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4. EOS : How Does It Work ?

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EOS is an ultrascalable blockchain platform that will enable the deployment of smart contracts and decentralized applications, just like Ethereum. It is developed by Block One, a firm founded by Daniel Larimer. The number of delegates required to ensure the validation of the blocks varies according to the networks (21 for EOS), but the mechanism ensuring their election is always the same. We will base ourselves here on the most recent model, that of EOS.

How are delegates elected?

Token holders elect their delegates by voting through a special transaction. This vote is weighted in proportion to the number of tokens they put at stake to this purpose. In the case of EOS, one token gives the right to thirty different votes. You can also give your voting rights to another participant. Of course, there is also the possibility to withdraw your vote, for example in the case where a delegate acts contrary to the general interest.

Potential block producers submit their applications. They must, of course, prove that their equipment is powerful enough for continuous operation, and that their commitment to the ecosystem is maximum. Nominations are free and anyone can submit their own here. The list of candidates for EOS is regularly updated.

Token holders then vote for their favourite delegates in the following manner:

  • The tokens used to vote are sequestered for a minimum of three days.
  • Each token placed in escrow gives access to 30 voting rights. It is not possible to vote twice for the same delegate with the same token.
  • At each round of block production, participants may vote again for the delegates of their choice. Votes are renewable as long as the voters’ tokens are in escrow.

There is no limit to the number of applicants to become delegates, but only the first 100 delegates will receive an award for their role.

The 21 delegates who received the most votes from the community then have the right to register blocks on the channel. If one of the delegates is ejected from the list for misconduct, or is offline for a period of time, then the highest potential delegate on the list takes his place.

How is a block produced?

Once the network has determined who the block producers are, the production round proceeds as follows:

  • The algorithm will randomly select the sequence of future block producers. They have three seconds to produce their block.
  • Producing a block consists in gathering the transactions of the users and signing this block (with the private key of the delegate – producer).
  • Once the block is produced, it is submitted to the validation of the other delegates. The latter must approve it: two-thirds of the delegates plus one must approve a block for it to be valid and registered on the channel.

If one of the delegates produces a block outside of his specific “block-production” time frame , this block is invalid.

In the case of a fork of the blockchain, as in proof of work, it is the longest string that will be considered valid by the entire network. However, the mechanism is much more complex than proof of work. We will therefore endeavour to detail the technicality of this abnormal situation in the following article : the technical functioning of EOS.

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