What is EOS? – History, Advantages & Disadvantages of EOS

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WHAT IS EOS?

EOS is a blockchain-based, fully decentralized network that enables the development, hosting, and execution of commercial-scale decentralized applications.

 

EOS supports all of the core functionality required to allow businesses and individuals to create these dApps in a way that is nearly identical to how traditional web applications are created. EOS has the ability to provide secure access and authentication, data hosting, usage management, permissions, and communication between dApps and the internet.

 

EOS is designed to resemble the performance of a real computer, with even the software itself using some familiar computing concepts. Examples of this concept are:

  •  Bandwidth
  • Computation (CPU)
  • State storage(Ram)

 

HISTORY OF EOS

 

The EOS protocol was founded in 2017 by a company called Block.one, the company was (and still is) led by Dan Larimer and Brendan Blumer. Larimer is a very notable name among blockchain developers as he had (prior to developing EOS) designed the first decentralized cryptocurrency exchange, BitShares, as well as the first crypto social media project Steemit.

 

Larimer is currently occupying the position of chief technology officer for Block.one where he is the lead architect behind the EOS software.

The EOS project came to life through a year-long ICO that started on June 26th, 2017. Block.one ended up selling 1 billion tokens, which netted the company a massive $4 billion dollars. This token sale was one of the largest ICO events in the history of the cryptocurrency industry.

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ADVANTAGES OF EOS

  1. Scalability: one of the biggest problems of cryptocurrencies is balancing decentralization and scalability. Due to its Delegated Proof of Stake (DPoS) consensus mechanism, the EOS ecosystem has the ability to process around 1 million transactions per second. The EOS project achieves such a high throughput by utilizing parallel processing.
  2. Flexibility: unlike Ethereum, which can potentially be a victim of DAO attacks, EOS has created a solution for this problem. The platform can halt the node that processes such a transaction, and gets back to processing new transactions only after this problem is resolved.
  3. Decentralization: while Ethereum has often been referred to as the decentralized supercomputer, the EOS platform could be considered a decentralized operating system.

 

 

DISADVANTAGES OF EOS

  1. Block producers are not contributing to governance.
  2. Resource rate limits throttle the network and are unfair.
  3. Incorrect RAM price.
  4. Unused inflation model.
  5. 30ms transaction limit.
  6. Protocol upgrade centralization.
  7. A smart contract upgrade limitations

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