EOS is a blockchain technology created by Dan Larimer, who is also the creator of Steem and BitShares among others. EOS claims to be the most powerful decentralised operating applications. It allows developers to create high performance decentralized applications.
EOS uses parallel processing – meaning it breaks down the process into parts simultaneously with different processes attached to the same system. This eliminates transaction fees that inhibit scalability. The use of parallel processing allows EOS to conduct millions of transactions per seconds. This is particularly beneficial as many cryptocurrencies have been hindered by the lack of transactions that can be processed quickly and efficiently.
While Ethereum is still moving from Proof of Work to Proof of Stake, EOS uses Delegated Proof of Stake. This tackles the issue of scalability, as the power is delegated to a select number of individuals on the behalf the EOS community.
Block.one is the primary team behind EOS. They help in solving scalability and high fee issues by creating their own blockchain, using updated blockchain technologies. They also have basic database management functionality implemented which is an added advantage. Owning EOS allows claim on server resources. A developer needs to have EOS coins to make use of the EOS blockchain. This does not mean that they need to use their EOS, but simply prove that they own them, which is the core principle behind Proof of Stake.
Fun Fact: The logo of EOS is a Chestahedron. It’s a seven sided shape made up of four equilateral triangles and three quadrilaterals (kite shapes) where all faces have the same surface area. When the corners and edges are rounded it is the same shape as one ventricle of the human heart. There are many other forms in nature based on this shape.