EOS has been called the Ethereum killer. That’s quite a claim, and also a possibility. What is certain, though, is its potential to at least maim, even mortally wound, the current leading platform for smart contracts and DApps.
Here’s why we think so and what EOS.fish will be doing to help.
Ethereum On Steroids
You’ll be unsurprised to hear EOS doesn’t actually stand for Ethereum On Steroids. Though, it can if you like, as the developers have intentionally left the meaning undefined. Other worthy and meaningful definitions include:
-Enterprise Operating System
-Evolution of Scalability
-"Eos," the Greek goddess of the dawn …
… because this is the dawn of a new age, or at least an important new stage, in blockchain, with EOS promising features to make decentralization powerful, accessible and responsive.
At time of writing, EOS is already the number five coin with a market cap around $14.5 bn. Its novel year-long token distribution, completing in June, sought to spread tokens into as many hands as possible to better aid its Delegated Proof-of-Stake (DPOS) model, as well as guard against speculators cornering the market for a quick profit. And, so far, so good.
"The potential of EOS seems to be huge as it aims to address the problems linked with standard blockchain-based networks." - Investopedia
Free and Fast!
EOS’s main claims to fame are two-fold:
-No transaction fees.
-Capability to conduct millions of transactions per second.
No transaction fees – Unlike the usual pay-per-transaction model, as with Ethereum and Bitcoin, EOS has no transaction fees. This is clearly attractive to users, but “free” also opens the doors to the non-crypto world, able to use apps without having to spend crypto. The absence of transaction fees also makes it easier for app developers to predict costs and create effective monetization strategies.
The EOS ownership structure promotes free usage by “simple” users – such as individual humans and bots – with developers able to utilize resources in proportion to their stake. Transactions are handled for free by block producers who are rewarded by the creation of new EOS tokens for each new block.
Capability to conduct millions of transactions per second – Ethereum’s smart contract capabilities have rightly made it the pre-eminent blockchain platform for developers. But while its 20 transactions per second is around four times faster than Bitcoin’s, neither blockchain pretender can compete with PayPal’s 193. Then, of course, there’s Visa, able to manage more than 24,000 transactions per second.
Blockchain applications typically can’t compute so many transactions because each and every node of the network must come to a consensus before the transaction completes. EOS is different because it uses the aforementioned DPOS consensus mechanism, as opposed to the Proof-of-Work mechanism. As a result, EOS can compute millions of transactions per second.
Why is EOS So Different?
As seen with the example of Visa transactions, decentralised technologies must be able to compete with centralised alternatives, if they don’t want to remain at the margins.
EOS solves blockchain pain points such as block size and forking issues, “gas war”, network congestion, and inefficient smart-contracts. Such advances strongly indicate that decentralised social media and payment processors will find their home on the EOS network, not Ethereum.
Network features include:
-As the EOS network employs parallel processing and asynchronous communication, it can support a vast amount of commercial-scale DApps, without hitting the usual performance bottlenecks.
-If there's a bug on a particular DApp, the DApp can simply be suspended for maintenance, without the need of a hard fork of the entire network.
-EOS’s DPOS and role-based permissions model also allows the flexibility to make instant high-level decisions, such as rollback and freezing, via a majority accord among designated stakeholders.
-EOS also comes with usability features to make app development and maintenance easy. These include a web toolkit for interface development, self-describing interfaces, and self-describing database schemas.
How EOS.fish Will Help EOS Make a Splash
EOS.fish believes EOS adoption will be huge. Founded by Chun Wang, a co-founder of F2Pool, the world's leading mining pool, we are seeking to become one of the twenty-one block producers for EOS.
As well as producing blocks, EOS.fish will be building the EOS community worldwide, and helping to educate it, too, by organising events and sharing our insights and the latest developments.
Another important role of ours will be in the promotion of promising blockchain projects. This will include investment, expert advice, and community-based connections. We also provide the Fishlet, one of the most secure and accessible EOS wallets, used daily by thousands.
We aim to be a key pillar of the global EOS community. We hope you will join with us in helping support and shape the amazing EOS platform.