THE CRYPTO N' YOU SERIES 1 - EOS (AN X-RAY)

detycoon (40)in #cryptocurrency • 7 years ago (edited)

Hello Steemian Crypto lovers,I will be starting a series of exposition,an overview on the various cryptocurrencies on the coin market place,to equip us with the necessary tools,vital and comprehensive information on any of the digital coin,before trading or investing.Area of focus today is the - EOS Coin

FOUNDER /BRAIN CHILD

Dan Larimer, founder of EOS is the achitect and the brain child behind Steem blockchain/ cryptocurrency. He is the co-founder of Steemit, Inc and its CTO until march 2017. He’s also the CEO of Cryptonomex, Inc - a blockchain technology consulting company that was founded with his father, Stan Larimer. He originated the idea of the “decentralized autonomous company” or DAC. He also founded the decentralized exchange BitShares and Invictus Innocations.

EOS - THE GENESIS

As the crypto blockchain technology evolve speedily,ranging issues like scalability (Bitcoin’s scalability issue),increase ethereum gas charges, coupled with the dire need for higher number of transaction per second - a deficiency cum loophole discovered in Ethereum,precipitated a need to build some DApp (decentralized application).

Ethereum with high transaction costs, BitShares and Graphene have very limited smart contracts capabilities,thus the genius of Dan Larimer led to a combination of the scalability of Graphene and the power of Ethereum’s smart contracts together,thus the emergence of EOS.

The idea behind EOS is to create a general purpose blockchain platform which you can build applications like bitshares and steem. EOS built is tailored to be used by large businesses, enabling corporations to automate processes, monitor assets, and create multiple applications.Each has its own thread and independent state so the blockchain can scale horizontally to support 1000s of applications and millions of transaction per seconds.

ICO AND TRADING EXCHANGES

EOS token distribution commenced on June 26th 2017, over a one-year period on Ethereum, for the sale of 1 billion tokens to be sold over 341 days.
Kranken trading exchange was the first exchange to embrace EOS,Bitfinex exchange trading through EOS/USD, EOS/BTC, and EOS/ETH pairs started from July 01, 2017,and on CHBTC.com from July 6, 2017

VANTAGE FEATURES

EOS allows for more frequent and less expensive transactions with quick conformations (like voting). In EOS, the human-readable source code (the “bot”) is uploaded directly to the blockchain. This makes it easier for designers to do something then set it free to live on the blockchain.

Parallel Processing

Parallel processing capabilities bring continuous scalability and a reliable high performance foundation for your applications. Existing single threaded capabilities force every application to share the capacity and performance of one single-threaded blockchain, create hard scaling limits, and eventually suffer from network congestion that may result in platform-wide downtime.

A Decentralized Operating System

Its software assists developers with databases, permissions, scheduling, authentication, and inter-application communication. This greatly simplifies the process of building and deploying decentralized applications, and widens the potential developer audience to anyone with basic web development experience.
The software is designed to allow developers to leverage the blockchain without sacrificing development time or compromising mainstream performance standards.

A Ratifiable Constitution

The EOS constitution governs the block producers and every transaction on the network through a peer to peer User License Agreement. The Constitution outlines a transparent framework for dispute resolution, force major decision making, and creates a common default arbitration framework for all users globally.

Self Sufficiency and Evolution

An EOS blockchain is an entirely self sufficient, self funding, distributed network with all governance on chain; it does not rely on any single foundation, corporation, or individual.