At one point, the EOS blockchain was known by the moniker “Ethereum on Steroids” due to its unbelievable capabilities. It also made history when it had the longest-running initial coin offering and earned almost $1 billion. With time, the coin made its way to the iGaming industry, such that EOS gambling sites are a favorite for many players. However, is it the safest coin yet? Let’s discuss.
What is the EOS blockchain?
The EOS blockchain is a modern network with huge promises. It aims to allow users to enjoy secure transactions at faster speeds. There’s also the desire to develop smart contracts, allowing decentralised apps to be deployed easier on the network.
The ambitions of this blockchain don’t stop there, as it also aims to create an operating system protocol. This way, developers can easily include basic functions like task scheduling into their dApps. With all these qualities, EOS also earned the moniker of Ethereum killer when it was unveiled.
Security on the EOS blockchain
A crypto user will always be particular about the security of any blockchain they want to use. After all, insecure platforms don’t only leave you susceptible to losing your funds; they also leave you exposed to identity theft.
To that effect, we’ve compiled a list of the security features of the EOS blockchain. This way, you’ll know how safe the platform is.
C++ Programming Language
This is one of humanity’s earliest programming languages. As such, it enjoys the advantage of being close to machine language. The C++ programming language is also a prime option for building complex software.
A good reason why C++ is preferred for blockchain development is that it’s less prone to errors. It also offers better memory-handling techniques than your ordinary programming language. Since EOS was developed using this programming language, bettors can expect fewer vulnerabilities when using this platform.
Decentralized Ledger
The decentralized ledger is the building block of the cryptocurrency industry. This technology stores all information on the blockchain on numerous nodes, with the only access points being public and private keys.
Apart from serving redundancy purposes, these nodes also serve a security feature. All network nodes receive copies of every new transaction that the blockchain has validated.
Hence, whenever a hacker wants to attack the network, they must target all these nodes simultaneously. If the hacker can’t take over more than half of the nodes on the network, infiltrating the blockchain will be very difficult.
Decentralized technology also advances security features, as all new data is built on the old ones. This means any old information that has been stored is unchangeable and irreversible.
Delegated Proof of Stake
Anyone familiar with the cryptocurrency scene knows the proof-of-stake algorithm. It uses the principle of users staking their coins to secure the network and confirm data on the platform. The higher the coins secured on the platform, the more voting rights users have to confirm transactions.
However, this seemingly perfect algorithm had one fatal flaw. All individuals who staked their cryptocurrencies are required to confirm the transactions on the blockchain. This resulted in a situation where transactions were delayed from completion since not everyone had verified it.
Hence, the EOS blockchain created the (Delegated Proof of Stake) DPoS algorithm to overcome these difficulties. The DPoS algorithm allocated voting rights to a select few blockchain users. These chosen users are called delegates, and their work is to validate a transaction on the blockchain.
Delegates for one transaction might not be the same for the next, as things can change. The delegates for this blockchain are mostly chosen based on their lawful character when validating transactions. This also means that any selected individual can be removed if they decide to abuse their authority.
So, the DPoS algorithm ensures network security just like any other blockchain validation system. It also improved on this security by only having trustworthy delegates validate data.
No Transaction Fees
Spam attacks are a popular tactic of unscrupulous characters in the blockchain space. These people initiate hundreds of transactions simultaneously, clogging the network and causing traffic. This will ultimately cause the transaction fees on the network to rise.
This network has taken specific steps in advance to prevent this type of issue. Their solution was to remove transaction fees from their network. This way, spam attacks won’t have any effect if there are no transaction fees to pay.
Doing this also improves the security of the EOS blockchain, as it has removed the attention of some malicious entities from the blockchain.
Developer Flexibility
The operating system-like interface of EOS gambling platforms offers maximum freedom to developers. This allows them to create authorization schemes that are tailored to different situations. The EOS protocol will also enable developers to fix any issues on their apps and upgrade them easily.
With all these advantages, EOS developers can improve the security of all apps on this platform. This way, there’ll be fewer holes for hackers to take advantage of.
Anonymity on the EOS Blockchain
Compared to its robust security features, the anonymity of EOS is nothing special. It’s still the same deal that you’ll get from the average blockchain. This means that transactions on the network will be conducted using public keys, which can keep user information safe.
However, recent developments have shown that cryptocurrency anonymity is not all it’s cracked up to be. The first is that each public key is tied to one user. So, each time that individual uses that specific public key, everyone will know who it is.
Government agencies and companies with advanced technology can also track transactions made with the blockchain. Sure, it might take some time (a few months), but they’ll narrow it down to someone in the end. One example of government agencies displaying prowess is when the FBI shut down Silk Road.
The transparency of the EOS decentralized ledger also works against its anonymity. This is because the record of transactions for this blockchain network is transparent and, therefore, open to everyone. Any interested individual can look it up anytime.
Conclusion
Regarding security, EOS offers many unique features that can protect user information and assets. However, the anonymity features on this platform are nothing special, as it only provides the barebones of blockchain. Nonetheless, you can consider EOS a safe bet as a crypto coin, as its security features when gambling can protect you even while exposed.