EOSIO is a blockchain platform developed for designing decentralized applications(dApps) of any kind. Its supporters call it “Ethereum Killer” as it has similar functionality with better scalability, but is characterized by absenсe of transactional fees and original on-chain management model.
EOSIO has beaten all records and raised $4 billion during the ICO campaign. The tokensale lasted for almost a year. It helped users to explore this massive project and take part in contribution. High expectations are attached to the previous projects’ success of the main EOSIO developer – Daniel Larimer. Moreover, the team announced revolutionary scalability of the platform. Here’s another interesting fact: the token price had risen 4 times before the main network launched.
The EOSIO project founder is Block.one company and its co-founder is Daniel Larimer. He is a veteran of blockchain industry and can use his considerable experience to promote this project and help it to reach its goals.
The platform’s code is open on Github, so community members are able to send pull requests. However, Block.one has the final word. There are also side developers designing such related products as wallets, voting tools and plugins.
The main idea of the EOSIO project is to bring together existing blockchain solutions and their own technologies in order to create multifunctional dApps platform. The team is developing blockchain architecture potentially scalable up to millions of transactions per second without fees and with extremely fast and simple implementation of dApps. One more specific feature lies in EOS’s absence of predetermined value, so the price depends on the market demand.
What are the main features of EOSIO project? First of all there is no transactional fees – EOSIO platform can be used freely. Developers say that EOSIO will be able to process millions of transactions per second while Ethereum, for example, can process about 30 transaction per second. EOSIO uses the original DPoS consensus algorithm which is well-known for its good scalability and low energy intensity. Also, the platform doesn’t require unique programming languages skills - decentralized applications can be developed in C++. Another advantage is a network management model - a complex structure with strict regulations. Relations between participants are regulated by smart-contracts while disputes are referred to EOSIO Core Arbitration Forum (ECAF).
And what is more important, EOSIO is a complete multifunctional platform where users can develop applications or games using EOSIO software.
DPoS (Delegated Proof-of-Stake) is a consensus algorithm developed by Daniel Larimer in 2013 for Bitshares project. This protocol is also called a “digital democracy”. The difference between PoS and DPoS lies in a division of the users network into block-producers and voters. In other words - not all the PoS token holders can take part in blocks producing. There are two requirements for users to become validators: they must have enough power generating capacity to perform a node 24/7 and have impeccable reputation. The process of block producing in DPoS blockchains is divided into rounds. Each round has the following structure: holders vote for block-producers, then, block-producers with more votes get to a special pool. After that, validators are chosen from this pool. They will produce blocks for the next round. 21 block-producers take part in each round, each producer maintain 12 blocks. Finally, validators approve 252 blocks produced during the round and then the process is repeated.
DPoS system has some peculiarities in EOSIO. Block-producers are chosen by network members and the voting weight of each user depends on the amount of his assets. Producers are chosen from the validators pool and they form a queue. Some of them produce next round blocks then. The voters may change their decisions at any time taking back their votes, giving them to other participants or voting for several producers. In this case votes will have equal weight. The loss of votes will eliminate validators from the competition. Such “political” structure makes validators refrain from different kinds of abuses and according to Daniel Larimer’s plan it makes impossible to provide conspiracies and excessive centralization.
The competition between block-producers inside the network reminds political parties struggle in the internet democratic state. In contrast to PoW-blockchains where “political” weight depends on computing power, EOSIO validators should strengthen and improve the community around the project in order to add their “political” weight in such competitive environment.
Validators are traditionally established as leading block-producers in different regions. They reduce the risk that such situations as centralized bitcoin mining could be repeated. For example, one of the largest block-producers in Europe is Attic Lab.