05
September
Everything about EOS

Everything about EOS

One of the most powerfulinfrastructure for decentralized applications, EOS is a blockchain-based,decentralized system that enables the development, hosting, and execution ofcommercial-scale decentralized applications (dApps) on itsplatform.

 Its ecosystem constitutes two key elements:the EOS.IO and the EOS tokens. EOS.IO is similar to the operating system of acomputer and acting as the blockchain network for the digital currency. It alsomanages and controls the blockchain network. It uses blockchain architecturethat is built to enable vertical and horizontal scaling of decentralizedapplications. The EOS token is the cryptocurrency ofthe blockchain network.

EOS is one of the newestblockchain projects to enter the cryptocurrency market. Its goal is to build anetwork capable of processing millions of transactions per second. It is one of the newest digital currencies incrypto market.

Launched in June of 2018, it was created bycryptocurrency pioneer Dan Larimer. Before this work, Larimer founded thedigital currency exchange Bitshares as well as the blockchain-based socialmedia platform Steemit.

Like other cryptocurrencies on this list, thiscurrency is designed after ethereum, so it offers a platform on whichdevelopers can build decentralized applications. It is notable for many otherreasons, though.

There is no regulation oncoin value, so the price depends only on demand. EOS cryptocurrency takes the6th place in the market capitalization rate. The highest point was tested onApr 29, 2018, at $22.89. The lowest point was on Oct 23, 2017, at $0.480196.Now the price of EOS coin is $3.30 as on 2nd September 2019.

First, initial coin offering of EOS wasone of the longest and most profitable in history, raking in a record $4billion or so in investor funds through crowdsourcing efforts lasting a year. Itis also revolutionary because of its lack of a mining mechanism to producecoins. Instead, block producers generate blocks and are rewarded in thesetokens based on their production rates. Thus, It includes a complex system ofrules to govern this process, with the idea being that the network willultimately be more democratic and decentralized than those of othercryptocurrencies.

Based on a white paper publishedin 2017, the EOSIO platform was developed by the privatecompany block.one and released as open-source software on June 1,2018. In order to ensure widespread distribution of the native cryptocurrencyat the launch of the blockchain, one billion tokens were distributed as ERC-20 tokensby block.one. This provided the distribution to allow anyone to launch theblockchain once the software was released. The CEO of block.one, Brendan Blumer,announced that block.one would support the EOSIO blockchain with over onebillion USD in funding from the token sale and ultimately block.

one raised over four billion USD to support theblockchain during the Initial Coin Offering (ICO) period. The original test net, Dawn1.0, was released on September 3, 2017, with test net versions Dawn 2.0released on December 4, 2017, Dawn 3.0 on January 25, 2018 and Dawn 4.0 on May7, 2018. EOSIO's Dawn 1.0 was launched on the mainnet on June 1, 2018 andcurrently operating under version 1.8.1.

In its latest rankings, the Chinese CCIDResearch Institute put Bitcoin (BTC) in eleventh place on a list of 37 digital currencies in terms oftechnology, application and innovation. The ranking results were published by Forex Crunch on July 31. The CCID ResearchInstitute is an initiative of China’s Ministry of Industry and InformationTechnology that provides a monthly assessment of cryptocurrency projects.

 The assessment takes into account 37cryptocurrencies and considers their properties such as basic technology,applicability and innovation, which put together form a total value index. CryptocurrencyEOS leads the list, having gained the highest number of points at 153.1.It is followed by Ether (ETH) with 148.6 points, while Tron (TRX)took third place.

Open-source, enterprise-grade projectNULS (NULS) and blockchain project GXchain are ranked fourth and fifth,respectively. Bitcoin scored only 103 points in the assessment, which broughtit to the eleventh place up four places from the rankings released inMarch. In February, Bitcoin had moved fromnumber 15 to number 13, then falling back down two spots to occupy 15th placeagain. Notably, EOS is the all-time leader inthe CCID’s rankings. It had previously faced controversy with criticstargeting its apparent lack of decentralization and ability to reverse transactionsas areas of concern.

 

EOS hopes to take advantage of this growing cryptomarket. Both the blockchain network and the development kit that this projectoffers have been specifically designed for developing dApps. The goal is tomake it easier for programmers to work within EOS than any other blockchainproject. Ultimately, It was founded to be the platform on which blockchainenabled apps run, the same way that iOS is the platform on which iPhone appsrun and Windows is the platform on which PC applications run.

However, there are new features specificallyintended to help developers create apps on blockchain networks.  Most notably advantages include the absence oftransactions fees due to an ownership model where is entitled to use networkresources equivalent to his stake without the need of paying for everytransaction. The second advantage is the scalability, with a promised operatingpower of millions of transactions per second.

Buying this coin is a similar process to buying anyother blockchain token. First, you need to choose and set up an EOS wallet. Theplace where you will store the code that gives you access to your tokens. Thiscan be done in a number of different ways, but generally the best two optionsare to store your token in an offline device (typically similar to a thumbdrive) or an online account. CoVEX has a good selection of recommendedwallets for users.

Next, go to a token exchange. If you have apreferred one you can start there, otherwise. CoVEX is a popular cryptocurrencyexchange website. You will need to create an account and fund it by providingyour payment information (few exchanges will accept credit cards, so anticipateneeding either your debit card or your checking account and routinginformation). If you are using an online wallet you will then connect thatwallet to the account that you created in this exchange.

Purchase your tokens. Depending on theexchange you might be able to do this directly. If so, you will make thispurchase in much the same manner as any other online transaction.However, many exchanges might require you to pay for the tokens usinganother blockchain token. You can know about the fees and limit regardingLitecoin through https://info.covex.io/fee-and-limit.You just need to put your trading skills to transact orinvest in the cryptocurrencies.

The EOS model is different though:instead of “renting” computing power, the coin holders have ownership of thenetwork. For example, if you owned a 1% stake in those coins, you wouldessentially own 1% of the network, meaning you would own 1% of the requiredcomputing power to process the transaction. This is what makes transactionsfree!

The EOS coin operates in the same wayas any other cryptocurrency in the market. You can simply send, hold or receivefunds between wallets. This makes it an excellent payment system as you cantransfer money to anyone in the world for free, in just a few seconds. It is simply a cryptocurrency designed to supportlarge-scale applications.

There are no fees tosend or receive this token. Instead, the protocol rewards the entities that runthe network periodically with new EOS, effectively substituting inflation fortransaction fees. This concept is obviously not new, but the quality of itsperformance is quite impressive. EOS has proven itself as one of the mostpromising blockchain projects out there that reflects on the successfulapps made in EOSIO ecosystem and its usage.