EOS launched with a bang as it made a huge record of $150M in just 5 days. If you keep yourself quite updated about the revolutionary cryptocurrency nowadays, you must have heard about EOS which is considered as a tough competitor to etherium and bitcoin.
This currency has achieved its high rank in short time due to its unique and interesting features. With a huge applaud and welcome from users, this cryptocurrency has developed curiosity in people.
What is EOS?
EOS is a cryptocurrency driven by the block chain system released in June 2017 by Dan Larrimer. EOS tokens are distributed on the etherium blockchain. Due to its features and other aspects, it is widely compared to etherium which is 2nd top cryptocurrency used by people all over the world. This currency does not follow pre-mining system. It will have producers and owners which reduce the mining problems. The total supply of these coins is 1B which is quite amazing!
It is a currency which will promote blockchain architecture while using vertical and horizontal scaling methods.
Important details about EOS:
Market capital: $4.27 B
Current worth: $7.79
Total supple: 1B
Team behind EOS:
Blockone.com is the one writing code for EOS coins. The members like CEO Brendan Blumer, Daniel Larimer, Brock Pierce and Ian Grigg are the spine of EOS and have experience in different technologies. The CEO Brendan is working with the blockchain industry from 2014. Daniel has a vast experience in working with cryptocurrencies and is known for the inventor of several terms used in cryptography Brock and Ian are entrepreneurs, mastering in Digital gaming and cryptographic ledger.
This is a very strong and reliable team which is experienced in developing cryptocurrencies and have thus, merged for even better!
Best features of EOS:
These are not mere concepts as the EOS framework works on the concept of parallel processing which increases the speed of transactions at an unbelievable speed! Due to parallel and horizontal processing, there will be multiple transactions taking place in a second. This resolves all the block chain issues where some cryptocurrencies take around 10 minutes to process a transaction!
The operating system gets hosted on the servers while the servers which will also become producers of the blocks. The rewards in EOS are thus configured as the incentive for these serves for the applications of EOS. Also, the applications running on this OS will be able to communicate with each other along with security features of firewalls.
Applications are also loaded with basic security features like password protection, user identities, backend management etc. This directly states that the applications can share data libraries, frameworks for developing and using code which speed up the process of development.
The decentralised applications also allow the users to communicate with each other easily. These blockchain applications allow transparent communication between users.
No transaction fees:
EOS has no transaction fees which makes it more adaptable by the users for small and huge transactions. Some currencies cost a very high amount for small transactions whereas EOS does not follow this rule.
Power and distribution of EOS:
When the EOS were launched, within just a span of 5 days, 200M coins were distributed which is a wonderful start.
700M EOS coins will be divided among the users while 100M of the EOS will not be transferred to be exchanged with the etherium network.
Facts about EOS:
- Currently, it will run on the blockchain platform of Etherium but in future, it will have its own block chain.
- The blockchain of EOS uses the Delegated Proof of Stakes mechanism which is powerful and more impactful than POW
- Vertical and horizontal scaling along with parallel processing is used to improve its scalability of transactions
- EOS aims to partner with large and multinational companies to improve its acceptance worldwide
- The transaction fees are 0 which makes it very adaptable and economic.
- Going to adapt the DApps for more scalability
Risks with EOS:
- There are competitors like thorium which has follower smart contracts and can gain a huge market capitalization. There are a few other competitors with the blockchain technology using which, they can gain a market capital for smart contracts.
- Compared to the other coins, the market capital, growth rates and existence of EOS is very poor.
- It is still in development and will take time to get completely functional!
Final thoughts on EOS:
EOS has just started its journey and is not a well stable currency in the market. Though, there are some unique and promising features, it needs more time and development to gain more customers. It is a risky affair to invest in a non-stable currency which has faced sudden rise and falls.