Attic Lab will explain you in short form the basics of EOS blockchain decentralization. We will go through the basics of EOS.IO, DPoS consensus algorithm, block producers, benefits for developers and sum up EOS blockchain successes after two months of operation.
Introduction
EOS.IO is a blockchain platform oriented on the development of decentralized applications (dapps). To make the development process easier, EOS provided an operating-system-like set of services and functions that developers can use.Overall, the main idea of EOS lies around bringing the best promises and features of the different smart contract technologies. Moreover, EOS blockchain has a massively scalable dapp platform that allows users to interact with it on a daily basis.
Consensus
EOS.IO uses the DPoS (Delegated Proof-of-Stake) consensus algorithm that allows you to create blocks within 0.5 seconds and in addition to DPoS, EOS.IO adds asynchronous Byzantine fault tolerance (aBFT, Byzantine Fault Tolerance) to accelerate the achievement of irreversibility. BFT-DPoS will provide 100% confirmation of the transaction’s irreversibility within 1 second.
In DPoS, the tokens holders vote for the block producers. The group of producers that receives the largest number of votes will collectively organize the block generation. DPoS works faster than most consensus algorithms since block producers compete only at the stage of selecting a group of producers.
Top-21 block producers are selected by continuous voting of EOS token holders. Each account with EOS tokens is given the opportunity to give 30 votes. Votes can be given in one time, or by adding block producers into your list in turns. To vote, token holders need to block some EOS tokens on their account (stake tokens). Each vote counts with a “power” equal to the number of staked tokens. The voting process never stops. It is recalculated approximately every two minutes.
For Developers
Dapp development is the key factor for EOS founders. They provide a huge amount of educational material, hold various hackathons, participate and initiate many conferences and events.
Aside from that, EOS Block Producers (BPs) are highly engaged in the education of the users. Right now, for example, Attic Lab gives you a worthy piece of information, but let’s step away from here. BPs create undisputedly useful educational materials, initiate regular meetups, show the aspects of EOS dapp development and many more.
Also, EOS.IO provides us with a spectacular Developer Portal, where people can learn about smart contracts, C/C++, token creation, etc.
However, the main feature is inside the blockchain. EOS.IO gives us and developers free transactions, fast block creation, and sustainable network with a blockchain security level. These key factors show up as a so wanted pain relief, comparing to other blockchain platforms. EOS is a blockchain, where people don’t feel that they are using a blockchain.
Present
We are spectating a colossal rise of EOS blockchain. Recently, we did a post about EOS Dapp Ecosystem and it is so mesmerizing. EOS has dozens of dapps that cover so many aspects of everyday life, and it is on this user-friendly blockchain.
Tons of educational materials were written and recorded. BPs show an enormous contribution to the community. Massive events and conferences took place around the world. Regular meetups, workshops, hackathons. EOS did a trip around the world.
This positive trend will keep going for sure with an experienced hand of Attic Lab and other professional BPs. Cheers!
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