{"id":19120,"date":"2022-09-23T09:59:58","date_gmt":"2022-09-23T09:59:58","guid":{"rendered":"https:\/\/zebpay.com\/au\/?p=19120"},"modified":"2022-09-23T10:00:38","modified_gmt":"2022-09-23T10:00:38","slug":"what-is-eos","status":"publish","type":"post","link":"https:\/\/zebpay.com\/au\/blog\/what-is-eos","title":{"rendered":"What Is EOS?"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_66_1 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/zebpay.com\/au\/blog\/what-is-eos\/#How_Does_EOS_Work\" title=\"How Does EOS Work?\">How Does EOS Work?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/zebpay.com\/au\/blog\/what-is-eos\/#Advantages_and_Disadvantages_of_EOS\" title=\"Advantages and Disadvantages of EOS\">Advantages and Disadvantages of EOS<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/zebpay.com\/au\/blog\/what-is-eos\/#Benefits_of_EOS\" title=\"Benefits of EOS\">Benefits of EOS<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/zebpay.com\/au\/blog\/what-is-eos\/#Zero_Transaction_Fees\" title=\"Zero Transaction Fees\">Zero Transaction Fees<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/zebpay.com\/au\/blog\/what-is-eos\/#Scalability\" title=\"Scalability\">Scalability<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/zebpay.com\/au\/blog\/what-is-eos\/#Security\" title=\"Security\">Security<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/zebpay.com\/au\/blog\/what-is-eos\/#Concept_of_Accounts_and_Wallets_in_EOS\" title=\"Concept of Accounts and Wallets in EOS\">Concept of Accounts and Wallets in EOS<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/zebpay.com\/au\/blog\/what-is-eos\/#Is_EOS_A_Good_Investment\" title=\"Is EOS A Good Investment?\">Is EOS A Good Investment?<\/a><\/li><\/ul><\/nav><\/div>\n\n<p>We are all familiar with crypto tokens like Bitcoin, which are used for transactions. However, some other tokens are part of an entire blockchain platform. EOSIO is one of these platforms with a larger purpose. Launched in 2018, EOSIO is a decentralised, blockchain-based platform for developing, hosting and maintaining dApps. EOSIO is the platform that enables development, while EOS is its native token.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_Does_EOS_Work\"><\/span>How Does EOS Work?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The platform allows developers to create dApps similar to web applications. It emulates the characteristics of a physical computer. The software then uses these concepts to regulate traffic on the network.&nbsp;<\/p>\n\n\n\n<p>Characteristics such as bandwidth, computing power and memory are used. Since apps require these to function, developers must buy more of these resources using EOS. This allows users to enjoy the app hassle-free, without paying for transactions. Instead, developers must buy more network resources to enable the transactions.&nbsp;<\/p>\n\n\n\n<p>For its block verification, EOS does not use proof of work like Bitcoin. They recognise that <a href=\"https:\/\/zebpay.com\/au\/blog\/why-proof-of-work-works\" target=\"_blank\" rel=\"noreferrer noopener\">proof of work<\/a> can be slow and inefficient, which prevents dApps from functioning smoothly. Instead, they use a system called Delegated Proof of Stake (DPoS). Under this system, every EOS holder receives voting rights. They use these rights to elect representatives to validate new blocks and add them to the blockchain.\u00a0<\/p>\n\n\n\n<p>Validation rewards are also determined by the community. \u201cBlock producers\u201d or the elected validators publish the number of tokens they expect to receive for adding new blocks. The reward is then decided based on the median value quoted by all block producers. To prevent misuse of the system, the total hike in block rewards cannot exceed 5% in one year.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Advantages_and_Disadvantages_of_EOS\"><\/span>Advantages and Disadvantages of EOS<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"538\" src=\"https:\/\/zebpay.com\/au\/wp-content\/uploads\/2022\/09\/EOS-Advantages-Disadvantages-1024x538.jpg\" alt=\"Advantages And Disadvantages of EOS\" class=\"wp-image-19122\" srcset=\"https:\/\/zebpay.com\/au\/wp-content\/uploads\/2022\/09\/EOS-Advantages-Disadvantages-1024x538.jpg 1024w, https:\/\/zebpay.com\/au\/wp-content\/uploads\/2022\/09\/EOS-Advantages-Disadvantages-300x158.jpg 300w, https:\/\/zebpay.com\/au\/wp-content\/uploads\/2022\/09\/EOS-Advantages-Disadvantages-768x403.jpg 768w, https:\/\/zebpay.com\/au\/wp-content\/uploads\/2022\/09\/EOS-Advantages-Disadvantages.jpg 1200w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Benefits_of_EOS\"><\/span>Benefits of EOS<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Zero_Transaction_Fees\"><\/span>Zero Transaction Fees<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Transactions in EOS do not reduce your account balance. There are no transaction or gas fees on the platform, which enables <a href=\"https:\/\/zebpay.com\/au\/blog\/everything-you-need-to-know-about-dapps\" target=\"_blank\" rel=\"noreferrer noopener\">dApps<\/a> to function seamlessly.\u00a0<\/p>\n\n\n\n<p>To send any transaction on the EOS network, EOS staking is used. These staked tokens allow you access to a part of the network\u2019s resources. The more resources you have, the more transactions you can send.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Scalability\"><\/span>Scalability<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>As a developer, you want your dApp to always be up and running. EOSIO allows you to develop and expand your application for as many users as needed. Since the network resources available to you depend on your staked tokens, you can always stake more EOS to have more bandwidth available.&nbsp;<\/p>\n\n\n\n<p>The platform also offers more transactions per second than many other popular crypto platforms.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Security\"><\/span>Security<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Block producers have the power to freeze EOS dApps and accounts . Any flaw in a dApp deployed on <a href=\"https:\/\/zebpay.com\/au\/blog\/blockchain-vs-cryptocurrency\" target=\"_blank\" rel=\"noreferrer noopener\">blockchains<\/a> can have consequences for the network as a whole. It may even allow hackers to steal funds from the network. EOS prevents this by freezing faulty dApps until the issue is resolved.\u00a0<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Concept_of_Accounts_and_Wallets_in_EOS\"><\/span>Concept of Accounts and Wallets in EOS<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Accounts and wallets can be different in EOS. An account on the EOS network is linked to public and private keys. These accounts can be controlled by multiple people, depending on the permissions granted. It has two permission, owner and active.&nbsp;<\/p>\n\n\n\n<p>Active permissions are used for daily operations on the blockchain. They allow you to transfer funds and vote on network decisions. On the other hand, owner permissions determine who is considered the holder of the account. Someone with owner permissions can do all active permission tasks, but they have additional functionality like changing owner or active permissions.&nbsp;<\/p>\n\n\n\n<p>Read more: <a href=\"https:\/\/zebpay.com\/au\/blog\/what-is-blockchain-layer-0-1-2-and-3\" target=\"_blank\" rel=\"noreferrer noopener\">What is Blockchain Layers?<\/a><\/p>\n\n\n\n<p>Wallets are used to store the public and private keys required to access your account. There is no link between your account and your wallet except for the keys stored within it.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Is_EOS_A_Good_Investment\"><\/span>Is EOS A Good Investment?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>EOS has been gaining a lot of popularity over the last few years. It offers fantastic development tools to create seamless dApps that are fast and scalable. EOS also allows you to create unique solutions for issues such as logistics and social impact.&nbsp;<\/p>\n\n\n\n<p>Many have cast doubts on the platform due to its governance procedure. Some new policies seek to fix the areas of concern. However, centralisation and collusion remain threats to the system even today.&nbsp;<\/p>\n\n\n\n<p>Only once these glaring concerns have been resolved can EOS be a fantastic investment opportunity. Currently, investing in the token comes with some major caveats, and you must decide for yourself how much you value decentralisation on the platform.&nbsp;<\/p>\n\n\n\n<p>EOS is currently trading at $1.54 per token with a market cap of $1.53 billion. It hit its all-time high of $22.89 in April 2018.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>We are all familiar with crypto tokens like Bitcoin, which are used for transactions. However, some other tokens are part of an entire blockchain platform. EOSIO is one of these platforms with a larger purpose. Launched in 2018, EOSIO is a decentralised, blockchain-based platform for developing, hosting and maintaining dApps. EOSIO is the platform that [&hellip;]<\/p>\n","protected":false},"author":23,"featured_media":19121,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[14],"tags":[79,16],"class_list":["post-19120","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-blockchain","tag-crypto"],"acf":[],"_links":{"self":[{"href":"https:\/\/zebpay.com\/au\/wp-json\/wp\/v2\/posts\/19120","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/zebpay.com\/au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/zebpay.com\/au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/zebpay.com\/au\/wp-json\/wp\/v2\/users\/23"}],"replies":[{"embeddable":true,"href":"https:\/\/zebpay.com\/au\/wp-json\/wp\/v2\/comments?post=19120"}],"version-history":[{"count":2,"href":"https:\/\/zebpay.com\/au\/wp-json\/wp\/v2\/posts\/19120\/revisions"}],"predecessor-version":[{"id":19124,"href":"https:\/\/zebpay.com\/au\/wp-json\/wp\/v2\/posts\/19120\/revisions\/19124"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/zebpay.com\/au\/wp-json\/wp\/v2\/media\/19121"}],"wp:attachment":[{"href":"https:\/\/zebpay.com\/au\/wp-json\/wp\/v2\/media?parent=19120"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/zebpay.com\/au\/wp-json\/wp\/v2\/categories?post=19120"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/zebpay.com\/au\/wp-json\/wp\/v2\/tags?post=19120"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}