Ever since its start, blockchain technology has been applauded for its benefits. There are limitless capabilities of this revolutionary technology. With the birth of Bitcoin, the only use of blockchain technology was in the financial sector, but Ethereum broadened this view with smart contracts. EOS has an aim to solve the slow transaction speed while maintaining all the benefits of the blockchain.
What is EOS?
EOS is among the new fantastic projects resulting from the ICO token feature of the Ethereum blockchain. Because of all the Ethereum network features and the addition of very high processing speed, EOS has attained the name Ethereum killer.
One million transactions per second were the speed that EOS claimed to be able to achieve. At present, this high speed is not possible by even the centralized solutions. With the high speeds, EOS has opened up the boost in the development of the DApps on the platform as EOS has all the features that the Ethereum blockchain offers; therefore, everything from DApps to the smart contracts can run faster on the EOS network.
Features that make EOS unique
- It is scalable
Because of the DPOS (Delegated Proof-of-Stake) consensus mechanism, the EOS blockchain can process millions of transactions every second.
- There is a seamless dApp performance
Because of the ability to process many transactions per second, EOS has become an ideal network to launch DApps. Games, gambling, and social media platforms are some of the many use cases of EOS DApps.
- It is flexible
Unlike the Ethereum network, the EOS network is very flexible because its blockchain has been built to handle problems like the DAO attacks. If there is an attack on the network, the node that processes the transaction is halted, while others continue functioning as usual.
- Parallel processing
Parallel processing is another reason for the EOS fast processing speed. With the help of parallel processing, the EOS blockchain has reduced the process’s overall runtime successfully.
What is DPOS?
DPos consensus method is one of the main reasons for EOS network fast processing speed. DPos acts as a centralized tech-based democracy for EOS, which accepts the voting and election process to form a consensus. This is done without any outside central interference from the organizations and governments.
EOS blockchain generates the blocks as rounds of 21. Every token holder of EOS can choose 21 producers who tend to verify the blocks. The selection of the block producers completes at the start of every round. The producers are shuffled based on the block time and pseudo-random number that is generated by the network. EOS network block time is set to three seconds, which means that a new block enters the blockchain after every three seconds. Every block should be validated by the producer correctly.
EOS seems to have a massive potential because it aims to address the problems linked with the standard blockchain-based networks. But it is worth noting that EOS is still a conceptual initiative that may or may not bear the expected fruits. Its claim of processing 100,000 transactions is questionable by many stalwarts. In the near future, a lot needs to be worth observing as the EOS ecosystem takes place.