttic crypto blog

My name is Marc and i’m from holland. I’m interested in crypto, blockchain, privacy and cybersecurity. And i wanted to share my simple thoughts about the crypto space. I will write about: News, cryptocurrency, tokens and much more.

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