EOS – the Enterprise Operating System
EOS has been steadily making the headlines lately, with most concerned only with its 30%+ increase on the charts. At the time of this writing, Huobi Pro charts shows EOS token at $8.76. However, today’s focus happens to be on some education and not speculation. We’ll look at the “MVP” of EOS and especially its claim as “the most powerful infrastructure for decentralized applications.”
EOS is short for Enterprise Operating System, a consensus based operating system that allows for account permissions, authentication and internet application communication of databases in a way that greatly improves efficiency and interoperability. Remember, blockchain is simply a distributed database, upon which cryptos like BTC and ETH run. These two aforementioned blockchains, however, have scalability issues with regards to increase in number of users and transactions processed per second.
This scalability problem is a huge hindrance to the mainstream adoption of cryptocurrencies. Moreso when the number of adopters keeps increasing daily. While one goal of EOS is to solve this particular problem, another problem, which is our focus in this article, is related to DApps.
Creating Better DApps on the EOS Platform
This popular crypto-platform comes from the creator of Steemit and BitShares, one of the most active blockchains in the world performing real world transactions. Steemit transactions though, are social in nature, being a a content sharing application which rewards participants. One interesting fact about the Steemit app is that it is the only blockchain/crypto related platform where females to male ratio is high. Meanwhile, BitShares, a decentralized exchange using delegated proof-of -stake that was able to achieve 3 seconds block confirmation.
Participants on above applications continue to grow daily, consequently bringing to light earlier mentioned scalability issues. Moreover, we’re at a stage where every Jack and Jill wants a smart or decentralized project. What this means is different smart contracts running on different computers, each of which requires their own account system, recovery phrases, multi-sig features and even management.
The missing link being one single blockchain operating system that provides all the above needs in one place. Such an operating system will be able to cater to the common needs of the developers running smart contracts applications in the form of DApps. This super operating system is what EOS is offering. A solution that now lets programmers focus on building customer centric DApps that will rake in the dollars.
First Blockchain Operating System for DApps
The last time you used Steemit or an Exchange, you accessed it through a web browser or internet accessible device, right? This is a basic requirement for DApps to function. Another requirement for DApps is that access has to be initially free, to a basic extent, before monetization strategies can be considered. Considering the huge amount of transactions that happen on DApps, they must have fast confirmation times, be easy to upgrade and able to have a profile attached. Granted that anything involving computer code has bugs, DApps require a working strategy for fixing all bug issues.
A platform encompassing all the above attributes is what EOS has to offer. Not having to worry about all that means developers will have more time to focus on what they do best: creating DApps. A platform where, instead of Steemit and BitShares running on their respective blockchain, they can run parallel on one blockchain.
Why EOS is Preferable
- Decentralized Blockchain Operating System: number one distinguishing feature of EOS. Once a decentralized computer is running on this OS, it would have all the needed features to create a DApp.
- Flexibility: Unlike the rigid Ethereum network where a freeze follows any inconsistencies like a DAO attack, on the EOS network, only affected blocks are freezed until a solution produced. This is possible because EOS adopts the Delegated Proof of Stake (DPoS).
- Governance: being a self governing institution, EOS has a signature constitution which must be signed on every smart contract created. Amendments to the constitution must follow prescribed procedure.
- Parallel Processing: As mentioned earlier, different instructions can run parallel on the same blockchain. Just as it improves interoperability, it also increases speed of transactions.
- Scalability: DApps always face this common problem when unable to handle increasing participants.
- Self Sufficiency: All DApps created on the platform must generate 5% inflation yearly, which is shared among the block producers.
- Usability: Being an OS, it comes with a web tool kit to guide developers using the platform.
Main developers of the EOS project are from the Block.one team having Brendan Blumer as their head. Daniel Larimer, creator of BitShares and Steem is CTO for EOS.
What the Future Looks Like for EOS
While there is no official roadmap to be seen anywhere, the EOS team has made it clear they are all about creating a haven for DApps. Recently, they launched a new product in this line called Dawn 3.0.
Whether EOS will replace ETH is yet to be seen. After all, EOS tokens were launched on the Ethereum blockchain. There is, however, no doubt that the ambitious project seeks to meet the needs of many.