Blockchain is a distributed technical ledger that holds distributed computer networks, making its documents authentic and hence, irreversible. It provides its users a technical platform where all their legal documents can be lodged with utmost security. But as detailed earlier, this would sound too good to be true for a lot of people. Yes, blockchain has its share of complications. And that is why the developers at the ethereum have developed a software called the EOS.
WHAT IS EOS?
The creators and developers at the ethereum have successfully created an operating-system like software called the EOS. Block.one, the developer of EOS.IO software has introduced a new blockchain construct designed to provide every possible scaling of decentralised applications. It aims at solving the trickiest of problems a blockchain technology poses. The result is an impeccable blockchain architecture that purports to balance a millions of transaction of transactions per second, allowing an easy and fast arrangement of decentralised applications and reducing or even completely eradicating user fees.
Block.one has expanded its popularity by hosting informational sessions, being sponsors for a post-conference reception, and even giving out free t-shirts. They aim to let people know about the facilities they have to provide to solve the problematic situations that blockchain imposes.
But a major drawback is that this platform is still conceptual and theoretical. But a course of action is being taken to make this happen. Every possible effort is being taken to build this platform. It is said that the company is raising its fund and offering around $1million as bitcoins.
FOUNDATION OF EOS
One of the most interesting facts about EOS is the main person that is involved in the project. It is none other than Dan Larimer, the CTO of the company.
Dan Larimer is very much known for his brilliant ideas that lead to the commencement of projects like EOS. And at the same time ridiculed for the way he deviates or exits those projects. His demeanour is considered to be abrupt and intrepid at the same time. Thus, he has been termed a controversial figure. Dan Larimer is the inventor of Delegated Proof of Stake (DPoS) and introduced the concept of the decentralization of autonomous organisations. He has a history with cryptocurrency as he was the one who launched a decentralized exchange, BitShares.
Even though he remains a controversial figure to many, it is revealed that the number of projects he has developed and exited have all become, in a way, a foundational building blocks for the software construct, EOS.
BitShares was launched in the year of 2014 and was praised by many for the features it had to offer. But some believed it to be highly convoluted and confusing. This was followed by Larimer’s sudden and shocking exit. This left BitShares with no future.
In the year of 2016, Larimer came forward with another project called Steem. Steem is a social media networking site which chiefly deals with income for the users on the basis of the popularity of the posts. Steem was criticised for being obsolete and unsustainable.
Larimer convinced his colleagues that each project that he invented and exited had in a way solved all the problems that inhibited the block chain applications. BitShare extended a faster transaction feature for the users, almost 100,000 transaction speed per second. And Steem purported to reduce the fees that the users had to incur for the transactions. All of these problems were tackled through such projects and led to the triumph of EOS through his invention of DPoS.
Larimer commented in an interview "Those two showed me how to make blockchains that are indistinguishable from centralized alternatives as far as user experience goes."
PROGRESSION OF EOS
Similar to his past criticisms, Larimer’s EOS project has been subjected to regression and by a group of the community. Some have taken on believing facts when and after they can are implemented while some have downright negated the progress of EOS, calling it a sham. One of the main reasons for such discouragement is the fact that many questions have been left unanswered about EOS.
But Larimer has decided to make people believe in his work by actually making it a big success. EOS will incorporate the delegated proof-of-stake (DPoS) and thus take up the responsibility of verifying transactions made by the users.
It also reveals how it will curb the problems of latency by dividing each blocks into cycle, which are again divided and eventually delivering transactions with the particular message content.
The founder and CEO of Tierion gave Larimer some benefit of the doubt by commenting “The white paper does not go over any specifics and there is no code yet. So nobody can answer any specific technical questions.”
While others like Chris DeRose have stated “He’s very audacious. He offers this as an act of generosity, but in reality it’s just a Ponzi scheme.”
PAST IS IN THE PAST
Larimer reflects on the facts to explain naysayers that his colleagues from both Steem and BitShare have followed him and are now helping him generate and audit codes. He also explains that he built those projects for the sake of leaving them and starting a much better and defined project.
“I started [Steem] with the intention of leaving it to build a smart contract platform. I was just the person who conceived the idea and set the thing in motion,” he stated. “Steem is being produced by Steemit, Inc.”
And, when it comes to BitShares, he explained, “I made sure it was self-funding and self-sustaining. I built the project up and gave them the tools they needed.”
Vaughn has continued to support Larimer and he has even tried to convince people by stating, “I think everybody should support people who are doing innovative things. That’s what we need in the world.”