EOS stands for Electro-Optical System. The EOS system provides a platform for smart contract development and decentralized storage. This platform is made to address the typical scalability issues found in popular blockchain systems such as Ethereum and Bitcoin. EOS aims to create a distributed application development environment with high transactional speed and efficiency. EOS system has the ability to process 5000 to 1000,000 transactions per second.
EOS System Performance
- The platform is adaptable enough for millions of users to use it at the same time without experiencing any performance difficulties.
- End-users can use the application for free with the option to upgrade at any time.
- It shows a high and efficient transaction speed. Specifically, 3, 4 transactions per second for Bitcoin, 20 transactions per second for Ethereum, while EOS= millions of transactions per second.
- EOS has a powerful permission system that allows users to design unique authorization methods for a wide range of business situations.
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What is EOS Wallet and EOS Account?
The EOS wallet can be thought of as storage for public, private key pairs that are required to sign activities on the blockchain in the EOS architecture. Keosd is an EOS application that handles EOS wallets and maintains private keys. Cleos is used to access wallets (the EOS command-line tool).
Depending on the permissions, many users can hold an EOS account. By default, an EOS account has two permissions as follows,
- Owner: This permission identifies the Account’s owner.
- Active: This authority is required for money transfers, producer polls and other high-level operations.
Requirements to Build dApp on EOS?
If you want to develop EOS dApp (Decentralized Application), you need knowledge about C/C++ programming languages. Because, smart Contracts are written in IDE (Integrated Development Environment) using VS Codes with C/C++ extensions. Before starting the Contract, you will have to start the nodes, create a wallet and create an account.
EOS vs NEO
Individuals are not expected to make micropayments to complete tasks on the blockchain or send messages on EOS. In the end, individual designers are free to set their own transaction fees, which are often inexpensive. Improvement procedures can be driven by organizations.
In the era of blockchain technology, both NEO and EOS have a lot of room to grow. EOS appears to have had a stronger year than NEO when it comes to competing with Ethereum as a supported platform for smart contracts and decentralized applications.
- The above discussion is neither financial advice nor financial recommendation. It is a basic study on cryptocurrency which is done based on resource sources. Therefore, our team accepts no responsibility or liability for any predictions/decisions you make in the industry.