In this article, we will discuss what is EOS, what is the blockchain proposal that they have, which is the project behind their name, and how it can perform in the cryptocurrency market. There are thousands of virtual currencies around there, but just a few are able to get a space in the top 5 cryptos by market capitalization. EOS is one of them.
What is EOS?
EOS (EOS) is one of the most important cryptocurrencies in the market and this is because the features it has. Some people has called EOS ‘Ethereum’s killer,’ even though that may be a strong proposition to make, it let us know what EOS is all about.
EOS is a platform that has been created in order to support decentralized applications (dApps), but to make it in an easier way for developers. The main difference with Ethereum is that the platform is very intuitive and bridged the gap between the blockchain and the dApps built.
It is a great tool for developers because working in this platform is not as complicated to understand as in other similar blockchains. If you are a developer, and you are worried about coding, then EOS makes it easier for you. That’s one of the main advantages that the platform features.
EOS White Paper reads as follows:
“The resulting technology is a blockchain architecture that may ultimately scale to millions of transactions per second, eliminates user fees, and allows for quick and easy deployment and maintenance of decentralized applications, in the context of a governed blockchain.”
It is important to mark that Dan Larimer is the co-founder of EOS. Mr Larimer has created the Proof of Stake, has been the co-founder of Bitshares and Steem. That’s an incredible curriculum for the who is now leading the EOS project.
Its CEO, Brendon Blumer, has been involved in cryptocurrencies and blockchain since 2014. At the same time, he has been working with different projects in the last years.
Consensus Algorithm (BFT-DPOS)
EOS uses a decentralized consensus algorithm that is capable of meeting the performance requirements of applications on the blockchain, Delegated Proof of Stake (DPOS). With this algorithm, token holders will be able to select block procedures on a continuous approval voting system.
With the DPOS, transactions can be considered confirmed in an average of 0.25 seconds since it is broadcasted. Moreover, with the help of an asynchronous Byzantine Fault Tolerance (aBFT) the network gains faster achievement of irreversibility.
EOS is said to be able to process 100,000 transactions per second right now, and it would be able to easily scale to over 1 million transactions per second. Currencies like Bitcoin or Ethereum are trying to scale, and their communities are investing hardly in offering a better scalability solution. But EOS is already prepared for this.
In this way, EOS would be able to support an incredible amount of commercial dApps without having bottleneck problems. And that’s possible because the platform separates the different modules involved in powering dApps into different processes.
All accounts on the EOS.IO software can have a unique name that contains up to 12 characters. The creator of the account will be able to freely select the name desired.
Within the EOS platform, app developers will pay the nominal cost of account creation to sign up a new user. That, compared to traditional businesses spending, is relatively low. Indeed, the cost of funding a new blockchain should be insignificant in comparison.
EOS has been able to reach the top 5 cryptocurrencies by market capitalization. This is something that not every single virtual currency is able to do. Being in the top 20 is already complicated, so the position gained by EOS must be respected and taken into account.
Investors that see this currency expand may ask themselves which was its price evolution over time. In October 2017, its price was $0.5 dollars per coin, and now it has reached $11.45, according to CoinMarketCap. Furthermore, it was traded around $18 dollars in January 2018. It had at that time, a market capitalization of $9.3 billion dollars and has surpassed Litecoin as the fifth largest crypto in the market.
In January 2020, this virtual currency is the 16th most valuable. Over time, it has lost its position and it was not able to sustain its market cap. However, this is something that happens to many virtual currencies. Despite that, the digital asset remains as one of the top 20 largest. Considering there are more than 7,000 all over the world, being among the top 20 is definitely positive.
Where to Buy EOS?
EOS can be traded in different crypto exchanges including Binance, Bitfinex, HitBTC, Cryptopia, Kraken, ZB, or Huobi. There are many other exchanges where to buy EOS. Everything will depend on your needs, the things you are looking for and whether the platforms are available in your region or not.
Take into consideration that exchanges tend to list and delist coins. This is why you might not find the virtual currency in your local exchange. if that happens, don’t be worried. You can easily find other platforms that will include this virtual currency.
What to Expect?
EOS is a great project that offers incredible benefits to dApp developers. Due to its easy way to use the platform and the advantages it has over other networks, EOS seems to be a very good cryptocurrency in terms of technology and proposals.
It will be important to follow very closely the developments in other platforms, like Ethereum, that is closely related to EOS and a competitor. Who will be able to succeed? Are both able to coexist in harmony? Which one would be able to smoothly deal with all the challenges ahead?
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