Introducing EOS

Due to its highly performant, decentralized, smart contract capabilities, EOS is deemed one of the go-to Layer-1 networks for developers looking to build blockchain-based games (GameFi), deploy decentralized applications (dApps), and create digital assets such as NFTs.

The EOS Network’s native token, EOS, is used to purchase or rent access to network bandwidth and storage capacity. The EOS token is also used to secure governance rights within the EOS Network, to transfer value on native applications, and to account for value by investors and speculators.

EOS outpaces most other Layer-1s in maximum transactions per second. EOS’s performance is primarily due to its custom-built WebAssembly runtime engine that executes smart contract code. A flexible architecture built around a core smart contract layer means the EOS Network is highly adaptable and can easily adopt improvements to the platform.

EOS is a utility token that gives its holders access to network resources such as bandwidth, processing power, and memory, which are necessary to perform operations such as token transfers or use dApps on the network. Increasingly, dApp developers on EOS are abstracting away the already minimal resource costs to ensure the kind of frictionless and enjoyable experience users have come to expect from Web2 applications.

EOS has a 3% rate of inflation with no limited max supply. There is a current total supply of 1.14B EOS tokens, with a circulating supply of 1.08B.

Delegated Proof Of Stake (DPoS) is the underlying consensus mechanism of EOS. While anyone can run a node to fully validate the EOS blockchain in a trustless manner, only special, selected entities known as Block Producers (BPs) are allowed to produce blocks and determine the canonical blockchain. Unlike Proof Of Stake (PoS), the validating entities taking part in the consensus process, the BPs are not required to lock up tokens. Instead, individual token holders delegate their share of tokens to their preferred BP candidates. The top 21 candidates ranked by aggregate delegated token stake are selected as the active block producers.

Token holders can change their delegations at any time, and within minutes the selection of the 21 active BPs can automatically change. So the BPs only maintain their privileges for as long as the delegating token holders continue to trust them to carry out their responsibilities.

In DPoS, each active block producer has a limited time window under which they have to publish a new block. Suppose an active BP continually misses their block creation times or consistently produces blocks that are missing expected transactions. In that case, EOS token holders, using their stake, can change their delegations to replace them with better block producers that are on standby.

The primary benefit of having such a consensus mechanism is that the EOS Network can consistently maintain a low latency in transaction processing while minimizing missed blocks due to networking issues by having a relatively stable set of active professional BPs who optimize their infrastructure for good performance.

A secondary benefit is that the 21 active BPs effectively act as representatives of the token holders, which allows them to efficiently reach governance decisions through on-chain multisig approvals for issues such as activating consensus upgrades to enhance the blockchain protocol or adding new features provided by system-managed smart contracts.

The  EOS Network’s core infrastructure is designed to provide developers with the flexibility, reliability and security they need to bring their ideas to fruition. The following are some of the ways that the EOS Network sets you up for success:

• EOS is infinitely scalable: Its underlying Antelope infrastructure focuses on developing architectural systems capable of supporting an ever-increasing number of applications and onboarding a growing number of users. Anyone can onboard, scale up, and flourish on the EOS blockchain!

• EOS as a tool is application-flexible: EOS was purposely designed to augment its network’s flexibility and diverse use-case applicability. Therefore, developers on EOS are well equipped with the tools they need to bring to life whatever they envision. Such flexibility enables developers to accommodate leading use cases as they continue to emerge in the Web3 space.

• EOS is high performing: Having been built to enable transactions that are fast, quick to finality and cost-free, EOS allows developers to do more and waste less by effortlessly optimizing and integrating digital resources.

• EOS is reliable: EOS is considered one of the most reliable blockchains today. With zero downtime since June 2018, EOS is among the longest-running blockchains alongside the likes of Bitcoin and Ethereum.

• EOS is constantly innovating: The EOS blockchain features upgradable smart contracts, advanced permission schemas, forkless upgrades, time-based and custom-weighted MSIG functionality built into the protocol itself, re-keying accounts, as well as functionality that empowers dApps, smart contracts or other users of the network to pay for the on-chain resources of another network participant.

EOS is a large market cap project and a global DAO, with strong leadership from the EOS Network Foundation (ENF) that coordinates financial and non-financial support to encourage the growth and development of the EOS Network.

The EOS ecosystem has experienced a strong resurgence of development and community activity, with engineers, creatives, industry thought leaders, and other contributors supporting the ecosystem and building a wide array of dApps.

Here is a peak into some of the next-level developments on the horizon for EOS:

• Next-generation GameFi: Leveraging the unique performance, scalability, and flexibility of EOS to create unmatched, native Web3 GameFi experiences for both users and developers.

• The future of organization: A robust suite of tools for deploying DAOs tailor-made for communities and organizations that want to level up.

• Resilience through Collaboration: Leading edge trustless Inter-Blockchain Communication (IBC) to facilitate interoperability between Antelope-based chains while increasing cross-chain economic synergies and cultivating a thriving EOS ecosystem.

• Instant Finality: Ensuring the swift irreversibility of transactions on the network such that all transactions reach finality within no longer than 6 seconds.

• Venture Capital: With a mission to attract capital investment and deploy that capital for the benefit of the EOS Network as a whole, EOS Network Ventures (ENV) is poised to open the floodgates of opportunity for projects building on EOS by making strategic equity and token-based investments into tech startups across the Web3 space, with a focus on GameFi, the metaverse, eSports, NFTs, fintech Web3 businesses, and entrepreneurs building on the EOS public blockchain.

If you are interested in learning more about projects in the EOS global ecosystem or want to build on the EOS Network, the ENF offers a myriad of opportunities for you to start learning, earning, and developing in the world of Web3.

Through direct grants, sponsored working groups, and long-term product development, the EOS Network Foundation takes a birds-eye view of the EOS Network to ensure that funding flows freely to projects and products that contribute to the growth, development and worldwide adoption of EOS as the open web of the future. This creates positive-sum games, which allow EOS to continue maturing as a best-in-class blockchain ecosystem.

Learn more about the EOS Ecosystem and how to start your journey with the EOS Network.