What is EOS?
EOS is a blockchain-based, decentralized architecture that allows the creation, hosting, and execution of commercial-scale decentralized applications (dApps) on its network, calling itself the most efficient framework for decentralized applications.
In order to enable organizations and individuals to build blockchain-based applications in a manner comparable to web-based applications, EOS supports all the requisite core features, such as offering safe access and authentication, permissioning, data hosting, user management and connectivity between dApps and the Internet.
A web-toolkit for interface creation is provided, rendering it a full offering for the development of hassle-free applications. It operates in a manner similar to the Play Store of Google and the App Store of Apple.
What are the features of EOS?
EOS focuses on crucial blockchain pain points and aims to address the issue of speed, scalability and versatility that often become a barrier for such blockchain-based systems, although there are already a range of blockchain-based networks including Ethereum, which enables decentralized applications.
With the scale of the dApps community growing on a specific blockchain network with each passing day, it also struggles due to the restricted supply of tools on the network.
These involve concerns such as a vast amount of fake purchases and related demands constraining the network, spamming applications, poor execution speed, and insufficient processing resources accessible through the network.
By providing more scalability, versatility, and accessibility through its special process, EOS.IO aims to tackle these concerns.
Through the usage of simultaneous execution and distributed contact methodology across the network, it promises to be able to accommodate thousands of commercial-scale dApps without reaching output bottlenecks.
The output is further improved by distinguishing the separate modules involved in the process of dApps. The authentication method, for instance, is carried out independently from the execution process. Recently, EOS has released EOSIO 2.1, the latest version of the network.
EOS.IO provides versatility across varied features in the production and management of dApps. Its ownership arrangement encourages the user’s free usage and reduces transaction costs, since developers are permitted to use services outside of the traditional pay-per-transaction model in relation to their stake.
This also makes it possible to forecast hosting costs for software developers, which helps them to build successful monetization strategies.
EOS.IO utilizes delegated proof-of-stake and a definition of role-based permissions, which provides transparency by a majority consensus among designated stakeholders to make immediate high-level decisions, such as rollback, freezing and bug fixing of damaged applications.
It includes core usability features, such as web interface creation toolkit, self-describing interfaces, self-describing database systems, and declarative authorization system, which make it easier for the developer to build and manage the applications.
What is the History of EOS?
The EOSIO framework was created by the private business block.one and released as open-source software on June 1, 2018, based on a white paper published in 2017. One billion tokens is distributed as ERC-20 tokens by block.one to ensure widespread delivery of the native cryptocurrency at the start of the blockchain.
This provided the delivery to enable anyone, once the program was released, to start the EOS blockchain. The history of EOS is as follows:
Brendan Blumer, CEO of block.one, confirmed that block.one will finance the EOSIO network with over $1 billion in token sale financing and eventually received over $4 billion through the Initial Coin Offering (ICO) phase to support the blockchain.
On September 3, 2017, the original test net, Dawn 1.0, was released, with Dawn 2.0 variants of the test net released on December 4, 2017, Dawn 3.0 on January 25, 2018 and Dawn 4.0 on May 7, 2018.
On June 1, 2018, the EOSIO Dawn 1.0 was released on the EOSIO mainnet and is currently running under version 20.88.
Block.one decided in September 2019 to address the U.S. Securities and Trading Commission payments on a $24 million charge relating to the $4 billion unregistered ICO. The deal does not include a restitution bid, nominal identification, or other disqualifications.
How do I hold EOS?
Built as a scalable and easy-to-use edition of Ethereum, EOS is a framework for decentralized application growth (dapps). The platform’s native token is EOS coins (EOS) and this cryptocurrency is strongly known by market cap as one of the 10 largest digital currencies.
You’ll need to locate a safe and convenient wallet where you can put your coins if you’re planning on purchasing some EOS. Some wallets capable of holding EOS tokens are the Ledger Nano hardware wallet, Guarda Wallet, and Atomic Wallet.