EOS is a powerful platform and infrastructure that supports the core functionalities of blockchain-based decentralized applications. If you are searching for a full form for EOS, then pause your searches. There is no full form for EOS as the creators have decided to not define it. While considering market capital, EOS is the world’s seventh-largest blockchain with value topping $3 billion. We will explain more about the same below. Read on till the end.
An overview of EOS
To understand about EOS, you have to know deeply about blockchain. So what is a Blockchain platform? It is a data storage format that lets programmers store data securely in a public ledger. A public ledger is a database shared across multiple computers linked on a single network with the information encrypted behind a private key.
Blockchain is mostly used as a platform to generate tokens, commonly known as digital assets. Similarly, EOS is a platform to develop decentralized applications. It has its own token that it uses to raise money and track usage. The EOS blockchain network can be used to provide developers with all the tools they need to build apps and full-scale applications.
History of EOS
EOS was launched in 2017 by Block.one. Block.one is a company that develops blockchain projects. The EOS coin is the token of this network. If anyone wants to develop their programs on the EOS platform, then they have to buy tokens to fund this development. The company Block.one which is registered in the Cayman Islands released one billion tokens and distributed as the efforts to promote the native cryptocurrency engagement and uptake.
Features of EOS
Among the numerous features of EOS, some of them are noted below.
- Scalability: there are resource limits for blockchain apps. But EOS offers high scalability solutions. It provides asynchronous access to resources and parallel execution. So numerous developers can use the network at the same time, helping to overcome resource limitations.
- Free access model: This model only requires that you own EOS tokens instead of consuming tokens. According to the number of tokens you hold, it then grants you access. So developers can pay once upfront in exchange for essentially permanent access to the EOS development network.
- Featured development kit: the development kit of EOS is the set of tools given to programmers to create apps and applications, giving them access to what the platform is natively designed to do. It is a sophisticated development kit, so that developer can develop a sophisticated app.
- Ability to create a new account directly: EOS allows developers to create new user accounts directly on the blockchain database. This enhances network efficiency and allows developers to create new apps quickly and easily.
Many companies and organizations have migrated from several blockchain platforms like Ethereum to the EOS platform due to the scalability issues. It also solves many other problems like speed and flexibility through the use of parallel execution and asynchronous communication methodology across the network.