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EOS is a platform for developers to build Dapps. Offering faster processing times than Ethereum and a dedicated, sophisticated development platform, this system will allow developers to create applications and contracts built on blockchain technology that can ideally grow in both size and sophistication beyond anything currently available.
It is important to note at the outset that EOS is one of the more technical tokens on the market, and users interested in more detailed information should see the project’s whitepaper here. This article will only discuss the issue in general, lay terminology.
The Problem and Solution
In a nutshell, EOS would like to be the better Ethereum.
As blockchain technology has developed, so too has the concept of Dapps, the Distributed Application. A Dapp is an application which relies on blockchain ledgers to keep a record of events, transactions or other data. At the low end, this can describe a cryptocurrency system, which uses the blockchain to publicly record one-time transfers of ownership. At the high end, it could theoretically describe applications which use blockchains the same way current software accesses a local hard drive, reading and writing information in real time.
One good example of this is the Ethereum smart contract. This piece of software uses the blockchain to record and then preserve a specific deal between parties. By relying on the public ledger and blockchain, the application is considered “distributed.”
This is an incredibly abridged definition of a Dapp. The truth is that no one entirely understands them yet because the technology is still in its infancy. (For a more thorough explanation, see this article.) Partially it is because both platform sophistication and network latency have limited the degree to which programmers can experiment.
An application which can read or write effectively one transaction at a time can make an effective smart contract. An application which could read or write data to the blockchain with the same speed that it accesses your hard drive could become something entirely different. EOS would like to find out what.
Promising an architecture that can scale to millions of transactions per second, the goal behind EOS is to create a platform for broad experimentation in distributed application development. The project hopes to do so using a structure that emphasizes speed and flexibility, and by providing a developer-end toolkit that mimics working with an operating system.
The token officially launches in the summer of 2018 and the team’s hope is that it will allow developers to create commercial-scale applications powered by public, secured, and decentralized data storage.
EOS is being developed by Block One, a blockchain development firm. It has substantial talent behind it. Most notably, Block One CTO Daniel Larimer, who developed the successful token-based blogging site Steemit and financial technology site BitShares, is involved in the project.
The EOS token is not meant to be spent or consumed. Instead, it grants a developer access to the EOS blockchain network. Token holders can use network resources to build and run their apps, as they will have access to the blockchains and associated public ledgers. Holding more tokens will allow a developer more access on the network.
As Larimer described it to the International Business Times" “[i]t’s more of an ownership model, like time-sharing a condo. The tokens are never consumed. They are just locked up while you’re using the service, then unlocked when you’re done.”
Token holders will also create the network for validating transactions.
Readers who are interested in EOS can learn more at the project’s website here.
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Bitcoin Market Journal analyst briefing for EOS.
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