The invention of Bitcoin and the blockchain will change the world in immeasurable ways. Every day, developers push the boundaries of Bitcoin’s vision and capabilities. However, the potential applications of crypto technology can’t be fully appreciated because of the limitations of the blockchain’s design. EOS is a new project grappling with this problem and plans to become the operating system of the new global economy. To do this, EOS plans to solve scalability, increase merchant adoption, and in the process change the world.
What is EOS?
EOS is a platform designed for the development, execution, and hosting of commercial-scale decentralized applications (Daaps). It is one of the major infrastructure projects competing to replace Ethereum as the Daaps platform of choice. Created by Dan Larimer, the founder of STEEM and Bitshares, it is a simple, hassle-free development app.
In addition, it is compatible with ERC20 tokens, but Unlike Ethereum, it has no transactions fees. It supports all core functionalities to allow businesses and individuals to create blockchain-based applications. Functionalities such as user interface (authentication – login/password), databases, cloud storage, server hosting, etc). And it does this through a developer/user friendly interface thanks to its EOSIO software. It also has a recovery process for stolen keys and fraud prevention.
The scalability problem is the biggest obstacle to the adoption of crypto currencies for everyday use. EOS introduces vertical and horizontal scaling with asynchronous interoperability. This allows for potential scalability of up to one million transactions per second. It uses delegated proof-of-stake (DPos) where a few elected “Witnesses” verify all transactions rather than an entire network of miners. Faster transactions equate to mass commercial use.
This is the holy grail of crypto currencies. The ability to make micro payments efficient and at no cost for vendors and consumers. EOS does this by eliminating fees. Today, it is impractical to use Bitcoin for small purchases because the transaction fee is higher than the cost of the product. EOS eliminates fees by replacing miners with block producers. Block producers’ fees are capped at 5% and inflation is controlled by raising the cap concurrently with demand.
Change the world
EOS will make it easy to create the new Daaps that will change the future. For example, future applications like Ethlance (freelance work for Eth instead of fiat currency), SwarmCity (marketplace to sell items using crypto), Coakt (crowd funding), Bitshares (decentralized exchange), etc. EOS will eliminate insurance providers as patients can negotiate treatment options with hospitals directly using smart contracts.
In addition, EOS is green; having no mining eliminates electricity consumption. And its tokens are not expendable like Gas or ETH. Lastly, EOS will ultimately change the world by making crypto technology accessible and usable to all. So, that the millions of transactions required like clicks and posts can be quick and free.