EOS: a competitive dApp building tool
EOS.IO is a blockchain protocol engineered to step up the decentralized application (dApp) game many blockchains are involved with. As the dApp sector relies on various decentralized computing systems, it is an exciting playground for different blockchain solutions, EOSIO being one of them. As popular applications require hardcore decentralized software to run their operations on, even top-developed blockchains such as Ethereum have struggled in delivering a flawless performance. In this article, you will learn how EOSIO is planning to change this and what makes this blockchain competitive.
The EOSIO foundation
The whitepaper resulting in the launch of EOSIO was published in 2017 by a private company block.one. EOSIO’s platform release shortly followed in 2018. Out of EOSIO’s creators Dan Larimer and Brenden Blumer, especially Larimer is known in the world of blockchain for creating platforms such as BitShares (the first decentralized exchange) and Steemit (the first social media network for crypto).
EOSIO software trivia
The goal of EOSIO is to provide both user-friendly and compatible tools for dApp building. To enable as smooth as possible dApp development, EOSIO focuses on delivering a blockchain with more transactions per second than its rivals while keeping the transaction fees low. High transaction speed and low fees are crucial for blockchain usability and hence applicability in dApp-building; the end product can’t risk the operations to slow down or high fee volatility. Moreover, the end product is completely free for users. dApp developers do have to pay for using network resources.
Thanks to its horizontal scalability, asynchronous communication, and interoperability, the blockchain is often praised for its parallel processing abilities. Some of EOSIO-based application use cases include EOS smart contracts, user authentication, and cloud storage functionalities.
EOSIO differs from many of its rivals by enabling dApp development on many WebAssembly languages such as C++, Python, and Java. The blockchain uses a delegated proof-of-stake chain (also known as DPoS) that utilizes a reputation system and real-time voting; hence the EOS token owners can contribute to the network. A DPoS chain is also a more sustainable option in the context of energy demands.
EOS the token
Naturally to blockchains, also EOSIO comes with its native token, EOS. The cryptocurrency is required for voting on updates in the software. EOS tokens can also be staked, and staking EOS represents the ability to vote in the way mentioned above. Besides this, EOS is used to pay for the operating costs of this blockchain. EOS is a relatively well-known cryptocurrency, thanks to its monstrous initial coin offering with which the project raised over 4 billion dollars.