Eos (EOS) is a decentralised blockchain-based smart contract platform for commercial-scale decentralised applications (Dapps). The Eos platform is looking to become one of the biggest smart contract platforms on the market. It supports core functionalities that enable the creation and development of Dapps for individuals and businesses. The network offers tools for authentication, secure access, data hosting, communication between Dapps and the internet, permissions, and usage management.
The Eos development team’s goal is to create an optimal environment for Dapp developers and grant access to various tools designed for efficient Dapp development. The platform offers a web-based toolkit that operates much like traditional web application stores, such as the Google Play Store. The web-based toolkit was created for interface development, facilitating easy-to-use tools for developing Dapps.
Eos.io controls the Eos blockchain-based network. The platform is built upon an architecture that enables vertical and horizontal scaling of Dapps. The EOS token is the native digital asset to the Eos platform, and it powers the entire ecosystem. Any EOS holder can become eligible to use the platform by simply holding EOS tokens, which is how access to Dapp tools and resources is granted. EOS is used to either unlock access to Dapps that already exist on the blockchain or to build Dapps. Users who are holding EOS but not using their tokens for Dapps or Dapp development can rent their bandwidth to other users.
The network allows users and EOS holders to use the resources available on the blockchain-based network and the value of their stakes. Resource usage is proportional to the amount noted in the users’ EOS-based stakes. This way, transaction fees on the chain are eliminated because each user or EOS holder can send as many transactions as proportional to the owned number of EOS tokens.
The network uses Delegated Proof-of-Stake (DPoS) as a consensus algorithm. DPoS enables a block generation time of 0.5 seconds, facilitating scalability and swift transfers. The combination of DPoS and asynchronous Byzantine Fault Tolerance (aBFT) allows Eos.io to accelerate in irreversibility. With DPoS as the consensus protocols and aBFT, the algorithm provides a rate of 100% confirmation for all transactions within one second.
DPoS is different than the regular version of Proof-of-Stake because it relies on the concept of token holders voting for block producers. On blockchains running on PoS, token holders vote on the validity of blocks instead. Because the block producers with the highest number of votes are chosen to organise the new generation of blocks with competing only in the first stage of the process, DPoS works faster than most other algorithms. The system is comprised of two stages. Block producers are selected in the first phase, and the second phase facilitates a consensus among 21 selected block producers.