EOSIO: The Main Functionalities of the EOSIO Blockchain Platform
Read about how EOSIO’s maze of exclusive bespoke technology makes it a formidable blockchain platform.
Summary
EOSIO is one of the blockchain industry’s most technologically advanced projects. EOSIO uses its own unique Delegated Proof of Stake (DPoS) consensus process, which was designed by Block.one CTO Dan Larimer, to help ensure that this cutting-edge innovation continues.
The EOS Virtual Machine, Nodeos, and EOSIO smart contracts, which interact with a number of protocol components, are among the advanced elements of this cutting-edge blockchain technology.
EOSIO schedules validators to check blocks in a predetermined order, rather than using the Proof-of-Work consensus mechanism employed by blockchains like Bitcoin.
Contents
EOSIO BFT-DPOS Consensus Algorithm
Despite the fact that both layers of the EOSIO software stack operate separately, the EOSIO blockchain uses a DPoS consensus method with a BFT (Byzantine Fault Tolerance) architecture that works in tandem. Each layer’s key functions are as follows:
- Layer 1: Asynchronous Byzantine Fault Tolerance (aBFT) — block production/validation
- Layer 2: Delegated Proof of Stake (DPoS) — producer voting/scheduling
>>The Best Bitcoin and Cryptocurrency Exchange Guide<<
Layer 1: aBFT
The protocol’s Layer 1 is based on aBFT. Its primary responsibility is to supervise block execution and complete the necessary confirmations to permanently record data on the EOSIO network. The second layer (DPoS) proposes a predetermined schedule of special nodes called block producers, and aBFT uses that schedule to determine which blocks have been successfully signed by the relevant block producer.
A two-stage block confirmation procedure is then used by aBFT, in which a two-thirds supermajority of block producers from the current schedule affirm each block twice.
In aBFT, the first confirmation step offers a final irreversible block (LIB) — the last block in the chain on which the network can safely trust. The second stage verifies that the planned LIB is truly irreversible. At the start of each scheduling cycle, the aBFT layer is also utilized to signal blockchain producer schedule changes.
Layer 2: DPoS
Producer voting is used to elect active block producers who are authorized to sign valid blocks within the EOSIO network. DPoS is the Layer-2 protocol. When a block producer is given a time slot to amend new blocks in two-minute intervals, this process takes place.
It’s worth noting that this timeline can be somewhat altered by launching privileged smart contracts.
WebAssembly (WASM) smart contracts are used to allow the DPoS layer. Instead of the probabilistic validation common of proof-of-work (PoW) models, the EOSIO blockchain protocol achieves consensus using algorithmic validation.
To put it another way, rather than verifying a blockchain platform solely based on the processing effort associated with a node (like with the original Bitcoin PoW model), EOS’ algorithmic architecture produces an ordered schedule of chosen participants who individually authorize a chain at a specific point in time.
This invention improves the security of the EOS network by lowering the risk of 51 percent attacks and other attempts to destabilize the chain.
>>Cryptocurrency Trading Guide for Beginners<<
The Main Components of EOSIO Core
The EOSIO Core is made up of several primary components that assist create the groundwork for the EOSIO ecosystem:
- EOS Virtual Machine (EOS VM)
- EOSIO Contract Development Toolkit (EOS.CDT)
- EOSIO System Smart Contracts
- Nodeos Core Daemon
- Cleos Command Line Interface (CLI)
- Keosd Key Manager
The EOSIO Virtual Machine (EOS VM) is a purpose-built, high-performance blockchain WebAssembly implementation for executing smart contracts within the EOSIO ecosystem.
WebAssembly is a W3C open standard that provides a low-level code format that is safe, portable, and optimized for efficient execution and compact representation. EOS VM, in particular, is up to 16 times quicker than Binaryen, which was introduced alongside the EOSIO 1.0 blockchain.
EOSIO Contract Development Toolkit (EOS.CDT) is an LLVM-based ToolChain for compiling and optimizing EOSIO smart contracts.
It creates a more reliable mechanism for developers to specify their smart contract structure and accompanying data structures by providing standard library implementations for both C and C++ programming languages. EOSIO’s system smart contracts are important to the blockchain protocol’s overall foundation.
Because system smart contracts have access to privileged functionality, the fundamental behavior of an EOSIO blockchain can be changed to suit a variety of business use-case requirements without requiring core software updates.
System smart contracts deployed on the EOSIO blockchain platform incorporate core blockchain features and principles like consensus, cryptoeconomics, block producer registration, fee schedules, account creation and update, voting, and multi-signature systems.
Smart contracts in the system are also in charge of resource allocation and accounting, both of which are important aspects of the platform. The main service daemon (configurable through certain plugins) that runs nodes on the EOSIO network is known as Nodeos.
Daemons are background-running computer programs that perform functions without requiring direct user interaction.
By executing smart contracts, validating transactions, and creating, recording, and confirming blocks on the EOS blockchain, Nodeos lay the groundwork for the network’s blockchain functioning. Cleos makes it easier for software engineers to connect with EOS blockchains by providing them with a command-line interface (CLI) and particular developer tools.
Reading data from the blockchain’s history, sending new transactions, and testing and deploying smart contracts are all done through the CLI.
>>Bitcoin Wallet Guide, Reviews and Comparison<<
Keosd is a key management daemon that can sign digital messages such as transactions and is supplied for easy EOSIO blockchain construction. Its goal is to enable safe key storage in a local wallet file that is encrypted.
Cleos may communicate with Keosd to get transaction signatures using any private key in the unlocked wallet once it has been unlocked with a secure password.
To maintain stability, scalability, security, and transaction speed, the EOSIO blockchain technology uses its innovative BFT-DPoS consensus mechanism. Several components of the EOSIO core work together with the consensus process to offer the protocol the tools it needs to grow and be useful in the real world.
As the project progresses, it becomes clear that EOSIO is a force to be reckoned with, both now and in the future.
EOSIO: Application Development and User Experience
EOSIO & EOS: Project Background, Economic Model, and Ecosystem Features
Bitsquabi.com does not guarantee the reliability of the Site content and shall not be held liable for any errors, omissions, or inaccuracies. The opinions and views expressed in any Bitsquabi.com article are solely those of the author(s) and do not reflect the opinions of Bitsquabi.com or its management. The information provided on the Site is for informational purposes only, and it does not constitute an endorsement of any of the products and services discussed or investment, financial, or trading advice. A qualified professional should be consulted prior to making financial decisions.
