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What is the EOS Blockchain protocol?

EOS blockchain or EOS.IO is a blockchain protocol which is powered by its native cryptocurrency EOS. The protocol emulates almost every attribute of a real computer including CPUs, GPUs, local memories like RAM, and hard disk storages with computing resources that are distributed equally among EOS cryptocurrency possessors. Operating as a smart contract platform, EOS.IO is a decentralized operating system that aims at the deployment of industry-scale decentralized applications through a decentralized autonomous corporation model. In simple words, with its infrastructure, EOS.IO aims at eliminating transaction fees and having the ability to conduct millions of transactions per second.

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Why Is EOS.IO Important and What Does It Bring to the Table?

Scalability

With scalability being one of the most brutal issues that today’s blockchains are exposed to, it is high time for a technology to evolve and remove this fallacy. As an aid to the whole scalability issue, EOS.IO claims that with the distributed proof-of-stake (DPOS) consensus mechanism, it can compute millions of transactions in a second, unlike conventional blockchain protocols which could manage a mere 3 or 4 transactions per second.

Flexibility and Usability

EOS.IO allows well-defined levels of permission by inundating features including web toolkits for interface development, self-describing interfaces, self-describing database schemas, and a declarative permission scheme.

Governance

EOS.IO entertains the maintenance of governance by establishing jurisdiction and choice of law, along with manually accepted rules. Every single transaction in EOS is bound to contain the hash code of the constitution on its signature, making security a mandate for each transaction.

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Parallel Processing

This feature allows program instructions to be divided among multiple processors which in turn reduces the running time of programs by a great deal. Through specific facets of horizontal scalability, asynchronous communication, and interoperability, EOS.IO makes it possible for stakeholders to leverage parallel processing while dealing with blockchains.

Self-Sufficiency

This is another feature that intrigues EOS.IO as a highly advanced blockchain protocol. Every blockchain which is based on the EOS.IO protocol is required to generate a 5 percent inflation every year to be distributed to the platform’s block producers in connection with their confirmation of transactions on the platform. This ensures that the blockchain is not dependent on a single foundation, organization, or individual for its growth, development, or maintenance.

Decentralized Operating System

This specific feature of EOS.IO probably sets it apart from its counterparts. Owing to the decentralized operating system functionality, the protocol positions itself as an operating system in the marketplace.

EOS.IO Storage

EOS.IO is a proposed decentralized file system which is designed to equip stakeholders with the ability to permanently store and host files that can be accessible through any web browser. As opposed to other proposed storage entities, EOS.IO will does not demand any upfront fees or ongoing charges for storage purposes. Stakeholders will be required to hold tokens when they need storage and bandwidth on the EOS.IO Storage. With EOS.IO Storage, block producers will be able to provide high bandwidth for supporting videos, music, and images. It will provide ownership rather than asking users to subscribe to its services periodically.

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