EOS is a blockchain technologybasically like Ethereum which has been brought to life by Dan Larrimer. He is also the creator of Steem and BitShares. On June 26, 2017 the project starts its ICO.
Features
Parallel Processing: The ability to do things in parallel, faster transcation speeds and more scalability.
A Constitution: A set of rules on which everyone agrees upon, these are linked to every block mined.
Self Sufficiency and Evolution: The current model allows for a 5% inflation, this will be used to develop the network further.
Decentralised operating system: EOS is similar to a decentralized operating system, in practice this means that developers can build applications on EOS. Owning EOS coins is a claim on server resources. A developer needs to have EOS coins to use the EOS blockchain. Developers will not spend the coins to use the server resources, s / he just need to prove they hold them.
His operating system will be hosted on servers (data centers) which in return will also be block producers. Block rewards in EOS are the incentive for these servers to host EOS applications.
The applications running on this decentralized OS will be able to communicate with each other, there will also be measures to "firewall" applications.
Applciations use very common functions such as user / password, user interfaces, backend (database) management. This means that applications can share frameworks or libraries which make development faster, more secure and less technical. For example, applications will have their own secure database and file space on EOS.
EOS will allow developers to create blockchain applications with which end users will easily interact with. Probably most users would not even know that they will interact with one when using EOS as this will be completely transparent to the users.
Etherum does a very poor job of making interacting with their blockchain a user-friendly process.
EOS main competitor Etherum, demands users to pay for every transaction. EOS will not do so. This will incerase adoption.
ERC20 like tokens can be created on EOS, this means that ICOS can be hosted on this blockchain.
The ICO is one year long this should increase distribution, which should increase adoption.
200,000,000 two hundred million - distributed during a 5 day period beginning on June 26, 2017 at 13:00 UTC and ending on July 1, 2017 at 12:59:59 UTC.
700,000,000 seven hundred million - split even into 350 consecutive 23 hour periods of 2,000,000 EOS tokens each beginning on July 1, 2017 at 13:00:00 UTC.100,000,000 one hundred million - will be reserved for block.one and can not be traded or transferred on the Ethereum network.
100,000,000 one hundred million - will be reserved for block.one and can not be traded or transferred on the Ethereum network.
Challenges
The current ICO market is very agitated. To me, it feels a bit like a mania at this time.
Ethereum has the first mover advantage in the smart contract space, a lot of systems have been built on Ethereum and it has proven itself to be a commercial grade blockchain. It is not impossible for Ethereum to adopt the same model. It is already planning to change from a POW to a POS.
There are other competitors besides Etherum for example, RChain, Rootstock / RSK, and Crown have not yet released their smart contract / decentralized platform suite but once they do it could be cheaper and easier for developers to use these new platforms.
There are other blockchains with smart contract capability such as BitShares and Graphne currently. These have limited smart contract capabilities at this time but they could adapt their systems to a similar model in the future.
Smart contracts will be readable code rather than binaries. This would make maintaining proprietary smart contract tech confidential difficult. <I am doing further research on this point.
Dan Larrimer has a history of moving on to the next thing, he did so with Steem and Bitshares. This is not necessarily a bad thing, but if the timing is not right the project could suffer.
There is no cap on the amount of money being funded in this ICO. How will the excess funds be managed? Could this lead to a hyper valuation? What happens once the tokens can be moved? Would short-term investors try to make a quick buck, sell and cause the prices to crash?
Ethereum versus EOS
In a kind of geeky Clash of the Titans, two of the greatest names in Blockchain innovation are having a discussion on which of their two frameworks have better general ease of use for exchange numbers.
Buterin Opens
The first in the ring was Buterin, who reacted to an Ethereum Reddit string post asserting that EOS was far better than Ethereum as a result of the quantity of exchanges and adaptability that Ethereum can not offer.
The Ethereum fellow benefactor contended that EOS, Larimer's mind kid, while offering substantial quantities of exports yet through a framework that expels the securities of Merkle confirmations and makes it unthinkable for consistent clients to review the framework unless they want to by and by run a full hub.
He also contended that the idea of EOS decentralization through DPOS causes undue dependence onoting, which has demonstrated dangerous in the past with low voter turnout and next to zero voter stimulating force.
Ultimately, Buterin disagreed with EOS charges, since exports are specifically related to coins held, making it exorbitant for poorer clients:
"Poor people, who are not keen on putting the whole of their frequently low reserve funds into a crazy new crypto resource keeping in mind the end goal to have the capacity to utilize a Blockchain."
Return Volley - Larimer Responses
Larimer, as far as it matters for him, tended to the distinction with EOS and approval, expressing that Ethereum is assembled more on an arrangement of trust with the piece makers, though EOS has a speedier and more straightforward match up highlight for the individuals who are not delivering full hubs, making it less demanding to approve.
Larimer likewise managed voter turnout, calling attention to that measures have been taken to expand voter appearance and interest.
At last, he tends to expenses, taking note of that the individuals who utilize the EOS chain by and large have tokens in advance, and that the use to cost proportion will in the end balance out in view of market powers.
Larimer Closes:
"By and studies of DPOS, EOS and STEEM depend on imperfect monetary contingitions, falsehood and obliviousness / disavowal of vulnerabilities in their proposed arrangements."
Significance for ICOs
The issue is critical on the grounds that EOS is a methods for managing a portion of the obvious shortcomings of Ethereum. Ethereum (per Buterin) is the better framework, and he discovers shortcomings inside the EOS system. A portion of the verbal confrontation will require far reaching usage to figure out which framework is right.
On account of the reliance of ICOs and other Blockchain extends on a stage (currently intensely supporting Etherum), EOS speaks to another framework that can take into account includes that Ethereum does not. Buterin and Ethereum aficionados, be that as it may, sees the new framework as more imperfect than the first.
The historical fate of Blockchain innovation and its utilization in the general population segment is open to question. These two organizations are grappling with each other for will's identity the stage of decision as Blockchain keeps on expanding in ubiquity and across the board utilize.
Getting Started With EOS
We believe that EOS means different things to different people. We have received numerous amazing interpretations of what EOS stands for or what it should stand for so we have decided not to typically define it ourselves.
EOS.IO is software that introduces a blockchain architecture designed to enable vertical and horizontal scaling of decentralized applications (the "EOS.IO Software"). This is achieved through an operating system-like construct which applications can be built.
The software provides accounts, authentication, databases, asynchronous communication and the scheduling of applications across multiple CPU cores and / or clusters. The resulting technology is a blockchain architecture that has the potential to scale to millions of transactions per second, eliminates user fees and allows for quick and easy deployment of decentralized applications.
Block.one, a Cayman Islands exempt company, is building the EOS.IO Software. With employees and advisors based around the world, the company focuses on business-grade technology solutions, including blockchain software development.
At the end of its development stage, block.one will be releasing the EOS.IO Software it has developed under an open source software licen
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