Review on EOS by Temitope Babatunde
EOS Coin, Using Delegate Proof of Stake Protocol
EOS IO blockchain protocol power by Block one is the originator of EOS which is running on its chain. EOSIO was launched in 2017 but did ICO in 2018 to launch EOS token then written on the Ethereum smart contract before it moves to its own chain. , the ICO was very successful because EOSIO was able to raised 4 billions dollars. The main reasons for creating this project is to develop a more faster, secure and simple application that will at same time remain decentralized.
EOS software try to introduce into blockchain a kind of technological design to enable both horizontal and vertical scaling of decentralized apps. The software provides authentication, database, account, asynchronous communications and the arrangement of apps. EOS was the first to introduce Web Assembly Engine into the blockchain software.
EOS was built to support millions of transaction per seconds on its chain which makes it to be among the fastest chain. Another interesting thing about EOS is that the developer who wish to write their apps on it do not need to go for special programming languages because it use common and popular language that most developers know and love like C++. Besides, it come at no cost that is any dapp developer can use the EOS platform freely.
EOS use Delegate Proof of Stake(DPOS) protocol for mining, this means there are only 21 blocks producers who validate any EOS transactions and they are elected by the EOS holders. The higher the number of EOS you hold the higher your chances to be voted for as a producer. Three days into the election all voters have to stake their EOS, which means they will not be in control of their coins during this period.
EOS software is secure, one of the security measures in use is WebAuthn which support secure transactions signing without the need for additional software.
EOS is now number 7 in terms of market capitalization of more than 258 million dollars, over 252million volume in btc and total supply of over 933 million and the present price is $2.54 so we can see that EOS can be good investment and with many big and smaller exchanges wanting it in their market is a good indicator that EOS is a coin to reckon with.
Pros
- In terms of speed, EOS is a coin to reckon with.
- The programming language of its software is so simple that it does not require any special skill before they can build dapp on its system.
- Dapp developer who wish to use the EOS does not need to think about cost because it is free to use
- It looks like good investment because all the initial investors must have realized their investments with good ROI.
Cons
- Unlike bitcoin, mining of EOS is limitless, that is its mining will not come to an end one day.
- The voting system is ambiguous, in that the voters will have to dispossessed themselves of control on their EOS coin for 3 days before they can be allowed to vote, and if anything should happen in the market during that period they will not be able to sell their coin.
