Review on EOS by Olugbenga Ajayi
EOS Delegate proof of stake(DPOS)
EOS is aiming to become a decentralized operating system that can support industrial scale decentralized applications. The core team behind EOS is 'block one's which is based in the Cayman islands. EOS promised to solve two problems of block chain technology: scalability and flexibility. For instance Visa manages 1667 transaction per second while PayPal managesb193 transaction per second whereas Bitcoin manages only 3-4 transaction per second and ethereum 20 transaction per second. This delay is because each and every nodebif the network must come to a consensus for anything to go through. EOS introduces Delegate proof of stake (DPOS) consensus mechanism as solution to this problem. The DPOS has only 21 block producerproducers who are responsible for validating each block. Having only 21 full nodes to confirm transaction results in a net increase in the number of transaction that can be processed every second. EOS ensure that a break in a DAPP does not stop overall operation since the elected block producers can freeze it until the system is taken care of.
Pros
- Removal of transaction fee
- Ability to conduct millions transactions per second
Cons
- It's block chain is not immutable which limit it's applications
- It possess a flawed flexible governance model
