One of the most powerful infrastructures for decentralized applications, EOS is a blockchain-based, decentralized system that enables the development, hosting, and execution of commercial-scale decentralized applications (dApps) on its platform.
Its ecosystem constitutes two key elements: the EOS.IO and the EOS tokens. EOS.IO is similar to the operating system of a computer and acting as the blockchain network for the digital currency. It also manages and controls the blockchain network. It uses blockchain architecture that is built to enable vertical and horizontal scaling of decentralized applications. The EOS token is the cryptocurrency of the blockchain network.
EOS is one of the newest blockchain projects to enter the cryptocurrency market. Its goal is to build a network capable of processing millions of transactions per second. It is one of the newest digital currencies in the crypto market.
Launched in June of 2018, it was created by cryptocurrency pioneer Dan Larimer. Before this work, Larimer founded the digital currency exchange Bitshares as well as the blockchain-based social media platform Steemit.
Like other cryptocurrencies on this list, this currency is designed after there, so it offers a platform on which developers can build decentralized applications. It is notable for many other reasons, though.
There is no regulation on coin value, so the price depends only on demand. EOS cryptocurrency takes the6th place in the market capitalization rate. The highest point was tested at 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 of 2nd September 2019.
First, the initial coin offering of EOS was one 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 produce coins. Instead, block producers generate blocks and are rewarded in these tokens based on their production rates. Thus, It includes a complex system of rules to govern this process, with the idea being that the network will ultimately be more democratic and decentralized than those of other cryptocurrencies.
Based on a white paper published in 2017, the EOSIO platform was developed by the private company block. one and released as open-source software on June 1, 2018. In order to ensure widespread distribution of the native cryptocurrency the launch of the blockchain, one billion tokens were distributed as ERC-20 tokens by block.one. This provided the distribution to allow anyone to launch the blockchain once the software was released. The CEO of block. one, Brendan Blumer, announced that block. one would support the EOSIO blockchain with over one billion USD in funding from the token sale and ultimately block.
one raised over four billion USD to support the blockchain 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 May 7, 2018. EOSIO's Dawn 1.0 was launched on the mainnet on June 1, 2018, and currently 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 of technology, 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 project NULS (NULS) and blockchain project GXchain are ranked fourth and fifth, respectively. Bitcoin scored only 103 points in the assessment, which brought it to the eleventh place up to four places from the rankings released inMarch. In February, Bitcoin had moved from number 15 to number 13, then falling back down two spots to occupy 15th place again. Notably, EOS is the all-time leader in the CCID’s rankings. It had previously faced controversy with critics targeting its apparent lack of decentralization and the ability to reverse transaction areas of concern.
EOS hopes to take advantage of this growing crypto market. Both the blockchain network and the development kit that this project offers have been specifically designed for developing dApps. The goal is to make it easier for programmers to work within EOS than any other blockchain project. Ultimately, It was founded to be the platform on which blockchain-enabled apps run, the same way that iOS is the platform on which iPhone apps run and Windows is the platform on which PC applications run.
However, there are new features specifically intended to help developers create apps on blockchain networks. The most notable advantages include the absence of transaction fees due to an ownership model where is entitled to use network resources equivalent to his stake without the need of paying for every transaction. The second advantage is scalability, with a promised operating power of millions of transactions per second.
Buying this coin is a similar process to buying any other blockchain token. First, you need to choose and set up an EOS wallet. The place where you will store the code that gives you access to your tokens. This can be done in a number of different ways, but generally, the best two options are to store your token in an offline device (typically similar to a thumb drive) or an online account. CoVEX has a good selection of recommended wallets for users.
Next, go to a token exchange. If you have a preferred one you can start there, otherwise. CoVEX is a popular cryptocurrency exchange website. You will need to create an account and fund it by providing your payment information (few exchanges will accept credit cards, so anticipate needing either your debit card or your checking account and routing information). If you are using an online wallet you will then connect that wallet to the account that you created in this exchange.
Purchase your tokens. Depending on the exchange you might be able to do this directly. If so, you will make this purchase in much the same manner as any other online transaction. However, many exchanges might require you to pay for the tokens using another blockchain token. You can know about the fees and limit regardingLitecoin throughhttps://info.covex.io/fee-and-limit.You just need to put your trading skills to transact or invest in the cryptocurrencies.
The EOS model is different though: instead of “renting” computing power, the coin holders have ownership of the network. For example, if you owned a 1% stake in those 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!
The EOS coin operates in the same way as any other cryptocurrency in the market. You can simply send, hold, or receive funds between wallets. This makes it an excellent payment system as you can transfer money to anyone in the world for free, in just a few seconds. It is simply a cryptocurrency designed to support large-scale applications.
There are no fees to send or receive this token. Instead, the protocol rewards the entities that run the network periodically with new EOS, effectively substituting inflation for transaction fees. This concept is obviously not new, but the quality of its performance is quite impressive.EOS has proven itself as one of the most promising blockchain projects out there that reflects on the successful apps made in the EOSIO ecosystem and its usage.