What Is EOS?
EOS – EOS is aiming to become a decentralized operating system with the ability to support industrial scale decentralized applications. This is a goal for the cryptocurrency which sounds pretty amazing and attracts a lot of investors.
However, what really captured the public’s imagination are the following two claims that the company of the altcoin made:
- The company claims to have the ability to conduct millions of transactions per second
- The company is planning to completely remove the transaction fees from their network
There are many strategies which the EOS team, led by Brendan Blumer, is apparently working on. The core team behind the cryptocurrency is “Block.one” which is based in the Cayman Islands.
What’s more important to note is that EOS achieves its scalability thanks to the delegated proof-of-stake (DPOS) consensus mechanism which is a variation of the traditional proof-of-stake.
What Makes The EOS DPOS Different From Traditional POS Systems?
The best thing about the EOS DPOS system is the fact that anyone can participate in it. Anyone holding tokens on a blockchain which is integrated into the EOS – EOS software can select the bloc producers through an approval voting system – and participate in the block producer election. They will be given an opportunity to produce blocks which are proportional to the total votes that they receive – and relative to all other producers.
The DPOS system of the altcoin does not experience a fork. Instead of competing to find blocks, the producers need to cooperate. In the event of a fork, the consensus will switch automatically to the longest chain.