EOS splashed into news in June for the largest initial coin offering held to date, a stunning USD$4bn raised over the span of a year. EOS aims to bring forth a public Blockchain using the Delegated Proof of Stake (DPoS) consensus mechanism, that promises to have extremely high throughput to handle thousands of decentralized apps (Dapps). EOS is available for trading on Huobi Pro, paired against USDT, BTC, ETH and HT. Huobi Pro has been actively following the developments of EOS and educating users on EOS capabilities and challenges through Huobi Talk.
Proof of Work (PoW), Proof of Stake (PoS) and Delegated Proof of Stake (DPoS) Consensus Mechanisms
Proof of Work burst into the Blockchain scene by being the consensus mechanism for Bitcoin. Mining is achieved through burning through energy to compute a puzzle and hashing random functions till a certain criterion is met. This energy wasteful method brought Proof of Stake into the fore, where users stake their coins to mine new coins. Delegated Proof of Stake (DPoS) is where users vote in delegates, called Block Producers who will maintain the technical requirements of a full node among other things. DPoS typically has higher throughput than PoW and PoS because the degree of decentralization Is less, since only a number of full nodes are required.
Is EOS RAM Market the New Gold Rush?
Full nodes are expected to have an pre-configured amount of RAM for maximum performance. The RAM is required to store account information such as ledgers, keys and contract state.
EOSIO adopts a free-market approach to allocating RAM. EOSIO system contract allows users to purchase RAM from the system and sell RAM back to the marketplace in exchange for EOS Tokens. This provides liquidity in the RAM market while facilitating price discovery.
The algorithm used in this marketplace is known as a Bancor Relay. A Bancor R...