What is EOS (EOS)
EOS is a cryptocurrency that is used inside the EOS blockchain. It is developed by the private company Block.one and released as open-source software on June 1, 2018. EOS blockchain was designed to support decentralized applications of any scale.
A private company named Block.one presented a decentralized, publicly available platform EOS in 2017. The CEO of this company is Brendon Blumer, the co-founder of the platform is Dan Larimer, who is also the founder and creator of established Bitshares and Steem platforms.
In 2017 at its beginning, EOS held a year-long initial coin offering (ICO), with a total of 200 million (20% of the tokens) tokens distributed in five-days, 700 million more (70%) distributed over the rest of the year and 100 million (10%) held in escrow for Block.one.
EOS raised $4 billion during its 2017 ICO. In June 2018, it became the fifth-largest token on the crypto market, with a market cap of $13 billion. Today, EOS has $2.5 billion market capitalization, putting it in the top 10 on CoinMarketCap.
Today EOS price is 6.7702 USD.
How does it work?
EOS has two key components: EOS.IO and EOS Tokens. EOS cryptocurrency creators have never formally defined it, so it does not stand for anything specific. The EOS.IO protocol has a lot of similarities with Google's Play Store and Apple's App store, doing a real computer’s job – it manages and controls the EOS blockchain network. The EOS token is the cryptocurrency of the EOS network.
EOS aims for enabling users to create and develop dApps - decentralized apps, which are expected to be the future of the internet. Now EOS cryptocurrency has over 100 dApps with more than 6,000 daily active users. An example of a dApp that could be used on EOS blockchain is a decentralized version of Facebook, where nobody controls the network, and no one can get access to your personal information!
The advantage of the EOS platform is that it provides its own operating system which includes cloud storage and makes it possible to process one million transactions per second without any fees. A notable feature is that transaction confirmation is done through a democracy-like system where block producers are chosen by the entire EOS ecosystem through voting known as delegated proof of stake (DPoS).
Regardless of the huge potential of EOS, it is still an experimental concept.
Pros and Cons
Here is a list of advantages the EOS coin holds:
- Zero-fee transactions. EOS does not charge transaction fees.
- DPOS system. It is claimed that the DPOS system eliminates the possibility of hacker attacks and also it establishes a voting system.
- Utility token. EOS token is a utility token, meaning that it gives users the possibility to be owners of the network. For example, if you owned a 1% stake in EOS coins, you would essentially own 1% of the network, meaning you would own 1% of the required computing power to process the transaction. This is what makes transactions free.
- Fast. EOS processes millions of transactions per second. For instance, even though Ethereum is on the top of smart contract blockchain platforms, it handles only 15 transactions per second.
- Scalable. Thanks to the creators, dApps have an ability to be evolved and designed within the EOS platform. It comes with a web toolkit for interface development and self-describing interfaces, making EOS very user-friendly!
But also the EOS coin has a few points of disadvantages:
- Unfinished product. The platform is still developing and changing.
- Accusations of centralization. Some people think that EOS is 100% centralized due to the consensus mechanism implementation. As block producers can vote the same as the regular users, it has led to accusations of vote collusion and vote-bribes among block producers.
- Overloading of the system. The EOS blockchain often suffers from the massive pressure on the network, as the size and number of the dApps is increasing every day. There are problems with the network getting constrained by a large number of false transactions and similar requests, spamming apps and limited computing power available across the network.
The apogee of glory
Since launching in 2017 the EOS crypto price has had its ups and downs. EOS reached its highest value on April 29, 2018. The EOS coin price then was worth $22.89.
From 2017 to 2018, in a total of 350 days of ICO (initial coin offering) EOS ended up being the longest ICO of all time! It was made so to make sure everybody got a chance to get involved and purchase some EOS tokens. Even though the ICO is still developing, it has already raised over $1 billion, making it one of the most successful ICO’s of all time!
When the famous DAO hack took place in 2016, $50 millions of Ethereum coins were stolen, and then Ethereum was forked. If the Ethereum blockchain had DPoS technology like EOS, then the attack could have been stopped.
EOS coin’s supporters call the project an ‘Ethereum Killer’ for it has similar functionality but with greater scalability, apart from zero transaction fees and the original management model. Therefore many companies have migrated to the EOS network from Ethereum, as EOS stands out as a well-rounded, out-of-the-box option.
“EOS block producers are elected by millions of accounts around the world [and] can be changed at any time by the voting majority. This makes EOS an incredibly aligned and efficient public network [linking] token holder interest to network governance more directly than ever before.” — Block.one.
“EOS is open-source, cost-effective, trustworthy, transparent, innovative, and the excellent performance.” — Meet.one.
“Our aim is to drive mass adoption of blockchain. As part of the community that continues to work on the EOS.IO software and its corresponding advancements, we hope to play a leading role in the next generation of blockchains through our deep engineering talent and our dedication to a future of global commerce and communications based on blockchain.” — Brendan Blumer.
The EOS coin serves in the same way as any other cryptocurrency — you can send, receive or hold funds between wallets. A wallet for EOS tokens can be created in such wallets as Free Wallet, Guarda Wallet, EOS Titanium Wallet, Infinito EOS Wallet, Edge Wallet, GreyMass, EOS Voter Wallet, etc.
How to get EOS?
Nowadays EOS crypto is among the leading crypto coins by crypto market capitalization. You can buy EOS at StealthEX exchange with a low fee.
Just go to StealthEX and follow these easy steps:
✔ Choose the pair and the amount for your exchange. For example ETH to EOS.
✔ Press the “Start exchange” button.
✔ Provide the recipient address to which the coins will be transferred.
✔ Move your cryptocurrency for the exchange.
✔ Receive your coins!