EOS is a Blockchain platform for the development of decentralized applications (dapps), similar to Ethereum in function. In fact, supporters have dubbed it the Ethereum killer. It makes dapp development easy by providing an operating-system-like set of services and functions that dapps can make use of.
The idea behind EOS is to bring together the best features and promises of the various smart contract technologies out there (e.g. security of Bitcoin, computing support of Ethereum). Simply put, the EOS community is working to provide one simple to use, massively scalable dapp platform for the everyday user.
How Does EOS Work?
The EOS vision is to build a blockchain dapp platform that can securely and smoothly scale to thousands of transactions per second, all while providing an accessible experience to app developers, entrepreneurs, and users. They aim to provide a complete operating system for decentralized applications by providing services like user authentication, cloud storage, and server hosting.
The EOS network is a ready-made platform for apps that lets you tap into a full-featured authentication system. User accounts, complete with different permission levels and their own locally secured user data, come as a feature of the network. You’re also able to share database access between accounts and store user data on a local machine off of the blockchain. Recovery for stolen accounts is baked into the system as well. You have various methods of proving your identity and restoring access to a compromised.
Keep it up cloud
Server hosting and cloud storage are part of the EOS system as well. As an application developer, you can build and deploy applications with hosting, cloud storage, and download bandwidth that the system provides. This opens you up to bring your ideas into reality free from the demands of securing storage and bandwidth. As a developer, you also have access to usage analytics for storage and bandwidth directly from EOS and are able to set limits for specific applications. You pay for these services by staking tokens.
Most common blockchains (think Bitcoin and Ethereum) use consensus over state, meaning that, at any point, all of the computers on the network can verify the current state of the entire blockchain. Doing so helps to prevent fraud and confirm transactions. The blockchain in those cases is a graph of the state of the system. And when each new block appends to the blockchain, nodes on the network take each transaction from the block and update the state of each address associated with those transactions. On the other hand, EOS implements consensus over events. When using consensus over events, the focus is on the transactions (or simply messages) as opposed to the state. Instead of verifying the state of the network at any given time, nodes verify the series of events that have occurred so far to keep track of network state. The system takes longer to completely reconfirm the history of transactions when it restarts but can handle a much higher throughput of transactions while running.
Simply put, the network can scale to one million transactions per second out of the gate on a single machine, with theoretically infinite scaling possible in parallel between multiple machines.