What is EOS?
EOS is a project utilizing open-source technology that was launched by B1 in 2018 and is based on the Cayman Islands. In its early days, EOS stood out among other blockchain projects due to its technical innovations.
However, the blockchain's development later slowed down, and the venture capital intended for EOS-based projects was lost. This led to a lack of resources for projects on EOS and hindered their operations within the network.
To address these issues, the creators of EOS decided to establish a new organization called the EOS Network Foundation (ENF), which is now responsible for the efficient distribution of capital and the development of EOS. Additionally, the decision was made to unlock the tokens used by B1, and the EOS network became a decentralized autonomous organization (DAO).
In their pursuit of complete independence, on September 21, 2022, community engineers, under the guidance of ENF, transitioned from EOSIO 2.0 to Leap 3.1, utilizing the new Antelope protocol based on C++. EOS continues to implement new features to address scalability issues faced by blockchains.
EOS is a blockchain platform that utilizes the Delegated Proof of Stake (DPoS) consensus mechanism. Its native token is a utility token that serves several functions within the network. Token holders can use EOS tokens to purchase system resources, participate in blockchain governance, and transfer funds within applications running on the EOS platform. Tokens are also used to account for the assets of investors and speculators.
Furthermore, token holders can stake their EOS tokens, allowing them to receive a portion of the fees users pay for using system resources. This staking model is known as the EOS PowerUp Model.
Basics of EOS Blockchain
One of the main challenges faced by public blockchains is their limited scalability. This occurs when the network grows, and the volume of transactions increases. As a result, many blockchains struggle to provide the necessary performance metrics, such as transactions per second, throughput, and minimal delays, to serve a large number of users.
EOS aims to address these limitations by utilizing various mechanisms and capabilities within its ecosystem. The primary goal is to achieve scalability without compromising the security of the network and the freedom of developers. This is achieved through the use of technical innovations and enhancements that enable the processing of a large number of transactions and improve network performance.
The EOS blockchain utilizes a high-performance WebAssembly (WASM) engine to execute smart contract code. WASM was specifically designed with the needs of blockchain applications in mind, which require significantly more resources than regular web browsers. This powerful engine enables the processing of complex operations and the execution of smart contracts with high performance, making EOS a favorable environment for various decentralized applications.
High Throughput, Fast Confirmations, and Low Latency
EOS boasts high throughput, providing fast confirmations and minimal delays to ensure user convenience. The DPoS consensus mechanism does not require confirmation from all nodes to complete a transaction, enabling an asynchronous verification style. As a result, transactions can be quickly confirmed, and the time from creation to completion of a transaction is minimized. This allows users to efficiently interact with the network without lengthy waiting times and ensures reliable feedback.
EOS has implemented a virtual machine compatible with Ethereum called EOS EVM, allowing developers familiar with Solidity on Ethereum to leverage the scalability and reliability advantages of the EOS blockchain. Users have access to transactions with minimal fees and the ability to utilize open-source libraries and familiar tools, ensuring convenience and ease of development on the EOS platform.
EOS blockchain has a unique and flexible access management system that allows configuring different levels of access for various tasks. Account owners can grant specific permissions to third parties and have the ability to revoke access at any time.
EOS supports a hierarchical account structure, enabling the management of multiple smart contracts from a single account. This provides more flexible control and allows sharing access to modify smart contracts among multiple accounts. Such a system ensures a high level of security and data control within the EOS network.
Flexibility is one of the key advantages of the EOS protocol. Applications built on EOS can be upgraded and modified due to the flexible nature of the protocol. Developers have the ability to update code, add new features, and change the logic of the application if they have the appropriate permissions.
EOS also supports the implementation of immutable smart contracts, which are developed and controlled by EOS developers themselves, rather than the protocol. This allows for the creation and maintenance of unique solutions tailored to specific needs and requirements of different applications.
Resource Allocation and Governance
Programmable resource allocation and governance are important features of the EOS protocol. Developers can customize system smart contracts to create individual economic models and management rules. This mechanism allows for changes to be made without the need to update the core code, thanks to the use of system smart contracts.
As a result, EOS provides flexibility and control to developers, enabling them to tailor and optimize resource allocation and network management processes according to their specific needs and objectives.
What makes EOS unique
Readable Account Names
EOS stands out with its use of user-friendly and easily recognizable account names. Instead of relying on long and complicated strings of characters, EOS accounts are designed with memorable and readable addresses, like "Alice.gm," making it more convenient for users to interact with the blockchain.
Minimum commissions on account
EOS offers its users minimal transaction fees, making it an excellent choice for sending or receiving micro-payments. This makes Web3 more accessible to users, as high gas fees in other networks can significantly increase transaction costs.
Almost instant confirmation of transactions
EOS provides almost instant transaction confirmation, ensuring that transactions are not canceled or altered after execution. Currently, the completion time for transactions on EOS is approximately three minutes, while it takes 60 minutes for Bitcoin and six minutes for Ethereum. However, compared to traditional systems (Web2), three minutes may still seem slow. Therefore, ENF and its key technological partners, known as the Antelope coalition, have launched the Instant Finality initiative to achieve fast and irreversible transaction execution.
Thanks to its DPoS mechanism, EOS ensures energy efficiency, allowing nodes to quickly confirm transactions with minimal use of network resources. Unlike networks that use Proof of Work (PoW) algorithm, which requires significant energy consumption for mining, the EOS network is one of the most energy-efficient blockchains in the industry.
Base layer protection
Recover+ (R+) serves as a cybersecurity portal and a rapid response program designed to protect EOS DeFi projects and their users by rewarding ethical "white hat" hackers for identifying vulnerabilities. This response program facilitates swift recovery of stolen funds in case of malicious hacks.
On November 5, 2021, there was a breach in the blockchain lending platform Pando Rings, resulting in the theft of over $70 million in assets. Despite the fact that the Pando Rings application was not built on EOS, the hackers also stole EOS tokens worth over $2 million. Thanks to the Recover+ program, the team was able to respond promptly and freeze the stolen funds, safeguarding EOS DeFi users.
EOS Working Groups
Since its inception in 2021, the EOS Network Foundation (ENF) has actively funded several EOS working groups aimed at enhancing the ecosystem. It has also proposed practical measures to improve key areas, including core infrastructure, API, SDK, DeFi, and security analysis tools. These efforts are geared towards developing and enhancing the functionality and security within the EOS ecosystem.
EOS Network Ventures
EOS Network Ventures (ENV) is a venture fund with a total capital of $100 million, dedicated to attracting and investing capital in the development of the EOS Network. The fund also makes strategic investments in Web3-related technological startups in the form of both capital and tokens. It actively invests in various areas, including GameFi, metaverses, eSports, NFTs, and financial technologies. The goal of ENV is to support and foster innovations within the EOS ecosystem and contribute to the development of new and promising projects in this sector.
EOS Network Foundation
EOS Network Foundation (ENF) stands out as a unique and community-driven non-profit organization, established with the vision of fostering innovations within the Web3 space. Unlike traditional foundations, ENF is led by the community and operates with a strong focus on identifying investment and financial opportunities to support the growth of the EOS network.
One of the key uniquenesses of ENF lies in its proactive approach to funding socially significant initiatives. By providing financial backing and non-financial support, ENF actively drives the development of key aspects of the EOS ecosystem. Through its strategic coordination, the foundation has successfully nurtured numerous public programs that have contributed to the advancement of the EOS network.
Moreover, the launch of the initiative to create a $100 million ecosystem fund, managed by EOS Network Ventures (ENV), demonstrates ENF's commitment to ensuring the continuous growth and sustainability of the EOS ecosystem. This innovative approach further highlights the foundation's ability to adapt to the evolving needs of the Web3 space and invest in promising projects, solidifying its unique position within the industry.
In conclusion, EOS, one of the early blockchain pioneers alongside Bitcoin and Ethereum, has successfully overcome its past challenges and adapted to modern requirements. This blockchain platform provides a reliable system, catering to the convenience of developers and end-users within the GameFi Web3 space. With its high performance, flexibility, and scalability, EOS continues to be a prominent player in the cryptocurrency and blockchain industry.