The internet introduced the world to a new dawn of freely accessible information and the freedom to express oneself freely. However as the internet evolved and major conglomerates emerged, the internet became more centralized and regulated with these conglomerates setting and enforcing the rules. Google determines what results to display, Twitter can take down comments that do not fit into their policies, Amazon can deny a user the right to access the online store, Netflix can monitor a user’s activity online and it’s at liberty to share this information with whoever it wants. The list is endless. We have become so used to this way of doing things that we no longer protest it but EOS (EOS) is here to change all this.
Decentralized Applications (dApps)
Decentralized apps are here to change the face of the internet. dApps are applications that function without a middleman. These applications make use of the blockchain in which any content that is published is immutable. This means that no person or entity can alter or take it down including the people who made this system. This would create an all-new global system where the power is no longer centralized and dictated by a few individuals.
The applicability of dApps is endless. They have so far mainly been focused on the financial sector but they can be applied elsewhere such as in insurance where a client is paid depending on the fulfillment of certain conditions. They can also be used in the voting system or even in a governance system in the running of companies.
EOS is at the forefront of developing a platform in which developers and programmers can take advantage of to create dApps. While the initial idea may have originated with Ethereum and their smart contracts, EOS (EOS) is the next generation platform for these applications. It can support a vast number of dApps as its platform is scalable.
Image 1 – EOS (EOS) Charts – Source: https://coinmarketcap.com
Why is EOS the best platform?
Though there are other platforms that offer support for decentralized apps, EOS has set itself apart by offering some outstanding features. One of these is that it’s absolutely free. This gives developers the ability to concentrate on the development process and offer their users the best features. They can then earn from their apps by charging the users.
EOS supports scalability and can support as many users as require it. This is crucial with apps that target a wide user base such as social media and e-commerce applications. The EOS platform is also quite flexible and can adapt to a user’s needs when required as well as being robust enough to fix bugs.
Delegated Proof of Stake (DPoS)
While the proof-of-work and proof-of-stake were very innovative, there was a need for the blockchain platform to develop an improved consensus algorithm that would focus on quality. Dan Larimer is credited with the development of DPoS, a system that is less centralized is much faster and requires much less electricity and computational power.
This is achieved by having the community vote for the witnesses to secure the network. Only the top witnesses are awarded by the system. This encourages every witness to focus on giving better quality and completing all tasks as there are very many backup witnesses who can take over the roles. Vote power is determined by the stake held by the users who have a large stake having more influence. This also encourages users to hold on to their coins discouraging dumping which is a common phenomenon in most currencies.
Invest in EOS now
EOS has become the go-to platform for the development of decentralized applications. This has seen its value rise and its current market capitalization currently stands at an impressive $1.9 billion. Its price currently stands at a very lucrative $3.6 which makes it a prime target for investment. As the development of dApps takes center-stage in the blockchain network, EOS will keep rising in value and will become one of the most important cryptocurrencies in 2018.