EOS is a blockchain platform that is built for the development of decentralized applications (DAPPS) and smart contracts, it functions just like Ethereum blockchain. EOS blockchain was created in other to bring together the best features and promises of the various smart contract technologies out there (e.g. security of Bitcoin, computing support of Ethereum etc) in one simple to use.
EOS promises and not only promised but they also gave an assurance to be a real contender in the dapp arena, lowering the barrier to entry for developer and others seeking blockchain-powered solutions.
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How EOS Works
The EOS vision is to build a blockchain platform that can securely and smoothly scale to thousands of transactions per second, giving smooth and assured transactions without transaction fees.
For example, if you want to take a cab to where ever destination that you want to, you are supposed to pay when you get out of the cab, after paying, your fiat (cash) is gone because you were supposed to pay for the service. But EOS is like you paying before boarding the cab and when you reach the destination of your choice, the driver gives you back your fees. That’s how EOS functions.
EOS is a decentralized blockchain and free to use
As earlier said, an application built on the EOS platform does not require any sort of transaction fee by the end user to send messages and perform tasks on the blockchain. This is left to the individual dapp developers to determine how transactions fees will come in, which of course will be extremely low.
Meaning companies are free to come up with their own monetization strategies and offer their users a service for free or not. EOS blocks are actually created every 0.5 seconds so therefore cycles are in turn structured into “threads” that run in parallel within cycles. This allows for messages and transactions to be sent and responded to within a split of a second.
A Brief History of EOS
The EOS blockchain was developed by a set of people or team developers known as the “block one”: which is actually led by Brendan Blumer as CEO and “Dan Larimer (co-founder of both Bitshares and Steemit) as CTO.” These guys provide some crypto Technologies into the crypto world.
“This team (EOS) saw the vision early last year and they are really going with full speed which made them (EOS) achieve a lot within few months of launch mainnet. The team is doing very great, they are having meetups around the world, seminars all over the world even here in Nigeria.
The EOS token ICO started June 26, 2017, and it ran for a year. The target was to produce 1 Billion EOS token. It is a blockchain that will overrule all blockchains because it has the capacity to multitask and run many transactions at ease, let me say one million transactions per seconds without using all efficiency like other blockchain like Ethereum. Soon it will become free to open an EOS account, but currently, it requires about 2 EOS ($10) to open EOS account.
This a kind of its own, the first shaking the blockchain space.
EOS HACKATHON: It is an opportunity given by EOS to build a brand new dApp solution and also get rewarded for it, it’s an EOS competition, the dApp will have to be built on the EOS blockchain. Teams must start from scratch, building their dApp over the course of the competition.
As reported by EOS, The Hackathon website describes it as “a first-of-its-kind event in the world of the blockchain, and serves Block.one’s goal of supporting of [sic] a decentralized global community from the ground up.”
EOS is calling out to all All hackers, business leaders, product developers, and marketers are welcome to join and create a new wave of blockchain dApps that secure life, liberty, and property. The date for the next hackathon: September 22nd and September 23rd, the event will be held in London, England. The last individual event will be happening on November 10th and November 11th, but the location has yet to be announced, while the Grand Finale event will be held on December 8th, at a yet-to-be-announced location.
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