EOS is an open-source software platform that can be used to deploy smart contracts on the blockchain.
Claiming to be able to scale to thousands of transactions per second, people are able to build applications that are fast to use.
Decentralised technologies cannot take off until they can compete with centralised alternatives.
Let’s face it, the average consumer does not care about decentralisation. It is clear that a lot of people kid themselves into believing otherwise.
At this moment in time, neither Bitcoin nor Ethereum, nor any other blockchain platform delivers as good performance or user-experience as their centralised counterparts. I think that Steemit users know this better than anyone…
EOS has been designed with parallelism in mind. Focussing on an improved throughput and scalability in order to process thousands of transactions per second and is currently in the process of building the architecture needed to support this.
The abuse of decentralised platforms and the lack of accountability
Furthermore, whilst decentralisation has a huge number of positives, it also carries negatives. I use Steemit again as an example.
Everyday we see people abusing the platform.
This kind of damaging behaviour is also exhibited in the mining pools of Ethereum and Bitcoin. Ethereum miners have been known to delay and cancel transactions in hope of gaining extra gas.
EOS is actually leading the way by realising that these issues need to be addressed in a decentralised manner. This will be achieved through the creation of a governance constitution. Details of which are imminent.
But Alex, the length of the ICO is 12 months!?
EOS has been criticised for the length of it’s ICO. However, technically if you consider the token distribution process of EOS being 12 months, this is nowhere near as long as Bitcoin and Ethereum.
Furthermore, as EOS utilises delegated proof of stake it is less susceptible to disruption and more cost effective. For instance, if Bitcoin mining pools are shutdown this will cause disarray. However, if an EOS block producer is interrupted they can simply set up shop elsewhere with little delay.
Delegated proof of stake also means that EOS block producers save on the overhead of millions of dollars in electricity bills!
We have to conclude that...
News from the EOS camp suggests that new innovations are being created everyday and people are already developing their own applciations using the platform. There are exciting times ahead.