Although we are all here for the XYO Network project, another one that makes me really excited is EOS. And if I remember correctly, also @scott was personally very interested in this one!
For those who are not following the project here I’d like to drop here the most interesting concept of EOS in my personal opinion which is their consensus mechanism:
EOS operates with a consensus mechanism called DPoS (Delegated Proof of Stake), Ethereum instead uses the PoW (Proof of Work) consensus mechanism. For PoW the blockchain generates a puzzle that must be solved in order for the transaction to be validated. And to solve the puzzle a device called GPU is needed as the calculations to solve the puzzles are intrinsically complicated. With the DPoS instead, every person who owns an distinctive amount of coins can help to verify the transactions.
Once the transactions are verified a reward is expected for those who validated. In PoW case the rewards goes to the Miner who resolved the puzzle first. In DPoS case the rewards are giving based on the amount of coins hold.
Honestly I must say that even though Ethereum had an enormous success in the market, in the long run I see EOS being the best project on blockchain. This is for many reasons: the GPU device requires a lot of energy to operate and therefore is damaging also for the environment (and for your electricity bill). Secondly Ethereum has limited coins while EOS will put in the market 5% of the coins every year becoming therefore more scalable. Last but not least, Ethereum blockchain can make a maximum of 15 transactions per second, due to its mechanism while DPoS successfully achieved 1000+ and by plan would try to pass 1 million which is fundamental, if we have in mind to build an economy around crypto currencies.
Share your opinion if you feel you, and add new topics regarding EOS!
PS: XYO consensus mechanism is pretty cool too