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Since the inception of blockchain technology, it has started replacing a number of mainstream centralized industries with decentralized networks while giving huge importance to data security and transparency in financial transactions for a minimal fee. The rise of blockchain and cryptocurrencies saw the development of new cryptocurrencies and platforms that were designed to cater to specific needs such as cloud storage (Siacoin) and decentralized online entertainment networks (Tron). In the light of these blockchain networks, EOS was created for the development, hosting, and execution of decentralized apps on a commercial scale.Earn Free Eos
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Digital Gold of the Future, Eos is an asset that has provided financial freedom to millions across the globe. So if you believe in it, storing your Eoss is a good option.
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Eos is accepted globally for financial transactions online at various e-commerce sites as a mode of payment.
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The EOS platform is divided into two different elements, EOSIO and EOS token. While EOSIO was created to be the base of the blockchain network and acted as an operating system to the platform which managed and control the blockchain platform. EOSIO has a specialized blockchain architecture that allows users to scale both vertically and horizontally their decentralized applications. The EOS token, on the other hand, is a cryptocurrency that was specifically created for the EOS blockchain platform to create a medium of currency to allow developers to conduct transactions on the platform and commercialize the development of Decentralized applications on the EOS platform. In order to build and run DAPPS on the platform, a developer is only required to be in possession of these EOS tokens and does not have to spend them to avail of the benefits and abilities the EOS platform provides.
EOS is a decentralized blockchain platform that enables the creation and marketing of decentralized applications (DAPPS) on a commercial basis. The platform supports all the core process and functions that are required to allow individual users and commercial business owners to create a decentralized app of their own which provide many uses to the owner such as data hosting, authenticating users, usage management, securing the platform, and many such uses. The EOS blockchain platform is currently owned by the company Block.One and is created and developed by Dan Larimer, who also created other platforms like Steem and Bitshares.
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EOSIO utilizes the Proof of Stake (POS) system to produce EOS tokens for the blockchain network. The Proof of Stake system eliminates the concept of traditional cryptocurrency mining that involves expensive hardware and dedicated computers. EOS does not depend on mainstream mining procedures in order to further the blockchain and validate the transactions that occur on the network. Instead, the EOS Blockchain network utilizes a system of Proof of Stake (POS) algorithm, where coins are staked by the users who already own it, wherein the supply is controlled by a variety of fees such as token creation fees, transaction fees, etc. EOS coins already exist in the network and hence do not require mining to produce it.
The network is made secure by the people who stake their coins and validate the transactions that occur on the EOS network and are accordingly compensated for it with EOS coins. The Proof of Stake (POS) algorithm works on a principle of validators on a randomly chosen block in the blockchain. The validator’s chances of achieving the largest stake in a block’s validation are proportional to the number of coins they have staked in the particular block. This system is more considerate of the environment as it cancels out the need for a mining system and dedicated hardware components such as Application Specific Integrated Circuits (ASIC), hence saving a huge amount of power consumption and subsequent damage to the environment.
Although there already exist decentralized blockchain platforms, such as Ethereum, that provides developers a platform and the necessary resources required to create decentralized applications, these platforms are infamous for suffering from scalability issues and has often resulted in the forking of the blockchain network, thereby creating a divide between the user base. EOS aims to solve these issues by focusing on the main points that affect scalability issues in blockchain platforms such as speed and flexibility as they often end up being a bottleneck in a resource-based system such as Ethereum. By offering increased speed and flexibility, EOS aims to tone down the scalability issues that might affect their EOSIO blockchain network.
The platform also claims to be able to support numerous DAPPS at once which are of commercial size without creating scalability issues in the network such as performance bottleneck. EOS managed to pull this off by utilizing parallel execution and asynchronous communications methodology across its platform. The efficiency of the EOSIO platform is further increased by separating the methods that are involved in the working of decentralized applications. This can be seen by the EOSIO’s ability to separately conduct the authentication process and execution process involved in the creation of DAPPS.
EOS also provides its users with various features that they can exploit for the maintenance and development of their decentralized applications. The platform also follows a unique ownership structure in which the users are exempted from paying for the DAPPS while eliminating the transaction charges that are usually associated with DAPPS by providing the developers with resources to maintain and develop their app according to the stake they hold in it, thus removing the standard pay per transaction model that is generally followed across most DAPPS platforms.