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EOS (Enterprise Operation System) is a brand-new smart contract platform based on blockchain technology whose development is led by Block.one Company, designed to provide low-level blockchain platform services for high-performance distributed applications. The goal of the EOS project is to put an OS-like blockchain architecture that supports distributed applications into execution. Operations involving accounts, identity verification, databases, asynchronous communications, and program scheduling and parallel operations on tens of thousand of CPU/GPU clusters can be realized in this architecture. EOS can ultimately support millions of transactions per second, while ordinary users do not have to pay for using smart contracts.
Functions of EOS Token
EOS is currently a token released by EOS blockchain infrastructure base on Ethereum. It has three major applications scenarios: bandwidth and log storage (hard disk), computing and computing reserve (CPU), and state storage (RAM). The main line of EOS will convert the ERC20 token —— EOS into tokens on its main chain.
(Further reading: 《OTCBTC Will Support EOS Mainnet Token Swap》).
Specifically, it can be explained as follows:
1. Recipient payment: Customers purchase particular products from the business, and the sales revenue of these products will be used to pay for business costs, avoiding customers to directly pay for the use of blockchain, and will not restrict or prevent enterprise from determining the monetization strategy of their products.
Empowerment: If a blockchain is developed based on the EOS software system and its tokens are held by a token holder, the holder may not need to consume all or part of the available bandwidth at once. Such token holders can choose to give or rent the unconsumed bandwidth to others.
Separate transaction costs from token value: If the application owner holds an appropriate number of tokens, then the application can continue to operate in a fixed state and bandwidth usage. Developers and users will not be affected by price fluctuations in the token market and therefore do not depend on prices.
Block Bonus: EOS will reward the block producers for every new generated block with new tokens to cover its operation and maintenance costs. Currently, the EOS has set the block bonus cap that block producers can obtain. At present, the quota of reward given by EOS to block producers is up to 5% per year, which means that the total annual growth of new supply of tokens will not exceed 5%.