Summary

EOS is a Layer 1 blockchain designed to solve the scalability issues faced by first and second generation blockchains. As the longest-running blockchain in the industry after Bitcoin and Ethereum, EOS has been used by developers to develop blockchain applications and ecosystems. This in turn unlocks use cases in areas such as supply chain, decentralized finance (DeFi) and game finance (GameFi).

Introduction

EOS was launched in 2018. It uses open Open source technology from Isle of Man B1. In the early stages of development, EOS had strong technological innovation capabilities and was known for outperforming other projects.

However, the development speed of EOS has slowed down since then, and the venture capital originally promised to invest in community projects built on EOS has failed one after another. . Faced with these challenges, projects on EOS no longer have the resources required to continue operating on the network.

In this regard, the EOS block producer (Block Producer) reached a consensus and created an organization called the EOS Network Foundation (ENF). ), which is currently responsible for efficiently deploying capital and promoting the development of EOS. EOS block producers also passed a proposal to stop locking tokens or token ownership for use by B1, and the EOS network became a decentralized autonomous organization (DAO).

On September 21, 2022, in order to achieve absolute code independence, community engineers led by ENF switched from EOSIO 2.0 to Leap 3.1 , that is, the C++ implementation of the new Antelope protocol is completed. Today, EOS continues to address the scalability challenges facing blockchain with its new features.

What is EOS?

EOS Token

EOS uses Delegated Proof of Stake (DPoS) as the consensus mechanism. The native token of the EOS network, EOS, is a utility token used to purchase system resources in its network, participate in EOS governance, transfer value on native applications, and account for value by investors and speculators.

Token holders can also pledge their idle EOS tokens to obtain a certain proportion of the handling fee. The handling fee will be charged from Users who wish to use EOS system resources through the EOS PowerUp model.

Introduction to EOS blockchain

In many real-world scenarios, Scalability is the biggest obstacle to building a public blockchain. As blockchain networks grow and transaction volumes increase, scalability issues often arise.

In many blockchains, commonly discussed blockchain performance such as transactions per second, transaction throughput and latency The indicator has not yet reached a sufficient level of service quality.

With the above-mentioned ecosystem features, EOS is designed to be used without sacrificing network security or developer freedom. work around these limitations.

WebAssembly C++ engine

The core of the EOS blockchain is a high-performance WebAssembly (WASM) engine responsible for executing smart contract code. The engine is designed to meet the needs of blockchain applications that require much more of the WASM engine than web browsers do.

High throughput, fast confirmation and low latency

Good user experience requires reliable feedback with a delay of no more than a few seconds. The reason why EOS is able to achieve high transaction throughput is because it adopts the DPoS mechanism, which does not need to wait for all nodes to complete transactions to achieve final confirmation. This asynchronous verification method allows for fast confirmation and low latency (latency refers to the time it takes for a transaction to be accurately confirmed from the time it is initiated).

EVM integration

EOS has an Ethereum-compatible virtual machine (EOS EVM) that Solidity developers on Ethereum can use to enjoy the scalability and reliability of the EOS blockchain, including virtually free transactions for users , as well as access to the open source code libraries and tools they are accustomed to using.

Get permission via access key

The underlying design of the EOS blockchain includes a comprehensive and highly flexible permission system that allows the creation of custom permission models for a variety of use cases. The account owner can grant specific authorizations to third parties and has the right to revoke these authorizations at any time.

EOS supports a hierarchical account structure, and any user can manage multiple smart contracts under a superior account. Additionally, account owners can assign the permissions required to modify smart contracts to different accounts.

Flexibility

Thanks to this protocol design, applications deployed on EOS can be upgraded. This means that developers can deploy code fixes, add functionality, and change application logic as long as they have the necessary permissions.

EOS also allows developers to deploy smart contracts that cannot be modified. These decisions are made by EOS developers themselves and are not governed by the protocol.

Programmable resource allocation and governance

Developers can create customized economic models and governance rules by modifying the system smart contracts. Since the core code layer does not always need to be updated to make changes, this on-chain mechanism can be modified using system smart contracts.

Why is EOS unique?

High readability of the account

To make it easy for users to remember their accounts and the accounts they interact with, EOS uses human-readable accounts. EOS accounts typically use an identifiable address (such as "Alice.gm") rather than a long string of random characters.

Low transaction fees

EOS for users Offering almost free transaction services, it is ideal for small-amount payments. This solves a major barrier to entry in the Web3 space, as other chains tend to charge gas fees that can significantly increase the cost of a single purchase for users.

Confirmation speed is almost instant

In cryptocurrency transactions, final confirmation is the assurance or guarantee that once a transaction is completed, it cannot be reversed or changed. Since the speed of the blockchain determines how quickly a transaction is confirmed and completed, it will affect its final confirmation speed.

Currently, EOS’s final confirmation time is about three minutes, much faster than Bitcoin’s 60 minutes and Ethereum’s 6 minutes .

However, three minutes is still slow compared to Web2's final confirmation speed. Therefore, ENF and its core technology partner Antelope Coalition launched the Instant Finality program to provide users with irreversible instant transaction settlement services.

Energy efficiency

EOS’s DPoS mechanism enables its nodes to verify transactions at faster speeds and with fewer network resources. Because the EOS network does not involve mining like Proof of Work (PoW) networks, it is one of the most efficient blockchains in the industry.

Basic layer insurance

Recover+ (R+ for short) is a cybersecurity portal and rapid response program for emergencies designed to protect EOS DeFi projects and their users through bug bounties and white hat rewards. With this response plan, stolen funds can be quickly recovered in the event of a malicious hack.

On November 5, 2021, the blockchain lending platform Pando Rings was hacked and more than US$70 million in stolen funds was stolen. Although Pando Rings is not an EOS-based application, the attacker still stole over $2 million worth of EOS tokens. Thanks to the Recover+ program, the Recover+ team is able to intervene and freeze stolen funds, thus protecting EOS DeFi users.

EOS Working Group

Since its inception in 2021, ENF has funded several EOS working groups to improve the ecosystem. In addition, it also recommends a series of executable projects through the "Blue Book" and makes suggestions for improvements in multiple areas such as core infrastructure, APIs, SDKs, DeFi and security analysis tools.

EOS Network Ventures

EOS Network Ventures (ENV) is a $100 million venture capital fund designed to attract and deploy capital investments to monetize the EOS network. In addition, ENV will also make strategic equity investments and token investments in technology start-ups in the Web3 field. ENV's investment scope includes but is not limited to GameFi, Metaverse, e-sports, non-fungible tokens (NFT) and financial technology.

EOS Network Foundation

The EOS Network Foundation (ENF) is a community-led non-profit organization founded by Yves La Rose in September 2021. ENF's mission is to identify investment, seed funding and partnership opportunities in the pursuit of Web3 innovation.

To this end, ENF coordinates public welfare funds and non-financial support to promote the growth, development and global popularity of the EOS network. Since its establishment, ENF has organized and funded a number of public welfare projects and made outstanding contributions to the key development of EOS.

On November 9, 2022, ENF announced a proposal to launch a US$100 million ecosystem fund to be managed by ENV.

Conclusion

As the longest running time after Bitcoin and Ethereum The longest blockchain, EOS has overcome past challenges and adapted to current needs since its launch. Going forward, EOS will continue to move toward the goal of building a powerful system that leverages its performance, flexibility, and scalability to create native Web3 GameFi experiences for developers and end users.

Extended reading

• What is a block Layer 1 in the chain?

• Comparison between Proof of Work (PoW) and Proof of Stake (PoS)

• What is Proof of Work (PoW)?

• What is cryptocurrency mining?