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Often called Ethereum killer, EOS is a blockchain 3rd generation to solve the problems of scalability of smart blockchains contracts 2 e generation. EOS is known today for having organized the biggest ICO in the world, with approximately 4 billion dollars raised. Beyond the numbers, what to think of the project? Here is my opinion on EOS .
EOS in brief
1- Definition
The EOS project aims to propose the deployment of decentralized applications via smart contracts through a new blockchain architecture. One of the main strengths of the EOS blockchain is its consensus mechanism based on DPoS (delegated proof of stake), invented by Daniel Larimer, CTO of BlockOne and leader of the EOS project.
The EOS blockchain aims to facilitate the development of new dAPPs by allowing them to interact as on an operating system. We therefore often speak of EOS as a decentralized operating system .
2- Goal
To position itself as a real challenger to Ethereum, EOS has set itself multiple objectives:
- Free use of the blockchain (no transaction fees);
- Support for millions of users simultaneously;
- Ease and flexibility of forks;
- Low latency;
- Optimization of the computational load.
3- Product
The EOS blockchain has many specificities that explain the community's enthusiasm for this project. Each blockchain developed on EOS will be able to deploy decentralized applications with:
- Bandwidth and log storage;
- Computing power;
- Storing the state of the blockchain.
The allocation of these resources is done dynamically between the different nodes, according to the different rules for writing transactions. EOS optimizes its computing load to be able to support a very large number of transactions per second. Its blockchain can deploy several virtual machines , and notably supports EVM and Wasm.
The architecture of EOS provides for interoperability of blockchains . This is streamlined thanks to advanced proof systems: Merkle Proofs for Light Client Validation and Proof of Completeness.
4- Consensus protocol
EOS is based on a delegated proof of stake (DPoS) protocol. Shareholders vote to elect 21 block producers, known as “witnesses”. Each validator control is chosen at random for each new cycle. If a witness fails to produce a block within the allotted time, the protocol selects the next witness for reassignment.
A block is supposed to be produced every 3 seconds. In the event of a fork, the longest chain is the one considered valid.
As with all delegated proof of stake protocols, a dishonest witness can be excluded by shareholders. Block producers have several powers:
- Update of the protocol, after approval in 30 days, and ratification of the source code;
- Freezing of accounts to correct possible corruption problems.
Advantages and disadvantages of EOS
EOS is an extremely ambitious project which has many strengths. However, it is also important to underline its limits, which create some gray areas.
The advantages of EOS
- A project led by Daniel Larimer, brilliant developer, at the origin of BitShares and Steemit, and inventor of the DPoS protocol. The hype of the project relies heavily on his shoulders.
- A high bandwidth allowing a high reactivity of the network.
- Extremely fast transaction speed (1.5 seconds).
- A free-to-use blockchain.
- Possibility to update the network to develop scalable DApps.
- Transparent bug fixing for users.
The disadvantages of EOS
- EOS is an ambitious project, but its competitors are very strong;
- Dan Larimer is criticized for his difficulties in engaging with a team. After quickly leaving BitShares and Steemit, the latter built a reputation as a fickle CTO;
- The EOS project is still at an early stage, and many uncertainties remain. The release of its mainnet, frozen after 48 hours, raised concerns among the community;
- The governance of EOS is flawed, as shown by the divisions and the length of discussions regarding the blocking of the eosio.saving account;
- The EOS project is often seen as too centralized compared to other DPoS with more delegates.
My opinion on EOS
We are very enthusiastic about the EOS project, hence our involvement in the franceos project , which aims to become a producer of blocks on the EOS blockchain. EOS seems to us to be one of Ethereum's most serious competitors, probably the most serious of all, although Lisk or Cardano also offer very interesting solutions.
The architecture proposed by the EOS blockchain allows scalability never before achieved , nor proposed by any other blockchain project, and its decentralized operating system could be one of the biggest breakthrough innovations of the 21st century.
We remain cautious, however, because the project remains at an embryonic stage, and the essential remains to be done so that EOS can keep all its promises.
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