EOS is a blockchain architecture platform developed under the leadership of blockchain genius BM (Daniel Larimer), akin to an operating system. Its aim is to achieve performance scalability for decentralized applications. EOS provides accounts, authentication, databases, asynchronous communication, and scheduling of programs across hundreds of CPUs or clusters. In its ultimate form, this technology is a blockchain architecture capable of supporting millions of transactions per second, with no usage fees for regular users.

Since Bitcoins inception, innovation in the digital currency market has never stopped, with Litecoin, Ripple, Peercoin, and others being introduced over time. However, among the top ten coins by market capitalization at that time, apart from Bitcoin, Litecoin, and Ripple, the rest have seemingly disappeared from public view. The market always weeds out the weak, and only those that can withstand the test of time survive.

Daniel Larimer, known as Bytemaster on the Bitcoin forum bitcointalk, emerged from many entrepreneurs. His username translates to "code master."

Seeing the issues caused by centralized exchanges due to various human factors, he decided to create a decentralized exchange, which later became BitShares. Two years after founding BitShares, he left to establish Steemit, and Kyber in China was inspired by his ideas. After leaving Steemit, he began working on the EOS project in 2017, marking the beginning of the EOS chapter.

The interaction between BM and Satoshi Nakamoto has been a subject of amusement. Initially, on the forum, BM had many questions about Bitcoin and sought answers from Satoshi. However, Satoshi replied, "If you do not believe me or understand what I am saying, sorry, I do not have the time to convince you."

When discussing masters, it often takes just one move. If BM is considered a top martial arts master, Satoshi Nakamoto is undoubtedly the peak of all peaks, the unparalleled existence in the digital currency world, akin to the invincible swordsman seeking defeat.

Advantages of EOS (EOS)

Bitcoin can support a maximum of seven transactions per second, while Ethereum could previously handle up to 15 transactions per second. At the end of 2017 and the beginning of 2018, the CryptoKitties game on the Ethereum network caused severe congestion, leading users to increase their gas fees to ensure faster transaction confirmations.

This processing speed cannot meet the growing demand of users. Similarly, the bull market at the end of 2017 also led to congestion on the Bitcoin network, resulting in miner fees reaching several hundred dollars.

Given these issues with Bitcoin and Ethereum, BM started the EOS project intending to address the shortcomings in Ethereums architectural design.

EOS.IO is a platform software designed to provide a blockchain architecture for scalable decentralized applications, both vertically and horizontally. It achieves this primarily through building a structure similar to an operating system, allowing applications to run on top of it. Its goal is to offer a new blockchain architecture platform that supports high-performance and highly available decentralized applications.

Features of EOS (EOS)

1. BFT + DPOS consensus mechanism. According to BMs EOS Dawn 4.0 release, EOS uses a BFT + DPOS consensus mechanism. DPOS is similar to the American parliamentary system, where each super node acts like a member of parliament. There are 21 super nodes in total, elected by all EOS holders. This "parliament" has significant decision-making power over the entire EOS ecosystem. For any proposal to be implemented, it must receive 15 votes from the super nodes. The addition of BFT (Byzantine Fault Tolerance) improves the security and stability of the system.

The fault tolerance level of BFT-DPOS is 1/3, meaning the network may fork only if more than 1/3 of the block producers launch a malicious attack on the entire network. Based on DPOS, it is possible to determine which validators are responsible for the attack, and they can have their stake tokens destroyed and be removed from the network, preventing a fork.

2. Free transactions. When using Ethereum, users need to pay a certain amount of gas for transfers. EOS has an inflationary feature, issuing up to 5% more EOS annually to reward super nodes. As a result, users do not need to pay miner fees when transacting. Compared to Ethereum, where miner fees can reach dozens or even hundreds of dollars during congestion, this is very attractive to users.

3. The EOS software provides a comprehensive account system that helps developers quickly develop their own DApps. On Ethereum, developing a DApp requires more time spent on developing underlying modules. The technical team has spent considerable time optimizing the block construction and application processes. In the new model, blocks are created by a sequence of APIs applied to the block. This ensures that the same code path is followed and minimizes the possibility of inconsistencies between producers and verifiers when confirming validity.

Evaluation of EOS (EOS)

According to Google Trends, EOS is most popular in China, followed by Germany, the Czech Republic, and Switzerland.

Technologically, there is strong support from industry experts, and financially, the EOS token sale lasted for a year, making it the longest and largest fundraising project. The team is well-funded, and there are no financial concerns. With the mainnet launch only two weeks away, if they can achieve their goals on schedule, EOS has a bright future.

As an unlaunched project, EOS raised $4 billion, unprecedented.

A popular saying in the industry was, "In the crypto world, only 10% of people bought Bitcoin, and only 10% didnt buy EOS." This highlights the strength of EOSs community foundation, closely tied to the super node elections. Many anticipated that EOS would experience continuous benefits, potentially reaching four digits.

In pursuit of efficiency, BM has deviated from the decentralized path of blockchain technology.

In DPOS, the record-keepers are not called miners but witnesses. In EOS, BM introduced a new term: Block Producer (BP), commonly referred to as super nodes. There are 21 super nodes in EOS. Super nodes participate in elections, and only those who win can produce blocks. In EOS, the 21 winning super nodes take turns producing blocks.

According to the EOS whitepaper, EOS will issue 1% annually to the entities maintaining the nodes (originally 5%, later adjusted to 1%). With a total supply of one billion EOS, 1% equals ten million. On average, each primary node receives 476,000 EOS per year, which, at the current price of 100 yuan, amounts to nearly 50 million yuan annually for each super node.

The competition for super nodes is essentially a battle for control of EOS, and the campaign has gradually revealed the ruthless nature of the various capital interests involved.

After launching, the EOS mainnet did not become the super base layer blockchain capable of supporting numerous commercial-grade applications as hoped. Instead, it faced delays, security vulnerabilities, and network outages, causing the token price to drop below 20 yuan.

The Battle for EOS Super Nodes

Approaching the launch of the EOS mainnet and the start of the super node elections, EOS surged dramatically in early May 2018. Regarding the distribution of super node rewards, BMs document states that there will be a maximum annual inflation of 5%, with 4% allocated by a future Worker Proposal System and 1% divided into two parts: 0.25% block rewards and 0.75% voting rewards.

Super nodes receive 0.25% of the block rewards based on the number of blocks produced. The 0.75% refers to all super nodes (including backup nodes) receiving a percentage based on the total number of votes received, with a minimum threshold of 100 tokens per day. If they cannot meet this threshold, they do not receive any rewards.

Note this aspect: this mechanism means that nodes with more votes during the election process will earn higher rewards.

EOS Launches Educational Product

Since the mainnet launch, EOS has been relatively quiet. In March 2019, BM started to speak more frequently, hinting at major news on the one-year anniversary of EOS.

BM stated that this would be the biggest news since the inception of EOS.io.

Unless Justin Sun was ignored by the entertainment industry watchdog, BM seemed to lose his reputation as a marketing genius.

In the following months, BM repeatedly hinted at developments in the Telegram group, whether about the best teams or upcoming major products. Each word generated significant anticipation among market participants.

The event was scheduled for June 1, 2019, International Childrens Day.

The first product EOS launched was an educational project, a promotional initiative to learn and earn EOS.

The second product was a Wasm interpreter, which, compared to the first version of EOSVM released a year earlier, increases contract speeds by twelve times. Following this, EOS introduced WebAuthn authentication services and the EOS Yubico Key hardware product. The former is used for identity verification, allowing EOS to use the Yubico Key to sign chain transactions via WebAuthn.

Undoubtedly, the expectation for the one-year anniversary event was to restore confidence in the market through the introduction of new products. However, the over 10% decline during the event already indicated the markets reaction.

Reflecting on EOSs development over the past year, did it truly achieve BMs vision of "finding free-market solutions to protect all life, liberty, and property"? (Some content sourced from the author: Blockchain University President, Running Finance)