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What Is EOS? How Is It Different From Other Blockchains?

    What Is EOS, and How Does it Work? 

    According to numerous cryptocurrency overviews, there are over 10,000 cryptocurrencies in the world. Many of them serve for different purposes, but some of them can solve serious issues. The developers of EOS made a good marketing move, suggesting the name “Earth Operating System” (Earth Operating System) as an option.

    Cryptocurrency features

    The project was developed to deal with the speed of processed transactions by using an improved protocol and compete with Ethereum. The developers regularly update the platform and give their users different options for earning money on the coin.

    What is EOS cryptocurrency in simple words?

    According to the founders, this is an operating system for creating decentralized blockchain applications. The platform is completely free and is intended for programmers. The EOS cryptocurrency is the native token of the network. It is needed to participate in voting in decision-making and to be exchanged for other digital coins, as well as to pay rewards for keeping the blockchain running.



    Characteristics of EOS Cryptocurrency

    The main properties of the EOS cryptocurrency include the following parameters:

    Scalability. The number of transactions processed per second is a significant issue for most blockchain platforms. Delegated proof of stake allows coin holders to choose representatives to vote on their behalf. This speeds up the procedure compared to the PoS algorithm used by popular crypto projects such as Ethereum, ADA, and Tezos.

    Permission scheme. It has an advanced system of settings that distributes the rights to individual actions in different situations. For instance, set a ban on changing one item in a smart contract. Or distribute the rights to approve the functions of transactions between several accounts and assign different weighting factors to each.

    ● Less intensive power consumption compared to PoW and PoS.

    Parallel processing. The network can simultaneously process smart contracts through horizontal scalability and asynchronous communications.

    ● The platform has the properties of an operating system. The creators declared Ethereum the main competitor. Ethereum works as a decentralized supercomputer. EOS is an operating system, a set of interconnected programs that are convenient for both developers and users.

    Inspiring investors can buy EOS and exchange cryptocurrency on platforms like Changelly.

    Principle of Operation

    The backbone of EOS is the Delegated Proof of Stake (DPOS) protocol. This is a consensus algorithm in which coin holders elect a group of network validators by voting. The result is a large list of candidates. Each of the participants has its own rating (the number of votes received). From the first 21 people, the final group of block producers is created. The rest are spares.

    Voting is one type of transaction. The user signs the transaction with a private key, indicating the candidate, and sends it to the public network as a regular transaction. You can change your mind at any time and vote for someone else. To participate in the procedure, you must constantly maintain a fixed number of tokens on your account. If you withdraw coins, the results will be canceled.

    The client has the right to delegate voting rights to another person. Primary and alternate block producers are paid every day. Nodes elected by users share part of the reward with those who voted for them.

    Distinctive Features

    The peculiarity of the EOS coin is that transactions are free. There is no commission charged for completed transactions. Instead, a portion of system resources is reserved for processing outbound transactions.

    The EOS crypto differs from other platforms in architecture. From a technical point of view, this is a server with multiple hardware:




    Users can reserve resources according to their needs. Everyone is allocated a limit per day of work. Any transaction takes a part of the allocated resources. After the exhaustion of daily opportunities for the continuation of operations, you will have to wait for the onset of a new day. 

    EOS Features

    How to Become an EOS Block Producer?

    As with any traditional democracy, candidates must campaign to win the votes of the EOS community. But unlike a typical USA/EN democracy where elections are held every four to five years, the votes on the EOS network are counted every 60 seconds.

    The 21 candidates with the most votes are elected as block producers. However, since voting is almost non-stop — and anyone can be elected or lose status every minute — there is also a list of 101 replacement block producers ready to fill the gap immediately if any of the former lose status.

    Thus, block producers need to constantly compete for votes to stay in the top 21 or be next in line if one of the block producers does not get enough votes.

    What Motivates You to Become an EOS Block Producer?

    Block producers are rewarded in EOS tokens for adding new blocks to the blockchain. This reward is not paid out of transaction fees, as is the case with Bitcoin, but through an internal inflation system. Every time new blocks are produced on the network, new tokens are generated. Then, investors can safely buy cryptocurrency and trade it.

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