eos

The goal of EOS is to become a decentralized operating system that can support industrial-scale decentralized applications. EOS was created by Dan Larimer (the creator of BitShares and Steemit) and Block.One. EOS has recently become the focus of an ICO for a year, which raised a record 4 billion US dollars.

This sounds amazing, but what really attracts the public’s imagination is the following two statements:

They claim to be capable of making millions of transactions per second.
They plan to completely eliminate transaction fees.
Scalability through DPOS
EOS achieves its scalability by using a delegated proof-of-stake (DPOS) consensus mechanism, which is a variant of traditional proof-of-stake. In theory, it can conduct millions of transactions per second.

So, how is DPOS different from traditional POS? In POS, the entire network must handle consensus. In DPOS, all EOS holders will select 21 block producers, who will be responsible for handling consensus and general network health. Anyone can participate in the block producer election, and they will have the opportunity to create a block proportional to the total votes they receive from all other creators.

The DPOS system did not experience a fork, because producers do not have to compete to find blocks, but must cooperate. If it is a fork, the consensus will automatically switch to the longest chain.

It is conceivable that the importance of these block producers cannot be underestimated. They will not only deal with consensus, but also pay attention to overall network health. This is why it is so important that every vote has an appropriate weight.

This is why Larimer introduced the idea of ​​Voter Decay, which will reduce the weight of old votes over time. The only way to maintain voting rights is to vote regularly.

The Voter Decay mechanism brings two major advantages:

First, as we have seen time and time again, elected officials may become corrupt and change their tunes after being elected. The vote decay system gives voters the opportunity to reconsider their vote every week. This makes block producers accountable to their voters.
Secondly, people only change over time. Perhaps the political beliefs and ideologies that some people have today are completely different from a year ago. The voting decay system will allow people to vote for those who are more aligned with their newly evolved ideology.
This has the potential to become a truly revolutionary concept and can change decentralized voting (and even voting itself) forever.