EOS and Delegated Proof-of-Stake algorithm .

EOS is a decentralized system based on blockchain technology, that enables the development, hosting, and execution of commercial-scale decentralized applications on its platform . It is a fully functional and secure blockchain platform for delivering web services like Smart contracts , Cloud storage DApps , User authentication etc.

Delegated Proof-of-Stake

Let's take a look at DPoS algorithm which promises creation blocks within 0.5 seconds . Unlike in the POS algorithm where nodes have to stake some amount of tokens in order for the validity of the block and responsibility is shared according to the stacking percentage , in DPoS the tokens holders vote for the block producers . The producers who receive more number of votes will get to organize the generation of blocks. It works faster than most consensus algorithms like PoS, PoW reason for it is that block producers only compete at the time of selection of the producers on the network.

As we can see DPoS makes EOS a very powerful and scalable than any other platforms .

Features of EOS

1. Scalability Scalability is a significant concern for most blockchain platforms, because of the blockchain transactions require each node in the network to come to a consensus for anything to pass through. EOS claims the ability to support millions of transactions per second owing to their distributed proof of stake (DPOS) mechanism

2. Upgradability Developers can renew their applications without being permanently attached to a bug. It is also possible to deploy irreversible EOS smart contracts. But such decisions are based on the discretion of developers and not because of protocol restrictions.

3. Less energy consumption EOS is a very less energy consumptive platform than other platforms because of it DPoS consensus algorithm.

4. Governance In EOS, the governance is maintained by setting up jurisdiction and choice of law, coupled with mutually accepted rules. This is achieved via the legally binding constitution. Each transaction in EOS requires the hash of the constitution attached to the signature, which essentially binds the users to the constitution.

5. Decentralized Operating System Ethereum functions as a decentralized supercomputer. In contrast, EOS is a decentralized operating system that assists EOS in offering a vast array of business-friendly and user-friendly features.

Cost affecting parameters for dapps running on EOS

On EOS public network, there is no pricing model like Ethereum or Bitcoin i.e. Gas fees or Transaction fees. The access to the limited blockchain resources is controlled by staking that allows the users with higher ownership on the network, so a higher number of tokens frozen on the system contract, to have higher priority accessing the limited resources.

On an EOS blockchain network the limited resources are ram, cpu, network bandwidth RAM : It is the resource required to store the in-memory database that supports your smart contract. This resource is consumed when a new data row is added to your smart contract database table. EOS adjust the RAM price based on supply and demand. CPU : It is Shared CPU time to execute your DApp business logic. This CPU is consumed every time you execute a transaction on the network and depend on the code complexity defined by your smart contract, so the longer your transaction runs more CPU time it will consume. Network Bandwidth : It is the amount of data submitted to your smart contract. This resource is consumed when you send a transaction to the EOS network and depends on the size of data transported by your DApp transactions.

Conclusion

Blockchain technology is still new technology and evolving at tremendous pace while tackling all the problems which are clinging to it . At present, EOS is the most widely used blockchain platform in the world. EOS dapps have quickly emerged as the safer, faster and more affordable alternatives to traditional blockchain apps. Based on the current trends, EOS has emerged as a true champion of blockchain technology and can provide immense benefits for a wide range of business needs in the times to come. Hope this gave you basic understanding on EOS , blockchain technology will take the world by storm in few years and EOS will play important role in it .