DEFINITION of EOS
EOS is a blockchain-based decentralized operating system that is designed to create, host, and support decentralized autonomous applications (dApps).
BREAKING DOWN EOS
These block chain based dApps can be commercial or individual centric, and work in a way similar to web-based apps. The EOS platform supports all required features for developing, hosting and using the dApps, like providing secure access and authentication, permissioning, data hosting, usage management, and communication between the dApps and the Internet.
No official full form exists for EOS, and the creators have decided not to formally define it themselves. Compared to the web-based apps platform, the EOS offers a lot of advantages.
Leveraging the scalability potential of blockchain, it is capable of processing large numbers of transactions in parallel. Its ownership structure eliminates transaction charges as users are permitted to utilize resources in proportion to their stake instead of the standard pay-per-transaction model. This also makes it easier for app developers to predict hosting costs.
EOS uses delegated proof-of-stake concept, which allows flexibility to make instant high-level decisions, like rollback and bug fixing, through a majority accord among designated stakeholders.