Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Other Popular Cryptos / Coins => EOS Forum => Topic started by: Sherry_mae on June 10, 2018, 12:40:24 PM
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I want to gain knowledge about it.
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I want to gain knowledge about it.
Hello ,
They have no advantage, so far it's nothing and just marketing . People says, it's the new ethereum . At this time it's just an Ethereum ERC 20 token.
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A very good advantage of EOS is that more than one million transactions can be simultaneously executed in the network of this coin. This is incredibly much. Also, these transactions are carried out without charging any fees. This already gives an indisputable advantage to this coin over others.
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A very good advantage of EOS is that more than one million transactions can be simultaneously executed in the network of this coin. This is incredibly much. Also, these transactions are carried out without charging any fees. This already gives an indisputable advantage to this coin over others.
Hello Alcor ,
Woooow, that's amazing.
This is what any ERC20 token can do ! looool ;)
(https://thumbs.gfycat.com/TeemingUltimateBallpython-max-1mb.gif)
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the best advantage is speed of transaction.
2nd, because it's a dpos, no pow mining is needed, thus saving the world much electricity.
3rd, 3rd generation blockchain, a much improved ethereum.
btw, is it true "no transaction fees". i know of a blockchain called nano, it charges no fees. but with eos, i'm not sure. if it is, then it's very good.
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Some advantages of EOS include;
- Parallel processing which enables higher transaction speeds and much more scalability. It can process millions of transactions per second.
- Governing principles or a constitution that every stakeholder agrees upon. These set of rules are attached to every block mined. It is the first crypto to have a constitution.
- EOS is self-sufficient and evolutionary. The current model of EOS gives room or a 5°/o inflation, which will in turn, be used in further developing the network.
- Unlike its main competitor Ethereum, EOS doesn't demand its users to pay for every transaction, something that will help increase adoption. It is free to transact.
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The innovation EOS uses to process what it claims will be millions of transactions per second, is Delegated Proof of Stake (DPoS). This is a newer method of consensus and alternative to Proof of Work. In DPoS there is no mining and there are no miners; instead in EOS’ version of DPoS, there are 21 delegates. These delegates are continuously updated as they are voted on by all EOS stakeholders. Blocks are produced in rounds of 21 where the 21 delegates voted on for that round will each produce a block in a random order every 3 seconds (~21 blocks per minute). If a delegate is behaving poorly they’ll simply be voted out in the next round. On top of this EOS will use parallelization to scale. What does this mean? Ethereum can currently only run one operation at a time. This is because for Ethereum every single node must execute the same transactions. Utilizing parallelization, EOS can run multiple operations at the same time. The clear problem EOS is solving is scalability!
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I'd say the biggest thing with EOS is just the pure speed factor.. i think its biggest weakness is the delegates system.. like tron with SR elects.. I think the system is heavily centralized and the payout system is very lopsided to biggest holders.. which is EOS' biggest problem is most of the coins are owned by the top 100 wallets.. and I know you're thinking thats the case with all tokens but even with that, this is much much more lopsided.. but its speed potential is incredible but lacks decentralization of slower platforms.
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I'd say the biggest thing with EOS is just the pure speed factor.. i think its biggest weakness is the delegates system.. like tron with SR elects.. I think the system is heavily centralized and the payout system is very lopsided to biggest holders.. which is EOS' biggest problem is most of the coins are owned by the top 100 wallets.. and I know you're thinking thats the case with all tokens but even with that, this is much much more lopsided.. but its speed potential is incredible but lacks decentralization of slower platforms.
Ah I see, I was just about to learn about EOS but you gave an easy summary. Will still look into it though, do you think its potential to replace Ethereum is overrated?
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I understand that the coin does not have gas prices, and if this is so in my opinion this is the most important advantage
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And one good advantages of EOS is it's scalability features that overtake other coins/tokens. EOS is aimed at solving the scalability and speed problems that affect the second as well as the first generations in a blockchain.