Overview
EOS is known as a smart contract platform for the installation of DApps within an existing decentralized and self-managed company model. EOS operates as a decentralized operating system; It also aims to eliminate post-transaction fees. With its software, EOS offers a fully equipped blockchain architecture to its users, which successfully achieves vertical and horizontal scaling on behalf of existing decentralized applications. Using a payment gateway such as Bitpace, businesses can integrate payments with EOS, taking advantage of many customized benefits.
Introduction
The EOSIO platform was developed by a private company in 2017 and was released on June 1, 2018, as open-source software in a short time after hard and devoted work. In the first blockchain launch organized by the company with the market launch, 1 million tokens were released by the platform, while a widespread distribution was targeted. As a result of this distribution, the EOS blockchain officially started to operate. With the intense interest shown by the users as a result of these high amounts of token sales, finance of over 1 billion USD was obtained. In the following process, EOSIO aimed to support the blockchain due to the company’s money supply offer, and it was announced that a fund of over 4 billion USD was collected. The crypto money supply was carried out by the (ICO) in a process covering the whole of 2017, followed by a distribution of 200 million tokens in a 5-day period, which included 20% of the distributed tokens. During the next period, 700 million distributions were made during the remainder of the year.
What Is EOS?
EOS, which has made a name for itself with the work it has done in cryptocurrencies since its release in 2017 and is frequently caught on the radar of investors, has managed to gain a good place as a cryptocurrency with its sectoral claim. EOS has also managed to get its name in the first place in the lists of the most known and most invested cryptocurrencies among the most famous exchanges actively traded by investors and users and revealed its success in the sector.
EOS is a decentralized protocol. In addition, it undertakes the task of being a smart contract platform by operating on an existing company model with self-management features.
Decentralized Finance System
A decentralized Finance System is a system that does not contain any central system or formation in the financial process and carries out all financial studies on the ecosystem through the blockchain. The EOS cryptocurrency also carries out such financial works through the ecosystem that works exactly in the same logic. Such works do not provide services with intermediary institutions such as banks. The decentralized financial system, which aims to operate a liberal financial system, eliminates the time and monetary problems by eliminating intermediary firms. The operation of the EOS protocol is also based on this logic.
Smart Contract
Cryptocurrencies such as EOS operate on a system where smart contracts are installed along with decentralized operating systems. Smart contracts work within the framework of the EOS protocol, without the need for a central authority, just like in the decentralized financial system. Smart contracts embedded in blockchains prevent the transaction between two users from being interfered with by a third party.
What Are The Benefits of Smart Contracts?
- Speeds up the process because it eliminates existing intermediary firms and institutions. It allows the process to run itself
- Ensures that expenses are minimized as an important result of the disappearance of intermediary firms and institutions.
- Transactions made depending on the operation of smart contracts are encrypted. These encrypted transactions are kept under the name of the distributed ledger. Thanks to this storage system, it is not possible for these ledgers to be lost. because there are hundreds of backups of these ledgers.
- Minimizes possible errors that may occur within the system operation and transactions made by anonymous users with each other. because while it transforms the operation of the ornament into an automatic system, it does not include manual interventions.
- The software enables different features such as creating a new account, asynchronous communication, authentication, database, and application programming.
How Does EOS Work?
Upon examining the main functioning purpose of EOS, we see that the ultimate goal is a platform to establish blockchains that can handle thousands of transactions in seconds. The blocks mentioned on the blockchain, for example; Like a miner of cryptocurrencies like Ethereum, are created as a result of hard work by Block producers. When a Block is created, the costs of EOS are paid by the blockchain itself. In such a case, the costs are removed from the users.
In addition to all this operating system; EOS as a token has a built-in inflation rate. This current inflation is very important for the protection and functioning of the ecosystem.
Block Production
When the production of each block in the EOS blockchain is evaluated in terms of time, it is concluded that two blocks are produced in each passing second. During the production of these blocks, each block producer is guaranteed to produce only one block.
In case a block producer does not produce blocks in a certain time defined in the current situation, this block producer is penalized as follows; ‘temporarily banned from the network’
Key Features of EOS
Claiming to support DApps EOS, providing massive scale performance with the use of an asynchronous communication model, it enables parallel execution across the network. Separate modules of DApps are included to ensure smooth operation. The best example of this would be that the authentication process on the system is performed separately from the execution process.
The key features of EOS are not limited to these. There are more than these features.
- EOS has the core feature of supporting web toolkits for interface development systems.
- Another key feature of (8EOS) is that it has a self-defining interface model.
- Having a system operation with a permission scheme due to database schemas and notifications that are also self-defining.
The presence of all these basic features of EOS is of great importance for the protocol processor, which allows the applications created by the developers to work and protect them with a high level of efficiency.
What Is the EOS Token?
The short name of the token released as the native token of the EOSIO network is EOS. No official statement has been made by the developers regarding the special meaning of this abbreviation. The existence of a centralized operating system EOS is not available for the token. Operating in the industry as a powerful blockchain technology EOS token, it competes with the leading tokens of the market such as Ethereum.
How Is EOS Different?
- EOS is in direct competition with major cryptocurrencies that shape the world of cryptocurrencies, such as Ethereum, with innovative and super solutions.
- EOS, while tackling major cryptocurrencies, is the most striking difference in its speed. This makes it much more compelling than its rival cryptocurrencies. Research and official statements show that Ethereum can process 15 transactions per second while EOS has made it a target to perform millions of transactions simultaneously in one second.
- Among the most obvious problems on blockchain networks are the limited availability of resources, as well as the problems caused by the ever-increasing DApp ecosystem in terms of size.
How to Integrate EOS Payments on your Website?
Using a reliable payment gateway such as Bitpace, which stands out for its exceptional qualities, is a highly recommended solution for integrating EOS payments into your website:
Customized Payment Pages: Bitpace provides businesses with all the fields for the payment page for businesses to create their own with data coming directly from the API.
Get Customized HTML: Bitpace allows businesses to have a customized version of the payment page with their branding to import as HTML via API.
Pre-Made Pages: Businesses can use the predefined and generic payment page to be integrated to try out the service, which businesses can choose to keep using it, or can customize.
Closing Arguments
Considering its offerings and promises, it is inevitable to consider (EOS) as a cryptocurrency with high potential, considered a blockchain-centric network. Bitpace.com stands out as a payment gateway platform for integrating the advantages of EOS into all businesses.