Cryptoexchange Bitfinex together with EOS announced the creation of the EOSfinex decentralized exchange. Commenting on the new project, Bitfinex CEO Jean-Louis van der Velde called EOS a "fundamental transformation."
Thus, the EOS blockchain has become one of a number of platforms with Ethereum, Lisk and NEO, on which decentralized applications run. What special features can EOS offer to compete with such serious competitors?
Longest tokensale
EOS is still selling tokens, it has been going on for more than 350 days. Most often, ICOs are held for several months, although sometimes they can take only a couple of minutes. For example, the Bancor project, by the way, an EOS partner, last July collected 153 $ million in a few minutes.
But why do EOS sell their tokens for so long? This is what Brandon Blumer, CEO of the platform, said about this:
We realized that selling tokens throughout the year is the best way to guarantee an objective market value. We hope that investor interest will increase as the community continues to become familiar with EOS software and its benefits.
ICO EOS began in June 2017 of the year, and collected $ 185 million in just the first five days.
Another unique feature of this ICO EOS is that tokens are sold for periods of 23 hours. Specifically, the 255 phase of 350 is underway, until its completion there are 14 hours left and the 329 ETH has already been assembled.
The cost of tokens is not fixed and is determined by the market. According to the site, “the mining model does not allow to make incorrect large transactions. Tokens are distributed at the end of the regular sale based on the amount of ETH from customers. ”
About the platform
The EOS platform was created by Block.one, registered in the Cayman Islands. The motto of the project is “we decentralize everything”. The founder of EOS is Brandon Bloomer, his LinkedIn resume lists several venture capital projects, and the first of them was created by Brandon at the age of 15.
The goal of EOS is to create “decentralized autonomous communities”. The new platform should become a “program of a global scalable blockchain society”, which allows “to vertically and horizontally scale decentralized applications” using a “designer similar to OS”.
That is, EOS will support distributed applications running on the blockchain just like network applications do.
White paper
The white paper begins with a disclaimer, where it is said that Block.one «does not guarantee the accuracy of the findings present in this document» and "is not responsible for any kind of damage that may arise from the use of this white paper, links to it or attempts to rely on the white paper or any concepts contained therein." Despite this, according to Coinmarketcap, EOS is stable in the top 10, it seems that such statements do not scare anyone.
The document states that the system does not include commissions, supports millions of transactions per second and will make launching decentralized applications as quick and easy as possible.
The blockchain will support both "sequential" and "parallel" execution of work. The first relates to applications that progress in stages. The second means that the workload is shared between the nodes. This is what is meant by the words "horizontal" and "vertical".
EOS blockchain will be able to support "any programming language and any virtual computer that are deterministic and properly isolated, which will ensure an adequate working mode." Due to this, communication between blockchains will be possible. Thus, the goal of EOS is in some sense similar to the goals of the “Chinese ether” NEO.
Consensus algorithm
Since the EOS blockchain does not use the Proof-of-Work principle, it avoids the traps of centralizing mining power and forks. The platform is based on a consensus mechanism known as a consensus algorithm in a decentralized environment (delegated Proof-of-Stake) This system is based on proof of ownership (Proof-of-Stake), and also contains a voting element: the blocks will be created by delegates through a "constantly running system of approving voting." New delegates will be elected after the creation of 21 blocks.
A new block is extracted every 3 seconds, and only one delegate will be authorized to do this each time. If he is unable to create a block, the block is skipped, as stated in white paper: “When one block or more is skipped, a“ window ”with a duration of six or more seconds appears in the blockchain.” If the delegate is idle for 24 hours, it is removed from the system.
Another similarity with dBFT and NEO is that decisions about system changes are made by most manufacturers of the unit, and approval must be maintained for 30 the following consecutive days.
Total
EOS has every chance to occupy its niche: Ethereum aims to become a “global computer”, NEO - a “global economy”, while EOS intends to scale decentralized applications on a commercial scale. The exchange launched in cooperation with Bitfinex is the first example of this kind.