EOS Whitepaper
The EOS.IO software introduces a new blockchain architecture designed to enable vertical and horizontal scaling of decentralized applications. This is achieved by creating an operating system-like construct upon which applications can be built. The software provides accounts, authentication, databases, asynchronous communication, and the scheduling of applications across many of CPU cores or clusters. The resulting technology is a blockchain architecture that may ultimately scale to millions of transactions per second, eliminates user fees, and allows for quick and easy deployment and maintenance of decentralized applications, in the context of a governed blockchain.
Background
Blockchain technology was introduced in 2008 with the launch of the Bitcoin currency, and since then entrepreneurs and developers have attempted to generalize the technology to support a wider range of applications on a single blockchain platform.
While a number of blockchain platforms have struggled to support functional decentralized applications, application specific blockchains such as the BitShares decentralized exchange (2014) and Steem social media platform (2016) have become heavily used blockchains with tens of thousands of daily active users. They have achieved this by increasing performance to thousands of transactions per second, reducing latency to 1.5 seconds, eliminating per-transaction fees, and providing a user experience similar to those currently provided by existing centralized services.
Existing blockchain platforms are burdened by large fees and limited computational capacity that prevent widespread blockchain adoption.
Requirements for Blockchain Applications
In order to gain widespread use, applications on the blockchain require a platform that is flexible enough to meet the following requirements:
Support Millions of Users
Competing with businesses such as eBay, Uber, AirBnB, and Facebook, require blockchain technology capable of handling tens of millions of active daily users. In certain cases, an application may not work unless a critical mass of users is reached and therefore a platform that can handle very large numbers of users is paramount.
Free Usage
Application developers need the flexibility to offer users free services; users should not have to pay in order to use the platform or benefit from its services. A blockchain platform that is free to use for users will likely gain more widespread adoption. Developers and businesses can then create effective monetization strategies.
Easy Upgrades and Bug Recovery
Businesses building blockchain based applications need the flexibility to enhance their applications with new features. The platform must support software and smart contract upgrades.
All non-trivial software is subject to bugs, even with the most rigorous of formal verification. The platform must be robust enough to fix bugs when they inevitably occur.
Low Latency
A good user experience demands reliable feedback with a delay of no more than a few seconds. Longer delays frustrate users and make applications built on a blockchain less competitive with existing non-blockchain alternatives. The platform should support low latency of transactions.
Sequential Performance
There are some applications that just cannot be implemented with parallel algorithms due to sequentially dependent steps. Applications such as exchanges need enough sequential performance to handle high volumes. Therefore, the platform should support fast sequential performance.
Parallel Performance
Large scale applications need to divide the workload across multiple CPUs and computers.
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