Review on EOS by Anke Baum

Name: EOS
Item: EOS
Rating: 5

August 29, 2018

EOS is a decentralized blockchain platform for decentralized applications and…

EOS is a decentralized blockchain platform for decentralized applications and smart contracts. It uses a delegated proof of stake consensus mechanism to process transactions. 21 block producers work together to validate transactions. A block filled with transactions is produced. Every 3 seconds, Only one delegate is authorized to produce a block at any time.
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Pros

Unlike proof of work based blockchains, EOS uses messages instead of state to represent and execute transactions. The use of state models is a fundamental flaw limiting blockchain performance. Models built using messages are superior for achieving high performance.

Cons

Existing public blockchain platforms have run into hurdles that require a rethink of how to construct a blockchain. For example, the Bitcoin scaling deadlock highlighted the lack of an all inclusive governance model. Ethereum charges users a fee for actions on decentralized applications. Both Ethereum and Bitcoin suffer severe limitations on the number of transactions they can handle per second