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EOS Coin saw a spike in 2018 in the popularity of DApps, which are similar to the regular applications that we use on our laptops, mobiles and other devices, with one big difference. Unlike the usual applications, DApps follow the decentralized architecture that is used by blockchains. Through decentralization, DApps provide better performance under certain categories and improve the overall experience of the applications. This is where EOS comes in, which provides developers with an ecosystem that is suitable for vertical and horizontal scaling of decentralized applications.
Using the ecosystem provided by the EOS with the help of Block.one, developers can introduce blockchain based applications to the open world. It is worthwhile mentioning here that EOS.IO software has an MIT open source certificate, which means that entrepreneurs can use the software free of cost. The blockchain architecture supported by EOS.IO is scalable to millions of transactions per second and can eliminate user fees. It is a quick way to develop and release decentralized applications.
The platform is backed by the EOS token, which is an ERC-20 and can be acquired through public sale of the EOS.IO platform or through other legitimate methods provided on the website of the platform. The EOS price is determined by the supply and demand measure of the network and the price has enjoyed stable growth over the last year. However, due to crypto winter, EOS price has also suffered from setbacks in the recent few months.
In certain ways, the EOS.IO platform is similar to Ethereum, which also promotes growth and sustenance of the blockchain industry. The EOS.IO platform is dependent on the EOS tokens, which can provide the owners with resources that will be required for the successful development of blockchain applications on the platform. There are three main resources that are consumed by blockchains that are built on EOS.IO software:
- Bandwidth and Log Storage (Disk)
- Computation and Computational Backlog (CPU)
- State Storage (RAM)
The block producers on the network publish their available resources and then the token holders can utilize a percentage of these resources proportional to the amount of tokens they hold, in a 3-day staking contract. Blockchains built on the EOS.IO software does not require the users to pay the blockchain directly for using it. Businesses can determine their own monetization strategy. Another benefit of the EOS.IO is that the resources that may not be immediately required by the token holder, may be shifted to others for immediate use.
EOS.IO uses the Delegated Proof of Stake (DPoS) algorithm for its processing and this allows the users of the blockchain to select block producers through constant consensus and anyone who participates in the block production, will be given an opportunity to produce blocks, but this does depend on whether they can get the token holders to vote them in.
Byzantine Fault Tolerance (BFT) is added additionally to the DPoS so that all producers can sign all blocks, as long as no two producers sign the same block with the same signature. This ensures integrity of the network and secures it from theft. By now, you may have gained clarity regarding the EOS network and can use it efficiently.