A beginner’s guide to genEOS: the blockchain for business
Realising that blockchain had the potential to be used as an operating system like IOS or Android, the genEOS project was created to make it easier for the business community to take advantage of decentralized apps, commonly known as dapps.
The genEOS ecosystem has been designed to allow cheaper and faster blockchain access and to make decentralized apps as commonplace as web and smartphone apps.
The company says: “The vision of genEOS is to create and maintain an enterprise ecosystem that will foster a widespread adoption of the blockchain technology across businesses by removing the technological barriers to building fully functional dapps.”
Unlike new projects that have been designed with dapps in mind, old favourite Ethereum can be thought of as a decentralized supercomputer that also hosts individual custom-designed dapps.
genEOS is looking to simplify dapps by standardising common elements. The ecosystem provides features such as record encryption, decentralization of data storage and multi-role permission structures. This project says this reduces development costs and makes dapps secure and scalable.
“Developing a dapp using genEOS versus making it from scratch is like cooking bread having all the ingredients versus having to grow and grind your own wheat before kneading the dough,” genEOS states.
As Ethereum was not created specifically to run dapps it has a number of drawbacks – speed being the obvious one. Under test conditions it can process 25 transactions a second. In real life this falls to about 10. During busy periods, such as ICOs, the system can get totally overwhelmed and only manage to squeeze through a few high-value transactions.
Not surprisingly, as it is looking to compete with web-based apps, genEOS has looked to vastly increase the speeds that it can offer and is confident it has managed this. “We know it can take hundreds of thousands of transactions a second; we think it might take millions or more,” the project states.
As the proof of work protocol also acts as a brake on proceedings, genEOS has opted to use the faster delegated proof of stake protocol. Just 21 witnesses, voted for by the whole community, will be needed to sign off a new block.
And because of the way the ecosystem is designed, a rogue group of token holders cannot become a bad influence on proceedings – genEOS uses a delegated consensus model and multilayer governance to ensure that a group holding a majority of the voting rights cannot take over.
The ownership model also limits the possibility of denial of service attacks. Ownership of genEOS tokens gives holders a share in the network bandwidth, storage and computing power. This means that spammers can only attack the proportion of the network to which their tokens give them access.
Costs to developers should be reduced as genEOS is, in effect, offering out-of-the-box kits, with databases, account permissions and in-app communications models already part of the system.
Costs are further pared back by the delegated proof of stake protocol eliminating the need for mining. genEOS says that this makes energy costs comparable to those of traditional web applications.
And unlike Ethereum there are no transaction fees.
As well as genEOS having a team who will build dapps to order, potential developers can find the open-source code on GitHub. And to simplify things for those looking to build their own dapps, the major programming language for genEOS is the popular C++ rather than the more niche Solidity used in Ethereum’s smart contracts.
There are 900m of the genEOS tokens that give access to the ecosystem up for sale, being offered in 176 windows lasting one day at a time. The sale started on 26 June 2018 and ends on 23 December 2018 and the target is $2m. Investors from any country can participate in the project, as a US-based non-profit foundation is conducting the Secured Token Offering.
Purchasers get access to storage, bandwidth and computational power in proportion to their investment. Unused capacity can also be rented out to third parties.
- Release of the testnet
- Release of the official wallet
- Release of the official genEOS toolkit
- Launching of the genEOS developer portal (DevPortal)
- Launching of the game development portal
- Official release of the fully operational DEX smart contract
- Release of the genEOS blockchain production network
- Release of the first set of smart contracts
genEOS is confident that its ecosystem will make the blockchain much more accessible for business as it has drawn on the lessons learned by other blockchains to address potential problems before they arrive.
“genEOS surpasses EOSIO in both its ambition, and its potential for business adoption,” the project says. “With technical problems solved from the outset, and with support through every stage of a project built and implemented on genEOS, we expect this to be the blockchain that takes the technology mainstream.”