Welcome to the EOS content. This is going to be part of a beginner’s introductory about the basics of specific coins for those who might be new to the cryptocurrency space. I’m going to go over the information and I will simplify in the best way possible. So that you understand the basics of exactly what’s happening within that cryptocurrency project itself without further ado today. We are going over EOS sometimes referred to also as AOS or some people even say e OS io and yeah it says the EOS blockchain is aiming to become a decentralized operating system which can support industrial-scale decentralized applications.
I will go over all of that in one second this sounds pretty amazing but what has really captured the public’s imagination is the two following claims. They are planning to completely remove transaction fees. They are claiming to have the ability to conduct millions of transactions per second for those who do not know what a blockchain is a blockchain is simply put a record of all transactions that are happening on the network. That can be viewed by anyone at any time more or less.
You have created a chain of different transactions that are happening on network they want to be a decentralized operating system which means that they do not have a central focus. There is not one single point of failure should the network be attacked by multiple people or multiple whoever wants to attack the network.
It is not going to be as efficient because there are multiple ways that the network is actually running and is not in one central point and the major point of Eos is that while other cryptocurrency projects out there wants to be or are aiming to be peer-to-peer payment systems that is sending money from one other person to the other EOS is trying to take that one step further.
They’re trying to more or less become their own worldwide internet but on a blockchain so that anything that you may want to do on the Internet. I can simply be done on top the EOS blockchain instead. I’m going to elaborate a bit further on top of that as well when it comes to the transaction fees typically.
We have seen many other cryptocurrency projects that depending on the usage of the network or how much the network is being used at any given time. If there are an enormous amount of people on the network fees tend to rise and as such the EOS team has said that they are going to have it. So that there are no transaction fees which makes it a lot easier to be able to use on a daily basis as they are then no fluctuations.
How much you have to cut the data to spend in order to send to another person the last thing here is that many other cryptocurrency projects even though they are or have been around for quite some time.
The company is led by Dan Larimer (co-founder of both Steemit and Bitshares) and Brendan Bloomer. Both of them are very experienced in the crypto market and have been a massive supporter of the technology as a whole, not only their own EOS.
They have a bit of an issue when it comes to sending an enormous number of transactions through their network and EOS is claiming that in the future. They will be able to handle millions of transactions per second well even some of the more popular cryptocurrency. I guess cryptocurrency that we have right now tend to not to be able to even pass around 20 transactions per second. So, this is why the millions of transactions per second is quite significant top of this as well you’re able to see here. there are no transaction fees on top of the EOS network which is very different from any other cryptocurrency projects and this is why I have become very popular since it was created a couple of months ago on top of this.
As well, one of the other basic things about EOS is that they have something called block producers or these are validators of the network other people and other cryptocurrency projects when transactions are happening on the network.
They are validated by people around the world who are making sure that these transactions are once again valid on EOS. This is slightly different there are 21 block producers who around the world who are validating all transactions that are happening through the EOS network in order to maintain security and to make sure that the network is decentralized as it is not just once again.
One entity that is controlling the validation of all the transactions that are happening on the network another major part of the EOS or yose system is the voting that happens within the network to put. It as simply as possible when things are whether they be upgrades or updates on the network. You have a chance as a token holder to be able to actually vote on things that are happening within the network on top of this as well. If you are holding any EOS tokens it can also be thought of as a bit of a digital real estate if you will wherein when you want to create something on top of the network.
If you are holding a certain amount of EOS you can stake your claim on the actual network and say that this sliver of the pie is mine and this can only be done by holding the EOS tokens and this is why like I said before. The EOS project isn’t as simple to explain in basic terms so I hope that you’re all following along.
I hope that I am helping you to understand exactly how I ask differs from other blockchains such as Bitcoin well like I said bitcoin is more or less used as a payment method back and forth EOS intends to be something much larger than that as they are pretty much trying to become their own internet.
If you will at the moment, we have confirmation that EOS is able to transact more than three thousand transactions per second. This is once again significant because a lot of other cryptocurrency projects that we have out there even some of the major ones have anywhere between three to fifteen transactions per second and typically in the cryptocurrency space for those who are new welcome the idea is. Is that if your blockchain is able to handle more than 15,000 transactions per second anywhere from 15,000 to around 40 to 50,000 transactions per second.
You have matched what is possible with Visa and MasterCard and therefore you are on par with Visa and MasterCard and as this is a decentralized network people have more incentive to use your platform than they do once again Visa and MasterCard. One of the major reasons for cryptocurrencies once again for those who are unaware is to be able to get away from the traditional finance system.
So that we as people can have control over our own finances for the first time not even again the last part of EOS one of the major things about the entire platform is something called adapts. Otherwise known as decentralized exchanges EOS is trying to become the leader when it comes to decentralized applications in order to, I don’t know the easiest way to kind of say it is to have other people build on top of them. Where other platforms have started in the past in order to have gaps built on top of them EOS has made it so that their network language is a lot easier for developers to understand and therefore, they have the incentive to be able to build applications on top of them and on top of these applications.
You also have the free transactions which also makes it a lot easier for your other customers who are using the decentralized applications to be able to use the Knapp’s on their network pretty much. It comes down to EOS is trying to become a free network so that anyone can build on top of it as long as you hold the EOS token to be able to stake your claim as a part of the digital real estate on the network.
You have to be able to do not actually don’t have to at all if you want to be part of the network, you’re actually able to vote as well they’re trying to make sure that their transaction speed continues to increase as rapidly as possible.
So that, they can get to where they need to be in order to be able to pass by not only other cryptocurrencies but also the other traditional financial systems that we have and yeah that’s pretty much it in its most basic form. It goes a lot deeper there are other things. I’ve made other content about EOS as well.
So, you can learn a bit more this was the basics as to what EOS is and why we have EOS and what they plan on doing in the cryptocurrency space thank you all for reading. I hope that I helped I hope that you are all having a great day morning afternoon and or evening wherever. You are wherever you might be hope it’s absolutely amazing