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5 Karma
Review on EOS by Bert Harper
EOS coin review
EOS has only recently evolved into a cryptocurrency, after being an ERC-20 token. It was developed to serve as a platform for smart contracts, launching de-centralized apps (dApps) and hosting decentralized storage for enterprise solutions.
The aim was to provide feeless transactions and higher throughput. Coin supply is currently limited to roughly 1 billion (increasing by 5%/yearly or as voted by the community) and circulating supply is at 906 million.
EOS was first envisioned as a competitor to Ethereum by Brendan Blumer and Daniel Larimer, the founders of the company block.one. They launched the first test net back in September 2017. To build up a user base, ERC-20 tokens were released as an ICO on the 31st of January 2018
The blockchain technology underlying EOS’s ecosystem is decentralized with development efforts concentrated in-house by the block one company. The primary benefit of this system is that users can expect frequent updates and continuous improvement without worrying about meddling in the blockchain itself.
The consensus algorithm used is a modified PoS version. It is called Delegated Proof of Stake with an added Byzantine Fault Tolerance. By using this method, the problem of scalability is solved at the cost of having fewer verification nodes.
Pros
- Governance model – trust is formed based on how invested a person is in the community
- Adaptability – the platform is easily integrated into other products and serves as the basis for the development of innovative solutions
- The Transactions of EOS are Feeless.
Cons
- Early consensus stage – dPoS requires some maturity to work reliably and the coin is at an early stage currently
- No official wallet – so far, only third-party solutions exist, which some may consider disconcerting
