EOS Blockchain has been doing its round in the world of Cryptocurrency for quite some time now. Its Initial Coin Offering (ICO) was in July 2017, and it lasted for about a year. They made sure that most of the persons who are interested in buying one should get a fair chance. Within the launch of EOS, it found its place in the list of Top Cryptocurrencies of the World.
"Create your own Blockchain with CryptoSoftwares"
They are providing fierce competition for peers like Ethereum, Tron, and Neo. So what about the Bitcoin? There are still far ahead! Well, but still what are the factors that make EOS Blockchain a favorite? We will discuss it in here. Read on!
EOS: An Outline
What is EOS?
EOS or EOSIO is a Blockchain-based platform that helps in building decentralized apps (dApps) on a large scale. Their principal motive is to provide an interface that acts as an operating system, i.e., to develop an utterly user-friendly platform. EOS is far better when compared to traditional platforms like Ethereum.
One of the most significant disadvantages that the present systems do possess is the scalability issues. Scalability is one of the significant factors that is holding back the conventional forms of Blockchain Technology from the mainstream.
For instance, consider the case with Ethereum. The number of transactions done with Ethereum is meager. Also, you will be charged a fee for developing dApps built on this platform. The users may not be so interested in using platforms where they have to spend money at every stage of development.
EOS allows developing dApps at free of cost. They follow a pattern of vertical and horizontal scaling so that it enables EOS to provide them free of charge. Moreover, EOS based dApps are more secure and fast. So it allows executing thousands of transactions per second. EOS Blockchain platforms also do support smart contract development, cloud storage based dApps, user verification, etc.
"Also read guide on Security Token Offerings(STO)"
Characteristics of EOS Blockchain
Multiple characteristic features make the EOS Blockchain platform stand apart from their peers. Some of them are as follows:
- Free of Cost
- Supports a Large Number of Users at a Time
- Low Latency
- Parallel and Sequential Performance
- Scalability
- Lesser power consumption
- Flexibility
- Upgradability
- Decentralized Operating System
EOS Blockchain provides the services completely free of cost to the end-users.
Also, they can update to the latest version without any charges. So most of the users will retort to the platform, whenever they need to develop decentralized applications.
EOS is a high performing Blockchain platform and supports millions of users at a single go. The users can make use of the platform seamlessly without any blockage issues.
Latency rate is a major deciding factor when dealing with user experiences. If the Latency period is small, then it improves the user experience to a greater extent.
EOS platform works in both parallel and sequential ways. Working in a parallel sequence allows the EOS platform to distribute the workload whenever necessary, whereas when working sequentially, it will enable to avoid errors like double spends, etc.
Scalability is the number of transactions executed per second. Its a significant factor that a Blockchain platform should possess. EOS do support millions of transactions per second, and the major credit goes to the consensus mechanism followed by them — Distributed Proof of Stake.
EOS Blockchain platform consumes a lower amount of energy when compared to other Blockchain platforms. The primary reason is the consensus algorithm they make use of — distributed Proof of Stake.
EOS Blockchain platform is highly flexible and safe when compared to the other types of Blockchain platforms. If your system is compromised or affected by any threats, then the elected Block producers can freeze the dApp till it recovers from the fix.
Upgradability is another highlight of the EOS based dApps. Users of the dApps can deploy code fix, add new features, modify the existing features, and even the logic of the application. Other types of upgradations are done implementing irreversible smart contracts.
EOS Blockchain platform works more like a decentralized operating system. Hence, it’s more user-friendly and business-friendly compared to the other types of Blockchain platforms.
"Read complete guide on Proof of Stake Coins"
Certain Practical Implementations of dApps built on EOS Platforms
There are various types of applications developed out there using the EOS Blockchain platform. We will discuss some of them below:
Ubuntu Energy Leader was established entirely using the EOS Blockchain platform. It’s a marketplace for renewable sources of energy like Solar energy, Wind energy, etc. Ubuntu Energy leader was started with the mission to provide cost-effective electricity to the household in the African continent.
DACTROIT is the codename for the EOS Detroit’s flagship product. DACTROIT deals with the selling of tools for communities to own and operate a complementary currency and high-speed internet access.
Cost Deciding Factors of building dApps on EOS Platforms
The actual cost of developing a decentralized application on EOS platform is dependent on the three factors, namely, resource types, resource usage, and resource allocation.
- Resource Type
- Resource Usage
- Resource Allocation
In the case of dApps, there are three types of resources:
RAM — Random Access Memory
Network Bandwidth and Log Storage
CPU — Computation and Computational Backlog
RAM
The amount of RAM that you use while building the application. It refers to the data that one access from the application logic. They maybe order sheets, or account balances, etc.
Network Bandwidth
Network Bandwidth is the average consumption of data in bytes. When a user executes a transaction, it consumes an amount of particular network bandwidth.
CPU Bandwidth
CPU Bandwidth is the average usage of information in microseconds.
Network Bandwidth and CPU Bandwidth — Staking Contract
Both the network and CPU bandwidths are allocated on the basis of the number of tokens held in a staking contract. Those staked tokens will be freed up after a specific interval of time.
RAM
One needs to buy RAM from the marketplace, which is based on the Bancor Algorithm. Bancor Algorithm is based on a set of rules which detects the price automatically and also manages the liquidity mechanism for tokens on Smart Contract Blockchain. In the case of RAM, the data does not get freed up automatically. RAM is freed only once the information is deleted. Afterward, you can even sell the RAM in the marketplace!
"Read the blog: Public Blockchain vs Private Blockchain"
Summing Up
EOS is one of the most sought after Blockchain platforms around the world for various reasons. It has already overtaken the Ethereum platform and many other competitors within less time.
The scope and possibilities of dApps build on EOS Blockchain platform will only increase in the future. They are highly useful for developing applications related to ride-hailing, music sharing, fitness tracking, digital payment, and much more.
Moreover, they are safe, secure, and faster!
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