The world has witnessed a massive technological advancement. People dealing in digital currencies demand a safe and secure environment. But the traditional forms of blockchain development have some loopholes. And the latest technologies are thus being introduced in the market. One such platform is EOS.
We will discuss everything you must know about EOS in this article so that you can ensure whether to consider EOS for your blockchain development or not.
What is EOS?
In short, EOS is a cryptocurrency. The smart contract platform of EOS blockchain development removes transaction fees and its potential to conduct millions of transactions every second. This particular fact is helping it to earn the blockchain investors’ trust.
Its primary objective was to offer a straightforward interface for facilitating blockchain development. Another attractive feature of EOS was that it eliminates the gas fees for transaction processing.
Features of EOS:
The few features that make EOS preferred are given below:
EOS offers convenience in several aspects of developing blockchain, including EOS wallet development. The bare-bone interface is useful for developing DApps. It can also be used to deploy private, public, permissionless, and permissioned infrastructures of blockchain. The EOS smart contracts allow you to make custom business logic and programmable governance.
It offers top-notch TPS rates. Thus, it is the best for developing mission-critical blockchain apps. EOS is also proved to show superior performance and eliminates the latency rate of sub-second block time. It also keeps the accuracy intact.
EOS allows the developers to change and upgrade the code besides improvising it. This feature of EOS contributes to flexibility. The developer-friendly nature of EOS is another side that makes it a blockchain software that is preferred for expanding tools, products, and features.
It is proved that EOS can potentially process and measure millions of transactions every second. It is made possible by the incorporation of advanced DPOS technology that further enhanced the efficiency of the framework of EOS. Even with having a massive user base, there are no performance issues.
- Consensus protocols:
The correct algorithms furnished with EOS give it an upper hand. DPOS mechanism in EOS enhances its functionality.
- Parallel processing and Multiprocessing:
EOS successfully reduces the excessive load on a program, as there exist multiple processors. Horizontal measurability improves transaction speed. And vertical measurability boosts the processing power. Asynchronous communication fuels time management assets and smoothens communication.
The end-to-end encryption contributes to the security of EOS. All the verification standards and safety norms are used while developing EOS. Trouble-shooting is also added to the blockchain platform.
How does EOS work?
A validator’s coin or EOS token gets locked up as stakes. Then, the validation starts, and the betting system is activated.
The validators now think about the blocks that are possible to add to the chain and put a bet on them. If the block gets added, based on their bets, validators are rewarded.
Role of DPOS in EOS blockchain:
DPOS (delegated proof-of-stake) is a consensus system for seamlessly channelizing cryptocurrency transactions. Additionally, it is backed up with speed and security. In cases of malfunctions, it entertains the longest chain automatically.
DPOS protects blockchain as it depends on the voting process. Being a decentralized framework, it contributes to feasibility both for the business and the user. Besides being usable and reliable, it is faster, cheaper, and more efficient, making it ideal for a decentralized system.
The payment system in EOS:
EOS is a cryptocurrency of EOS.IO. Free transactions, a popular advantage of EOS for being a preferred software.
The holder’s EOS coin owns a network instead of any transaction fees or renting virtual machinery. For instance, if you possess EOS’ 3% of coin stakes, you own 3% of network strength for processing the transaction, thereby allowing free transactions. Just like any other crypto, one can possess, get, or give away funds among digital EOS wallet ledger.
Business application of EOS:
Blockchain can be beneficial to your business. And blockchain technology can be used in different ways in business. Some of the business applications of EOS are described below:
You can use EOS as a tool for investment in a cryptocurrency or crypto space. The proof-of-stake system provides mining power to the blockchain. Because of no transaction fee, it is popular among developers.
- High-end transactional DApps:
EOS blockchain can be applied in DApps that require a massive capacity of transaction. EOS stabilizes user authentication at different levels. And thereby, it allows anyone to develop a DApp, run it, and authorize it while sharing data among users.
EOS comes with countless features. And, this makes it one of the most assured blockchain platforms in the world of cryptocurrency. Opt for EOS development services for developing efficient apps.
Moreover, the business applications of EOS have already popularized it across the world. We can expect EOS to expand more in the foreseeable future and will overpower the traditional applications of blockchain.