Is eos the next Ethereum?

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In the future, one of ETH and EOS will surpass Apple's market value, and will become the first trillion-dollar behemoth?

The visions of EOS and ETH are roughly similar. The bottom layer of an operating system, in which a variety of smart contract applications can be built, and because of the parallel chain, every software in the EOS system can obtain high performance support.

The biggest limitation of blockchain applications is delay and data throughput. EOS solves the problem of delay and data throughput through parallel chains and DPOS. For example, BTC can only be confirmed after at least 30 minutes, 7TPS/S, ETH also takes a few minutes. Only, BTS and STEEM based on the graphene bottom layer can reach an average confirmation speed of 1.5S and a measured data throughput of 3300TPS under limited conditions. EOS can reach millions of TPS through parallel chains. And the parallel local chain can even reach the confirmation speed of milliseconds.

The economic models of EOS and Ethereum are different. In fact, the difference between them is the difference between the ownership model and the lease model. In Ethereum, each calculation of transaction, storage, operation, and bandwidth usage requires gas fees. Moreover, the gas fee fluctuates and can be set to a very high value, because miners tend to choose those high-cost transactions for processing. In this economic model, there will be a situation where wealthy players can send a large number of high-fee transactions to the network, causing the network to be paralyzed. Moreover, this model requires developers and startups to continue to burn gas during the development and deployment of their applications.

EOS will use an ownership model, in which EOS tokens will be given a certain share in network bandwidth, storage, and processing power. This means that if someone owns 1% of EOS tokens, he will always only get 1% of the network bandwidth, regardless of the load on the rest of the network. In this way, small startups and developers can buy a relatively small share of the network, so they can get stable and reliable predictable network bandwidth and computing power. If they need to expand their applications, they only need to buy more. EOS tokens are sufficient. Moreover, since the EOS network has no transaction fees, there are no network development costs, except for the cost of buying EOS tokens at the beginning. Of course, if you want, you can sell the tokens to recover your investment. (Steemit)

Then look at BM Dashen, the technical leader of EOS. He is the founder of BTS and STEEM, and these two applications are currently in good running condition. At least compared with many conceptual projects, these two projects are the most practical Chain project too.

The more weird thing is his crowdfunding method, which is one year in a row. Let everyone have the opportunity to buy eos at the reserve price. This means that in this year, there will be no dealers to pull, because the price of pulling is too high. Even under such circumstances, the crazy domestic market still caused eos to cause more than 10 times the price difference. From the initial 6.5 yuan, to the highest 42 yuan. And now it falls below the issue price.

Long-term optimistic, short-term wait and see.

The following is the white paper of eos:

This Chinese white paper is translated from the English version of the EOS white paper. If there is any inconsistency, the English version shall prevail.

Summary

http://EOS.IO software introduces a new block chain architecture to achieve performance expansion of distributed applications. This is achieved by creating an operating system-like architecture that can build applications. The software architecture provides accounts, authentication, databases, asynchronous communication, and scheduling of programs on hundreds of CPUs or clusters. The final form of the technology is a block chain architecture, the block chain can support millions of transactions per second, while ordinary users do not need to pay usage fees.

Background

Blockchain technology originated from Bitcoin, which was launched in 2008. Since then, entrepreneurs and developers have been working hard to promote the technology in order to support a wider range of applications on a single blockchain platform.

Although some general-purpose blockchain platforms are still working hard to achieve the first functional blockchain applications, blockchain applications targeting specific scenarios such as BitShares decentralized exchange (2014) and Steem social media platform (2016) have Become a successful application with tens of thousands of daily active users. These two applications successfully improved performance to thousands of transactions per second, reduced latency to 1.5 seconds, reduced transaction fees, and achieved a user experience similar to the central server solution.

Due to the high cost and limited performance of the existing blockchain platform, it hinders the wide spread of blockchain applications.

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1. Consensus Algorithm (DPOS)

http://EOS.IO software architecture adopts the only blockchain consensus algorithm (DPOS) that can meet the above performance requirements so far. According to this algorithm, people who hold tokens on the entire network can select block producers through the voting system. Once elected, anyone can participate in block production.

http://EOS.IO is expected to produce a block every 3 seconds. At any time, only one producer is authorized to produce blocks. If the block is not successfully produced within a certain period of time, the block is skipped.

The block generation in the http://EOS.IO architecture takes 21 blocks as a cycle. At the beginning of each block generation cycle, 21 block producers will be voted for. The top 20 block producers are first selected automatically, and the 21st block producer is selected according to the probability corresponding to the number of votes obtained. The selected producer will be mixed according to the pseudo-random number derived from the block time. In order to ensure that the connection between block producers is as balanced as possible.

If the block producer misses a block and no block has been generated in the last 24 hours, the block producer will be deleted. This ensures the smooth operation of the network.

Under normal circumstances, the DPOS block chain will not experience any forks because block producers cooperate to produce blocks instead of competing. If there is a block fork, the consensus will automatically switch to the longest chain. The length of a blockchain with more producers will grow faster than a blockchain with fewer producers. In addition, no block producer should produce blocks on two blockchain forks at the same time. If a block producer finds out that it has done so, it may be voted out.

Transaction confirmation. Blockchains maintained by the DPOS consensus algorithm are generally 100% online. This means that a transaction will be written to the blockchain after an average of 1.5 seconds, and the transaction will be known to all block producers. This means that in only 1.5 seconds, a transaction can be deemed 99.9% received by the blockchain.

There are some extraordinary situations, such as software bugs, Internet congestion or malicious block producers, and the blockchain may fork. To ensure that a transaction is irreversible, you can wait for 15 block confirmations. According to the configuration of the http://EOS.IO software, it takes 45 seconds on average to confirm 15 blocks under normal circumstances.

Within 9 seconds of the fork, the block producer may discover that the fork may be possible and warn the user. When a node observes the network, if it finds two consecutive block loss events, it means that the change node is 95% likely to be on the forked branch of the blockchain. After 3 consecutive lost blocks, the node has a 99% chance of being on a forked blockchain. A predictive model can be generated that will use the information lost by the node, the recent participation rate, and other factors to quickly warn users of any problems.

The response to this warning depends entirely on the nature of the business transaction, but the simplest response is to wait for 15/21 confirmation until the warning stops.

The proof of transaction (TaPoS) http://EOS.IO software requires that each transaction include the hash of the nearest block header. This hash serves two purposes:

1. Prevent a large number of transaction records from appearing on the forked blockchain; 2. Enable the system to perceive whether the user is on the forked blockchain

Over time, all users eventually directly confirm the block chain, which makes it difficult to forge counterfeit chains because counterfeiting will not be able to migrate transactions from legal links.

Account

The http://EOS.IO software allows the use of unique readable names with a length of 2 to 32 characters to implement references to accounts. The name is chosen by the creator of the account. All accounts must be created with a minimum account balance to cover the cost of storing account data. Account names also support namespaces, so the owner of account @domain is the only user who can create account @user.domain.

In the case of decentralization, application developers will pay the nominal cost of creating an account to register new users. Usually, companies have spent a lot of money to acquire each customer in the form of advertising and free services. In contrast, the capital cost required to create a new blockchain account is negligible. And fortunately, there is no need to create an account for a user who is already registered by another application.

Messages and message handlers Each account can send structured messages to other accounts, and can define the processing script after the message is accepted. http://EOS.IO software provides each account with its own unique database, which can only be accessed by its own message processing program. The message processing script can also send messages to other accounts. The combination of messages and automatic message handlers is exactly how http://EOS.IO defines smart contracts.

Role-based authority management Authority management mainly involves determining whether a specific message is correctly authorized. The simplest form of rights management is to check whether the transaction has the required signature, but this implies that the required signature is known. Usually power is tied to individuals or groups of individuals that can be classified. http://EOS.IO software provides a declarative rights management system that allows accounts to have fine-grained and high-level control over who can do what when.

It is essential that identity authentication and authority management are standardized and separated from the business logic of the application. This makes it possible to develop a tool to manage permissions in a common way, and provides a huge space for performance optimization.

Each account can be controlled by any weighted combination of other accounts and private keys. This mechanism creates a hierarchical authority structure that can truly reflect the organizational situation of authority in reality, and makes it easier than ever for multiple users to control funds. Multi-user control is the most important factor to improve security. If used correctly, it can greatly eliminate the risk of hacker theft.

The http://EOS.IO software allows an account to define a combination of "and" and "or" with other account keys, and use this combination to send a specific type of message to another account. For example, one key can be provided for the user's social media account and another key can be used for transactions. Even users can give other accounts permission to act on their own account without assigning keys to other accounts.

Naming permission level

Using the http://EOS.IO software, accounts can define naming authority levels, and each authority level can be derived from a higher-level naming authority. Each naming permission level defines a power, and this power can be a threshold for multi-signature checking composed of keys and/or naming permission levels of other accounts. For example, the "friend" permission level of an account can be set so that the account can be equally controlled by any of its friend accounts.