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In the vast landscape of blockchains that populate the industry, exploring them all becomes challenging, especially considering not all of them have comprehensive documentation and dedicated, easily understandable manuals.
That’s why we’ll delve into an in-depth exploration of the EOS blockchain. Despite its high-level technical performance, few people are familiar with it, and many haven’t had the opportunity to try and test its capabilities.
It is a powerful decentralized infrastructure for applications based on blockchain. It is a decentralized system that enables the development, hosting, and execution of large-scale #decentralized commercial applications (dApps) on its platform.
EOS allows both entrepreneurs and individuals to create a blockchain-based dApp in a manner similar to developing a web application, providing secure access with authentication, various permissions, data hosting, and management and communication between different dApps and the internet.
EOS aims to create a decentralized operating system to run various dApps. Additionally, it boasts the advantage of having standard and economical fees (we’re talking about thousandths of euros), which are also predictable and standard, allowing the calculation of transaction costs in advance. It can handle thousands of transactions per second (tps).
It all started with the 2017 whitepaper, aiming to create a highly scalable system capable of handling millions of transactions. The entire platform was developed by the company Block.one, which released the open-source software on June 1, 2018, following a testing phase that began on September 3, 2017.
The project was led by Daniel Larimer, the CTO of the company and creator of delegated proof-of-stake (DPoS), and Brendan Blumer, the current CEO of Block.one.
To ensure broad token distribution, the company distributed 1 billion ERC20 tokens to those who registered an Ethereum address and later claimed their corresponding EOS tokens.
To fund the project, it utilized the Initial Coin Offering (ICO) system based on the Ethereum blockchain. The ICO, which started on June 26, 2017, and ended on July 3, 2018, holds the record for funds raised, surpassing 4 billion dollars.
The EOS logo is derived from the Chestahedron (heptahedron), a geometric figure created by artist Frank Chester.
It has a Platonic imprint as it draws inspiration from Platonic solids (regular tetrahedron, regular hexahedron, regular octahedron, regular dodecahedron, and regular icosahedron), which represented the ancient Greek elements of earth, air, fire, and water, with the fifth element being life force or spirit.
Unlike Platonic solids with only one type of face, the Chestahedron has two types: triangles and kites. Notably, all seven faces have the same surface area, consisting of four triangles and three quadrilaterals, with seven points and twelve edges. Interestingly, this solid can perfectly enclose a human heart.
Over time, this blockchain has made significant progress, becoming increasingly efficient. Following the apparent abandonment of the blockchain by Block.one in updating it, the community took over to update the code, ousting the project creators.
In this way, the EOS blockchain became similar to Bitcoin, where all progress is managed by the community, and there is no central authority dictating its evolution.
Despite its remarkable technical capabilities, EOS has not stagnated. With the emergence of other blockchains and Ethereum Virtual Machine (EVM)-compatible blockchains, EOS also expanded its horizons.
It created an EVM-compatible environment where the entire Ethereum blockchain runs within a smart contract on EOS, showcasing the power of this blockchain on various levels.
This progress has not halted, and future updates, such as “instant finality,” which will make transactions irreversible in less than 0.3 seconds, will make EOS even faster compared to other blockchains.
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