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EOS- Is it an Ethereum Killer? | Amit Modi

EOS – www.EOS.io

• EOS is a blockchain-based, decentralized operating system, designed to support commercial-scale decentralized applications by providing all of the necessary core functionality, enabling businesses to build blockchain applications in a way similar to web-based applications.
• EOS’s asynchronous communication and parallel processing provide scalability, while its ownership model eliminates transaction fees. These features make EOS a serious competitor of Ethereum (although EOS’s ICO actually supports Ethereum).
• EOS uses delegated-proof-of-stake and introduces the ability to fix bugs and rollback changes with supermajority consensus.
• 20% of the EOS token supply were sold for about $185M in ETH over the first 5 days of the 341-day long token sale. (And 10% are reserved for block.one). The structure of the token sale is such that the remaining 70% (i.e., the majority) of EOS tokens will be produced and sold at market value.
• There will be no pre-mine of EOS tokens. There will be no mining at all. There will be Producers, which are similar to Witnesses in Steem.
• The target number of total EOS token supply is 1 Billion with the potential (depending on community votes) of up to 5% inflation per annum. The tokens can be “staked” to power the blockchain’s bandwidth, computational power and storage capabilities.
• EOS will have the capability to process MILLIONS of transactions per SECOND through horizontal scaling.


Important features of EOS :

• Elimination of transaction fees: via an ownership model whereby users own and are entitled to use resources proportional to their stake, rather than having to pay for every transaction.
• Scalability: They say it can process millions of transactions per second with asynchronous communication and parallel processing.
• EOS is using delegated-proof-of-stake, whereby multiple witness-nodes are nominated by the network as representatives to make certain high-level decisions more quickly, without polling the entire network.
• EOS tokens are ERC-20 compatible tokens distributed on the Ethereum blockchain pursuant to a related ERC-20 smart contract (the “EOS Tokens”).
• Role Based Permission Management: EOS.IO software allows accounts to define what combination of keys and/or accounts can send a particular message type to another account. For example, it is possible to have one key for a user’s social media account and another for access to the exchange. It is even possible to give other accounts permission to act on behalf of a user’s account without assigning them keys.
• Recovery of Stolen Keys: The EOS.IO software provides users a way to restore control of their account when their keys are stolen. An account owner can use any owner key that was active in the last 30 days along with approval from their designated account recovery partner to reset the owner key on their account. The account recovery partner cannot reset control of the account without the help of the owner.

Once the token distribution is over, the EOS blockchain will no longer have any connection to the Ethereum network; however, it is unclear when the EOS blockchain will launch with Omise Go.

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