EOS: Meet the MORE scalable blockchain platform
The blockchain industry started back in 2008 and has steadily grown into one of the largest markets in the world. The total market capitalization touched $800 billion in Jan 2018, and that is an impressive feat for a market that was relatively unknown, just a few years ago.
However, with its rise, it has also faced considerable issues. The dominant blockchains, Bitcoin and Ethereum, are unable to handle the large number of transactions that the networks are receiving. As a result, users have to pay higher fees and have to wait longer for their transactions to be accepted.
For a growing market, such a roadblock can be detrimental to its reputation, and turn away potential investors. Who knows how many potential investors turned away from blockchain because of their first bad experiences on Bitcoin and Ethereum?
The slow transaction acceptance and higher fees not only harms investors but also makes the whole system less practical. Just consider that you are paying for your coffee with Bitcoin and it takes 20 minutes to get the transaction accepted. You can’t possibly wait for 20 minutes in line, just to buy a coffee. That is just impractical.
To resolve these issues, EOS.IO is being developed with the backing of Block.one. The platform will have the ability to cater for the daily requirement of users and the requirements of the large-scale institutions and corporations.
Although, still in its developmental stages the test-net has shown the potential of the blockchain. EOS.IO’s internal testing has revealed that the blockchain can support thousands of transactions per second. This is significantly better than Bitcoin and Ethereum, which can only support 9 and 30 transactions per second, respectively.
Let’s discuss how the platform plans on achieving their ambitious goals. The EOS.IO software has been designed to enable vertical and horizontal scaling of the decentralized applications. The project has been able to achieve this by designing their software like an operating system, upon which the applications are built.
One thing to clarify here is that the software is not releasing any blockchain. Instead, they are developing a system that ensures the scalability of blockchains that use their system. The team members of the project explain that it is really up to the community to build blockchains with the help of EOS.IO software and that the company is just focused on developing this system.
EOS.IO provides accounts, databases, authentication, asynchronous communication, and scheduling of applications across the different CPU cores connected with the system. In this way, the system acts like a blockchain system but free from the limitations of previous efforts. The system will have the capacity to scale to millions of transactions per second, eliminate user fees, and pave the way for easier deployment of decentralized applications.
By supporting large numbers of transactions, the platform will remove the requirement of fees for interacting with the system. If a blockchain project wants to really reach the masses, and gain the highest user base, then the system needs to be free to interact with their blockchain. This is what the EOS.IO plans on producing.
Moreover, to ensure complete decentralization, the software will be using the Delegated Proof of Stake (DPOS) consensus algorithm. This algorithm dictates that the holders of tokens on a blockchain that uses EOS.IO software will be able to select block producers through an approval voting system. Anyone can participate in the production of blocks, provided that they can persuade the token holders to vote for them.
A transaction based on EOS.IO software is confirmed after an average of 2.5 seconds from the time of broadcast. The project is also supporting the Asynchronous Byzantine Fault Tolerance (aBFT) algorithm for faster irreversibility. The algorithm provided 100% confirmation of irreversibility within 1 second.
There are numerous other technical aspects that you can read about and understand but will not be covered in this review. You can access their technical whitepaper to read more about their software, and how it works to provide users with the best experience.
The EOS.IO Dawn 4.0 was released at the start of May 2018, and improvements have been made to the software based on feedback received from the users. The internal test-network of EOS.IO has nodes all over Europe, Asia, and the United States. These nodes have been operating without any significant issues.
EOS.IO 1.0 will be released in the first week of June, and the initial release will have everything needed for anyone to create their own EOS.IO based blockchain.