EOS is a digital currency based on blockchain technology. Its unique architecture and mechanism make it stand out among many cryptocurrencies. This article will discuss the technical background, consensus mechanism, resource management and token economics of EOS in detail to help readers better understand the core value of this project.
Technical background
EOS adopts a Byzantine Fault Tolerant (BFT) blockchain architecture combined with a Delegated Proof of Stake (DPoS) consensus mechanism. In this system, EOS token holders can delegate their tokens to validators called “block producers” (BPs), who generate and verify blocks. Unlike other proof-of-stake systems, delegators do not need to stake their tokens to a specific BP, but can vote for up to 30 BPs.
Consensus mechanism: In the EOS consensus mechanism, the top 21 BPs with the most votes are called "active BPs", and they will participate in each round of consensus. Each consensus round lasts 126 seconds and consists of 252 blocks, with each block taking half a second to generate. In each round, active BPs are sorted alphabetically and blocks are generated in sequence. This mechanism limits the concentration of block production, with each active BP producing approximately 4.76% of the blocks in a round.
reward and punishment mechanism
EOS block producers are rewarded through 1% network inflation, with 75% distributed based on the number of votes they received in the past day and 25% based on the number of blocks they actually produced. In order to maintain voting rights, delegators need to vote every week, otherwise their voting rights will decay.
In addition, the EOS protocol does not set a penalty mechanism for BP’s misconduct or inactivity, which makes BP’s behavior more transparent and controllable.
Smart contracts and resource models
EOS smart contracts are mainly written in C++, and the development team is also developing SDKs that support Rust, Go and AssemblyScript. In order to meet a wider range of development needs, EOS is also building an Ethereum Virtual Machine (EVM) solution that supports Solidity.
Resource management: In terms of resource management, EOS adopts a different resource allocation strategy from the traditional gas model. EOS resources are mainly divided into three categories:
NET: Measures network throughput in bytes.
CPU: Measures the processing time of a transaction in microseconds.
RAM: Measures the network's data storage capacity in kilobytes.
Initially, NET and CPU are renewable resources that users can retain in proportion to the EOS shares they hold. This model was adapted in 2019 with the introduction of the Resource Exchange (REX), where users can stake EOS and lend excess bandwidth resources to others.
Status storage and account management
EOS allows users to pay directly for fees associated with storing data, including fungible tokens, NFTs, and more. RAM is a limited resource. Users can buy and sell RAM through EOS, and the market uses the Bancor liquidity algorithm for pricing.
In terms of account management, EOS accounts have two types of keys: owner keys and activity keys. The owner key is used to manage the activity key, and the activity key is used to sign transactions. This design significantly improves user experience and safety.
Implementation of Antelope IBC
An important measure of Antelope is the implementation of the light client-based Inter-Blockchain Communication (IBC) protocol. This design allows Antelope-based blockchains to securely communicate with each other, enabling horizontal scalability. For example, popular decentralized applications (dApps) can launch Antelope sidechains and have independent execution environments while maintaining connections to the ecosystem.
Token Economics: Overview: EOS, the native token of the EOS network, is used for security and resource allocation. EOS's token economics have undergone many changes since its launch, with the current inflation rate being 3% per year and no burning mechanism.
Initial distribution: EOS’s initial token distribution is mainly divided into two parts: 90% of the tokens are sold through public auctions, raising approximately US$4.1 billion to support the development of the EOS ecosystem; 10% of the tokens are allocated to the team and founder.
in conclusion
EOS tokens have shown strong potential with their unique technical architecture, effective consensus mechanism and flexible resource management. With the implementation of Antelope IBC, EOS's ecosystem will further expand and enhance its competitiveness in the blockchain field. Whether from a technical or economic perspective, EOS is an important project worthy of attention. Through an in-depth understanding of EOS, investors and developers can better grasp the opportunities and challenges in this field.