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What is EOS?

EOS began its existence in June 2017 and is on the one hand a cryptocurrency, on the other hand it is also a general one Platform for blockchain-based applications. At first glance, the simple geometric logo seems strangely familiar and even a cursory glance makes it clear that EOS has more in common with Ethereum than the first letter. In fact, the developers at EOS understand the system as a new or further development of Ethereum. So the leitmotif in the development of EOS (Eos is also the name of the goddess of the dawn in Greek mythology) is New beginning, with a constant eye on the implementation of an overall system that not only offers space on its blockchain for its own currency tokens, but can also form the basis for other currencies and blockchain ecologies through smart contracts attached there.

EOS website

Development and Status Quo

EOS is developed by Block.one, a company based in the Cayman Islands. Specifically, it is a software called EOS.IOwhich combines the entire functionality and is therefore called a Blockchain operating system referred to as. The fact that EOS also wants to act as the basis for other cryptocurrencies and systems is not just a declaration of intent, but manifests itself in the development environment called Dawnwhich is not only named appropriately for EOS ("Dawn" means dawn in English), but is also intended to offer developers of future cryptocurrencies the opportunity to implement their own systems as tokens on the EOS blockchain.

EOS Meetup in Korea on January 13, 2018 // Source: https://steemit.com/@eosio

EOS is currently still in development. Many, if not all, of the currency's lofty goals remain to be met. In practice, EOS currently (as of 02/09/18) only exists on the Ethereum blockchain as ERC20 token (the most common standard for Ethereum-based tokens). Initially in the form of 1 billion tokens pre-mined, EOS has been distributed over the course of just under a year since the end of June 2017, with EOS 100 million remaining at block.one. The developers justify the long phase of the introduction to the fact that potential interested parties should have enough time to get started and also the opportunity to take note of the EOS technology before they participate.

What does EOS want to do differently?

As mentioned at the beginning, EOS compares itself most closely with its own model, Ethereum. There are essentially three innovations to be mentioned: One is this Transactions free of charge. Ethereum takes a small but steadily growing amount per transaction as a fee for each transaction, EOS does not. Furthermore, EOS should make it possible to return the entire system to an earlier status in the event of serious malfunctions such as hacker attacks or software errors in EOS.IO and so in one restore intact condition hard forks are largely avoided. Finally, EOS promises one Scalability and performance, which Ethereum is supposed to overshadow, the method of choice for this is the Moving away from the proof of work.

How does EOS work?

The method of the serves as the algorithmic basis for the blockchain Delegated proof of stake. Put simply, Proof of Stake is based on the participation of all nodes in a network on which actually currency shares, i.e. EOS assets greater than zero, are located. These proportions will be proportional to the value of the stake Associated with probabilities on the basis of which those nodes are selected which the Update blockchain. Proof of Stake is a double-edged sword; one hand is as good as no computing effort necessary, which makes Proof of Stake much more efficient and faster than, for example, Proof of Work. On the other hand, participants are involved in this procedure larger proportions for arithmetical reasons alone preferswhat a long-term oligarchy (Rule of a few) in the network. One way out of this dilemma is Delegated proof of stake. The Proof of Stake consensus turns the set of stakeholders into one for each new round of block generation Group of representatives selected, in the case of EOS this is 21 nodes.

At the moment, EOS is still at an early stage of development and the outlined properties are far from being fully implemented. So it is not without a certain irony that the currency EOS is currently still implemented as a token on the Ethereum blockchain, that the new system is technically still based on the older one, against which it actually competes and which it may sooner or later surpass should. De facto, EOS itself still uses Proof of Work as an algorithmic basis through Ethereum. (Ethereum itself is in the process of using Proof of Stake for its own blockchain, but this is currently only happening in small parts and a complete switch to Proof of Stake is still in the foreseeable future.) The coming months and years will have to show whether EOS can deliver on the sweeping promises with which it began its journey.

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