By Nathan Ferguson
EOS is an open-source technology launched in 2018. The technical innovation allowed EOS to outperform many other similar projects. However, as the development slowed, the projects built on EOS declined. These challenges made it difficult for the EOS projects to operate.
Therefore, the EOS Network Foundation (ENF) was founded by the EOS community members to overcome this hurdle. The new features of the EOS are struggling with overcoming the scalability issues of the blockchain network. In this guide article, we will learn the concept and mechanism of the EOS blockchain. In addition, the features that make EOS distinct compared to the other projects will also be explained.
Understanding EOS
The consensus mechanism the EOS uses is the delegated Proof of stake (DPoS) protocol. The local token of the network is the EOS that can be used to buy resources and help the users actively participate in the EOS governing mechanism. In addition, the users can conveniently transfer their values on the local apps or demand value from different traders in the market.
Moreover, token holders can claim a fee share if they stake their EOS tokens. The users who aim to utilize the EOS system through the Powerup model can significantly benefit from this opportunity.
Explaining EOS Blockchain
The most prominent barrier to establishing successful public blockchain networks is scalability. As the network expands and the number of transactions increases, scalability issues arise. However, the blockchain network still needs to address multiple services and features. The features included in the category include latency, transaction throughput, and the number of swaps that can be carried out in a minimum time.
A C++ Web Assembly Engine
The efficient Web Assembly engine is the core of the EOS blockchain network. The network executes the smart contract code created to fulfil the requirements of the blockchain network. The hopes from the WASM are much higher than the web browsers.
Lower Latency and Fast Confirmations
Users need quick feedback without wasting any time. The DPoS mechanism of the Eos network helps in achieving efficient transaction throughput. Users do not need to wait for all nodes to complete their tasks. This provides lower latency and a higher transaction rate to the network.
Integrating EVM
The Ethereum-compatible virtual machine integrated into the EOS network helps provide security and scalability to the network. Therefore, users can carry out transactions free of cost and can get easy access to the tools and code libraries.
Access Keys
Creating custom permission models in the EOS blockchain network requires flexible and comprehensive permission systems. The owners of specific accounts can grant and revoke permission to an external party at anytime. Therefore, the owner can also divide his authority across several accounts.
Flexibility
The applications on the EOS can easily be upgraded. This allows developers to fix the codes, change logic, and add account features.
Governing Bodies and Resource Allocation
Developers can create economic models and governing rules by modifying smart contracts. This enables the users to modify the on-chain mechanisms.
Uniqueness of EOS
EOS makes it easier for users to remember their accounts through its readable account policy. It usually uses recognizable addresses instead of long strings of codes. Moreover, users can easily send or receive payments as EOS charges no or minimal fee. It eliminates one of the significant problems of Web3 technology. The finality rate in the blockchain is determined by its speed. It shows the fast confirmation and finalization of transactions.
The involvement of the DPoS mechanism allows fast execution of transactions. The system becomes energy efficient as no mining process is involved. The base layer insurance protects the network from malicious activities and attacks.
Conclusion
EOS is one of the most popular blockchain networks after Ethereum and Bitcoin. It is struggling to overcome the challenges and hurdles of existing blockchain networks, such as security, scalability, etc., improving the user experience for traders.