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Review on EOS by Tam Pham Duy
The issues with EOS will likely not be seen until any of the applications…
The issues with EOS will likely not be seen until any of the applications reach massive scale. However, the problems could come right away since no one even knows who’s going to be running the software. I would not be surprised if one of the first major decentralized apps comes on the EOS blockchain, as it seems to be the first platform that will be able to support high usage apps at scale.
Having that said I don’t believe that EOS will be a long-term solution.
Pros
- Ethereum was the first platform to bring smart-contracts to the blockchain, but it also has a clear problem. The innovation EOS uses to process what it claims will be millions of transactions per second, is Delegated Proof of Stake (DPoS). This is a newer method of consensus and alternative to Proof of Work. In DPoS there is no mining and there are no miners; instead in are 21 delegates. These delegates are continuously updated as they are voted on by all EOS stakeholders. Blocks are produced in rounds of 21 where the 21 delegates voted on for that round will each produce a block in a random order every 3 seconds (~21 blocks per minute).
Cons
- Team: EOS.IO is software that introduces a blockchain architecture designed to enable vertical and horizontal scaling of decentralized applications (the “EOS.IO Software”). This is achieved through an operating system-like construct upon which applications can be built. The software provides accounts, authentication, databases, asynchronous communication and the scheduling of applications across multiple CPU cores and/or clusters. The resulting technology is a blockchain architecture that has the potential to scale to millions of transactions per second, eliminates user fees and allows for quick and easy deployment of decentralized applications.
