EOSIO is a blockchain protocol that is used to facilitate building decentralised applications DAPP’s.
This was designed to solve the problems with other application blockchains such as speed and clogging up of the network which networks such as Ethereum has faced in the past. When a large DAPP was added to the Etheruem blockchain it caused performance issues with the amount of bandwidth going through the network.
EOSIO has been designed to be capable of more transactions per second while removing the fees charged to users for making transactions.
Unlike other blockchains applications like Etheruem which need to be written in the Solidity programming language, EOSIO dapps is powered by WebAssembly and can be written in C++, Java and Python.
EOSIO had a massive ICO, one of the biggest, by raising over $4 billion and selling 1 billion EOS over the year.
On EOSIO users have the ability to use a username for their account rather than a wallet address made up of numbers and letters making this network easier to use for sending tokens between users.
There are varies levels of private keys, using permissioned private keys, for example, if your application allows users to send tokens, messages, likes etc you can permission certain keys to only be allowed to perform certain actions.
EOSIO allows developers to create recurring transactions allowing you to create a subscription model for your application.
The EOSIO blockchain is powered by 3 resources.
- Bandwidth
- CPU
- RAM
The EOS token is used to purchases these on the network.
EOS Token
The EOS token is the native cryptocurrency of the EOSIO network. It is used to pay for the costs of operating the blockchain, EOS is also used to vote for software updates on the network.
EOS is needed to purchase the resources on EOSIO blockchain, which means developers of dapps must buy EOS to launch their applications.
Delegated proof of stake is used to secure the network. This is a real-time voting system to decide the next block by block producers on the blockchain. DPoS using the EOS token to help operate the network, the more tokens you hodl the more likely you are to be chosen.
EPOS tokens can be locked up and staked on the network used for allocating resources, currently, you can earn 1.83% in EOS tokens by staking. The more resources your application needs the more EOS you’ll need to stake.
Take the EOS quiz on Coinbase and earn up to $50 worth in EOS, just from answering a few questions.
Originally published at https://paulund.co.uk.
