EOSIO is the first ever company to get the most public funding ($4 billion).
The figure shows the proportion of EOSIO in all the total fund-raising projects.
Looking at this picture, you can draw an important conclusion: the total amount of fundraising for all other star raising projects is only EOSIO 1/4. EOSIO is a revolutionary project worthy of the name. EOS raised second of the fund’s 93%. Not only that, the total number of fundraising projects that Wikipedia has collected in the past 171 projects is still less than 65% of EOS’s total.
Professional terminology often prevents ordinary readers from understanding the important issues of encrypted currencies and block chains. This article will introduce these technical words to you with the simplest and comprehensible text, so that the encryption money lovers will get a deeper understanding of EOS and understand this latest technology and its leading role.
The most powerful decentralized application of the underlying platform
The EOSIO system is developed by Dan Larimer. In brief, EOS is a de centralized platform to help developers create centralization applications. These applications can carry large scale users online at the same time, fast and free.
What does EOS provide for the world?
The goal of EOS is to build a secure and transparent system that can be used for the management of local and cross-border currency transactions and provide a new option for the current banking system.
Moreover, the EOS system can also be used for online elections and voting. The block chain technology ensures the credibility of the process and prevents the operation of the black box. At the same time, EOS hopes to create a global electronic identity recognition system to support cross-border travel and the affirming of different types of assets.
EOS is very similar to Ethernet, but it overcomes the shortcomings of Ethernet. EOS has the opportunity to gradually become the “world computer” and become the “Web 3” infrastructure.
From the perspective of market size, shortly after the EOSIO main network was launched, EOS rushed to the top ten of the total market capitalization of the encrypted currency.
It is particularly important to emphasize that the two major characteristics of EOS have changed the whole market in a disruptive way.
EOS transaction is free! EOS currently handles millions of transactions per second.
Simple and easy to understand account! Unlike other encrypted currencies, EOS can transfer directly to your wallet address without complex replication and paste. These addresses are also very easy to understand and remember.
Advantages of EOS block chain
Based on the high performance in distribution and parallel processing, EOS platform can deal with transactions quickly and has unlimited scalability. So far, other currencies in this area can not be achieved.
Parallel processing and multithreading technology existed as early as 1990s. However, there is no application of block chain system. EOS is developing this technology and is expected to be configured in the next few months.
The main reason for the delay in configuring multithreading and parallel processing is that the EOS development team chooses to prioritize the core system to improve the TPS of the main chain as much as possible. Although this development task is necessary, there is no need for haste. At present, no other public chains are trading faster than EOS, which can be verified by querying blocktiv.info.
In order to make the decentralized application (dApps) run smoothly, EOS is working hard at low latency.
Ideal de centralized operation system
The EOS operation system adopts the “DPoS” proxy interest proof consensus algorithm. All users have the right to vote and participate in important decisions in the EOS network. This is different from the block chain that uses the “POW” workload proof consensus algorithm and the “POS” proof of interest consensus algorithm. The latter two algorithms only have the decision-making power of those who have strong computing power or shares.
DPoS, a new consensus algorithm designed by Daniel Larimar, is a proof of interest algorithm for proxy rights.
Based on DPoS algorithm, developers can run their applications by means of EOS. In particular, the resources needed to develop and apply will not spend the EOS you have mortgaged. With only one ownership certificate, you can use EOS network resources. In addition, developers can also exchange EOS network resources.
EOSIO block chain is the longest block chain up to now, and now there are more than 50 trillion and 412 billion 674 million blocks.
“EOSIO is the first block chain network to achieve zero carbon emissions.”
Self sufficiency and Sustainability
Under the existing model, the EOS main network token is increased by 5% annually, and the additional token will be used for the sustainable development of the network. (other block chains often do not have sustainable, sufficient and fair systems to ensure the continued supply of development funds. At present, most of the development funds of other chains come from Yudu independent entities, which will trigger disputes between investors and developers in terms of spending and development. )
Who is the EOS node?
EOS does not have the mining mode of bitcoin and Ethernet, because this mode is unfair, meaningless, and high power consumption. What is different from everyone’s thinking is that mining is not used to enhance the safety of the network. The concept of mining was initially put forward to solve the problem of equitable distribution. It follows the reality of gold mining mode. Gold is rich in resources at the early stage of exploitation. With the increase in exploitation, gold is becoming more and more scarce. But bitcoin mining and gold mining are different, who has more money or more advanced technology, who can dig more bitcoins. The uneven distribution of gold limits the ability to exploit gold in advanced technology. Therefore, in the mining mode of bitcoin or Ethernet, resources have not been allocated fairly.
Finally, under the PoW mechanism, miners did not provide valuable services to the network. Miners spend money on equipment to mine, sell digital money earned from mining, and pay high electricity bills, which hinders their investment in maintaining the Internet. Therefore, the DPOS mechanism was born. Based on the DPOS mechanism, token holders can vote for members who really contribute to the network, and members of the community will be rewarded accordingly. This is a revolution. This mode will inspire developers to use their own experience to develop on EOS and provide services for the network, which is not realized by other block chain networks. By looking at the block browser “block.io”, you will come to the conclusion that EOS is a unique and perfect design. Many of its features are not available in other block chain networks. This product is actually an independent developer, developed without the support of the company and organization, without any reward.
Not only that, there are a lot of wallets based on mobile terminals, PC terminals and web pages developed on EOS, which are more than any other token. There are 11 block browsers specially developed for EOS, and more than 9 network data analysis tools, more than 20 de centralized trading platforms, different tools and sites for developers to provide guidance and training, and more than 30 Youtube channels continue to pay close attention to EOS. All the features mentioned above come from the concept of “URI”, which promotes the competition among nodes to win votes, thus continuously providing services for the EOS network.
What is voting on EOS?
The EOS network uses the “DPoS” proxy interest proof consensus algorithm. So everything in EOS is similar to a democratic system in governance. In this system, decisions are made by voting, not by individual decisions.
How is the voting process done?
The EOS token holders can vote, and the voting process is recorded on the block chain network, which avoids the suspicion of fraudulent or dark box operations.
What is the vote for?
The vote is mainly to vote on important decisions of the EOS main network, such as the node for the main network of EOS. Nodes are like congressmen, representing all voters. One of the most prominent features of EOS is that it allows voters to change their votes at any time, which prevents nodes from making decisions that are inconsistent with the interests of voters and future views. The innovative design of EOS at this point ensures the validity and credibility of the voting of token holders.
Criticism: some people criticized the voting system of EOS because the voting weight was related to the amount of money held, not related to the number of holders. In this regard, our view is: the number of voters should not be the most important factor in public property. EOS network is a token resource. It is not a country composed of land, population and citizens. Or rather, it is more like a company. Decisions should be made by those who have the largest share of the stock, not employees or small investors. Those who have a large share of equity must be more concerned about the development of this platform than those with less shares. Small investors do not pay much attention to the development of the Internet and pay more attention to selling at high prices.
Can we vote on other things?
Yes, anyone who owns a EOS account can create a referendum on topics that he or she cares about, and vote based on block chain is highly credible and reliable.
Who is the agent?
The agent is a new layer in the voting system, which simplifies the voting procedure of the EOS token holders. Money holders do not need to keep a close eye on what the nodes do, nor do they need to investigate their credibility and specific network services.
Money holders can vote for proxy. Proxy can vote on behalf of them, select the most efficient block producers, and cancel voting when efficiency drops.
To sum up, the goal of EOS is to integrate the cutting-edge technology with the most efficient governance model and build a fast and unlimited platform to provide an available tool for real business needs.
How does EOS work?
EOS is somewhat similar to Ethernet in supporting dApps development, but EOS is much better than Ethernet in terms of transaction throughput per second. EOS’s TPS can reach up to 50000, but it can still be higher, but so far it is not needed. EOS has unlimited expansibility. Even before parallel processing and multi thread updating are implemented, EOS’s high performance performance has already surpassed any other block chain network.
EOS uses a “ownership mode”, and token holders have network resources equal to their tokens. For example, if you have 1 EOS, you have 1/1000000000 “NET, CPU” resources (because the total EOS token is 1 billion). By pledging EOS, you can get the free use of network resources without having to pay for it every time you use it. Not only that, this mode helps users maintain the share of money, but also can attract a large number of new users to join the network by creating “free value-added mode” applications.
EOS is highly flexible. It allows users to rent network resources or entrust them to other developers. These developers can use these resources to invest in dApps development.
“EOS REX” EOS resource exchange
The creation of this platform is mainly for CPU (NET), which provides dApps developers with a simple and quick way to access network resources, and also provides users with resources leasing.
The EOS ownership model emphasizes user ownership of the network, not just paying for it. Ownership belongs to others. This has greatly enhanced the intrinsic value of EOS.
Characteristics of EOS
User accounts have a complete authentication and identification system, plus multiple levels of authority. These permissions can set permissions for other people or applications, and in the case of stolen accounts, you can also find recovery functions in the program.
EOS is developing additional functions of server hosting and cloud storage, which will help developers directly deploy and upload products directly through the EOS system.
EOS main network single chain can handle 1 million transactions per second, when the multi chain is connected to the main chain, the processing capacity it carries will be infinite.
When using EOS, there is no need for frequent micro payment (such as user sending messages or executing items on blocks). Instead, the developers can customize transaction fees in their dApp.
Based on the EOS governance and management model, the EOS developer community can carry out application development and repair bug in a safe and effective way. The operation of the model depends on the nodes. They can verify transactions during the downtime and then authorize the agreement until the main network is confirmed.
EOS has excellent performance because the design of blocks can be adjusted according to the volume of input.
EOS’s ICO has been in operation for over a year, based on the number of ETH imported into the ICO wallet.
About 2 million tokens are distributed to shareholders every day.
Who is behind EOS?
Seeing here, we must wonder who is the big God behind EOS. All these advantages and characteristics that EOS presents are unmatched by any other chain. It is important that we understand who has planted the first seed for this project and how all these successes have been achieved.
Daniel Larimer, one of the early participants in encrypting digital money, is rich in block chain architecture and development experience. In the Bitcointalk forum, he and Bitcoin have discussed many times about the scalability of Bitcoin and the ability to deal with large transactions when they are widely used.
He has developed 3 highly influential and successful block chain projects: Bitshares, Steem and EOS.’s Bitshares launched in 2014, which is his first project. Bitshare is highly sought after because of its fast processing speed and the establishment of the first large-scale distributed trading platform.
He also developed a technology called graphene. The construction of this technology is very “talented”. Many block chain networks are later built on “graphene”, and “graphene” has become the fastest block chain technology ever.
As we mentioned above, he developed the DPOS algorithm. At present, many other block chains are using this algorithm, including TRON, Tezos, Nano, Lisk, ICX and so on.
Dan did not stop. In early 2016, he founded Steem. Steem is a block chain platform. Users can benefit from writing good articles. Just like mining, the author’s creative content is rewarded and rewarded. This is a quite successful platform, which has gathered a large number of users. This is the first significant application of block chaining technology. Now millions of users are using Steem to publish good articles to earn revenue.
Personally, Dan began to develop at a very young age, and his interest in global economy made him understand. This stimulated his development of EOS. He was also interested in philosophy, especially in “game theory”, and made many valuable contributions. You can find many good articles on his Steemit and Medium.
Last but not least, EOS, the theme of this article, is his third project. EOS received great media attention before it was released. EOS is created by Block.One and responsible for code development. The team gained substantial investments from famous investors in the early days, including Mike Novogratz. The success of EOS comes from the operation of Block One team. They have rich experience and insights into the field of block chain application. Without doubt, this team has gathered the best consultants, investors and developers in the world.
Block.One & EOS
Everything we discuss here comes from Block.One, which laid the foundation for EOS. In 2017, B1 released EOS without having to speculate that B1’s CTO is behind all these very creative ideas: Daniel Larimer. It is important to emphasize that the EOSIO platform is not managed by Block.One, but by 121 nodes. Block.one helps the community develop the eosio system through rewards. It is not the only entity responsible for development, and has a large number of node support.
Here is an excellent entrepreneur Brandon Blumer, who is CEO of Block.One. Brandon has rich experience in the technology industry, and is a very early Bitcoin and ETH miner. Brandon’s first venture was to sell virtual assets in MMORPGs at the age of 15. His first company, GaMeCLiFF, was sold to Internet Gaming Entertainment (now the IMI exchange). In 2005, IGE sent him to Hongkong for further studies. In IGE, Brandon has brought a very high income to the Department — $5 million / year business. Two years after IGE, Brendan launched a new project, Accounts.net, the world’s largest selling website for game accounts. In 3 months, the company earned more than 1 million dollars. In 2010, Brendan founded Okay.com in Hongkong to develop real estate software for real estate agents. The internal software platform combines the customized CRM and property database to provide a fully mobile virtual office for real estate agents in Asia.
Peter Thiel, the first investor in Silicon Valley, invested in Google and created Paypal with Elon Musk. In the field of encrypted money, he only invested in Bitcoin and Block.one.
It is noteworthy that Rob Jesudason, the chief financial officer of Commonwealth Bank, has also joined Block.One, which is mainly responsible for monitoring whether the projects comply with international economic laws, regulations and other banking requirements.
The deficiency of EOS?
The account is free, but if you want to create an account, you need to buy a certain amount of RAM before you can use the network registration. The cost is not high, that is, 1 dollars. However, this will soon be completely resolved. Parallel processing updates can be implemented through vRam free of charge.
The operation is all free, but! If you perform the operation, you need to allocate a certain amount of EOS token to configure the network bandwidth and resources (NET/CPU), which is also a little expensive. Even if you do very little operation, you need to allocate more than 1 EOS, which is very inconvenient for some people. After parallel processing updates and multi thread updates, vCPU and vNET will completely solve this problem.
Daily dosage limit. If you use it today, you will have to use it in 24 hours. However, this helps to keep the network flexible and avoid garbage network.
From ICO to the main network, one of the goals of EOS is to provide an arbitration agency to sue, recover stolen wallet and tokens, and freeze stolen accounts, which is ECAF. However, there are deficiencies in the organization and appointment of personnel. At present, the ECAF has been closed, but there is no complete solution to the problem. At present, the parties are conducting a dialogue, hoping that a solution can be found as soon as possible.
The delay in the main network has caused many people to feel dissatisfied. But they do not know that voting is not more than 15%, which is unable to start the network. This is also a reason for the delay. In addition, web publishing is also centralization, which means that no entity is running behind the scenes, resulting in several networks going online at the same time, but most people will only adopt one of them.
EOS network centralization! Many people question EOS as a central block chain, because it relies on the 21-121 nodes that are all over the world. In fact, BP is very similar to the ore pools of Bitcoin and ETH, which serve the entire network because of their high mining capacity. Similarly, BP was elected by EOS holders through voting, and could change at any time. For the whole network, BP is safer than those miners whose personal interests are higher than the overall interests. At the same time, Bitcoin and ETH’s super large ore pool with powerful computing power is only 7, while EOS has 21 super nodes and 121 spare nodes. So which is more centralized?
At present, there are more than 350 dApp based on EOS. Among them, one of the most notable projects is Everipedia, a Wikipedia like platform (co founder Larry Sanger is the co founder of Wikipedia), but it releases entries on EOS platform. By using block chaining technology, information can be freely spread, enhance credibility and prevent duplication.
What will the future of EOS look like?
EOS has accumulated sufficient funds in the crowd raising stage, which enables it to use the world’s best resources to support the development of the system. It has high hopes that EOS will become the future currency platform, “ICOs”, application development, de centralized trading platform and unparalleled social networking platform, especially its scalability has attracted many investors.
We believe that EOS is the most disruptive project in the application of centralization, and it will change the rules of market operation. Behind Block.One: EOS is a team with keen insight, rich experience and strong belief in technology. The growth of the encrypted money market may drive the tokens of lack of core development and innovation capability, but only the truly innovative technology projects and teams with active and sustainable development capabilities can survive.
The article is originally contained in EOS ARABIA.
Silent fire has translated the whole text into Chinese.
Original link: whatiseos.io