What is EOS and what should you know about it
Designed to support commercial-scale decentralized applications, EOS is a blockchain-based, decentralized operating system, which provides all of the necessary core functionality (including databases, scheduling, authentication, and handles communication between the application and the internet), also allows developers to focus on their particular business logic.
The elimination of transaction fees and scalability are two promised features of EOS that have caught everyone’s attention. EOS guarantees the exclusion of transaction fees via an ownership model whereby, their users have and are entitled to use resources proportionate to their stake, rather than having to pay for each transaction; and scalability because according to them, it can process millions of operations per second with asynchronous communication and parallel processing. These features make EOS a close contender to Ethereum and their critical weaknesses, which are high transaction costs with lousy throughput.
With a value of $5.41, some investors predict it will grow from $10 to $20 next year.
What is the EOS.IO software?
EOS software presents a blockchain architecture intended to allow vertical and horizontal scaling of decentralized applications. This is completed through an operating system-like construct on which applications can be developed.
What does the software provide?
It provides accounts, authentication, databases, asynchronous communication and the scheduling of applications across multiple CPU cores and (or) clusters. The resulting technology is a blockchain architecture with enough potential to scale to millions of transactions per second, allowing quick and easy deployment of decentralized applications and eliminates user fees.
At the end of its development stage, block.one (EOS.IO Software developers) will be releasing the EOS.IO Software it has developed under an open source software license.
U.S. citizens restricted from purchasing EOS Tokens
Block.one decided that U.S. citizens, residents and entities should be excluded from purchasing EOS Tokens in the token distributing. Block.one does not consider that the administration and the EOS Tokens themselves are shelters, goods, swaps on either securities or commodities and they are not meant for backing or speculative purposes and should not be considered as a type of investment.
Delegated proof of stake
Rather than requiring a hard-fork, EOS also introduces the ability to fix bugs and rollback changes with supermajority consensus. That is due to EOS working with delegated proof of stake, whereby various witness-nodes are called by the network. As delegates to make specific high-level choices more quickly, without the necessity of questioning the entire system. Even though it does makes the blockchain somehow less decentralized. It also provides the ability of mainstream industries to use, interact. And associate with blockchain technology.
The reputation for making delegated proof of stake goes to CTO Dan Larimer and the concept of decentralized autonomous organizations, he is the founder of BitShares (A decentralized asset exchange) and Steemit (A blockchain based social media platform). Larimer and the BitShare core development crew founded Cryptonomex, the company behind an open-source blockchain deployment platform known as Graphene. He is known as a controversial figure in the blockchain community.