What is EOS ? What are the benefits of EOS?

What is EOS?

A= Eos is a blockchain based , decentralized platform used to develop, host and run business applications, or dapps( dapps are like apps which are built on blockchain network). Some famous dapps of EOS are Upland, Yup, Prospectors.

Eos was launched Back in June 2018 after an initial coin offering that rasised 4.1$ billion in crypto for Block.one( the company that developed the open source software called EOS.IO) that Is used on the platform. EOS cryptocurrency tokens are used as a payment system on the network.

Benefits of EOS.

1) DAPPS

Eos offers the ablitiy to develop full fledged dapps. It works as a decentralized platform which means that anyone can build a dapp and let it run on blockchain platform powered by eos. Generally , dapps utilize smart contracts to power themselves. However , with eos ,smart contracts are not needed making it different from other dapps. If you love to read more on dapps you can read my article by Clicking Here .

2) Ease of use for Developers.

Developing dapps on Eos is easy. Developers can efficiently use web toolkit , database schemes , and other functions. All these things make it easy to develop dapps for developers.

a) Scalable.

1) Supports thousands of commercial scale dapps.

2) Inter Blockchain Communication.

3) Separates authentication from execution.

b) Flexible.

1) Freeze and fix broken applications.

2) Generalized Role- based permissions.

c) Usable.

1) Web toolkit for interface development.

2) Self describing interfaces.

3) Declarative permission scheme.

3) Self sustaining.

The whole platform is self sufficient. This means that it will continuously reward block producers for their work. The eos platform will also fund dapps proposal from the community every year. It will move to eos and help it grow.

4) Governance.

To ensure that Eos stays flexible as possible, it uses a voting system on governance structure model. It means that rules and regulations can be modified only via a voting system. It is an excellent feature for a blockchain for this scale because sometimes it is necessary to make changes and this is where it comes to play.

5) Free Transactions.

Most of the blockchain solutions require some fees associated with each transaction. However,with eos operations or services can be done without any associated costs making it easy for users to use. This means users can send money through eos or eos network to anyone without paying any fees on it. That’s why most number of users use eos network.

Thank you for Reading,