Introduction to EOS Cryptocurrency Tokens
EOS is a cryptocurrency token which uses the Ethereum blockchain platform. Its listed at the very top of the 'tokens' tab on coinmarketcap.com so I feel its something we should all know about. Just like Ethereum, EOS enables smart contracts, but with exciting scalability and performance benefits. It is the brainchild of Dan Larrimer, who is also the creator of Bitshares and Steem, both of which are very successful projects. During its ICO, EOS raised a record $185 million in 5 days, making a debut on the Bitfinex exchange where its price rose by 200% in two hours. If you are not well versed in the innovations presented by the EOS platform, here is a brief introduction:
What is EOS Cryptocurrency?
EOS is a BlockOne DPOS (Delegated Proof of Stake) blockchain project. It is a decentralized operating-system that is based on the blockchain technology. Its main aim is to support business-scale decentralized applications. It provides all the necessary core functionality which includes authentication, databases, scheduling, accounts with permissions and handling communication between the application and the internet. The EOS platform’s main aim is to improve the blockchain technology that competitors like Ethereum and Bitcoin operate on. This project will be launched in the summer of 2018.
Investors can acquire the EOS tokens on established exchanges like Binance or KuCoin. Like Ethereum, EOS creates a platform for other cryptocurrencies to use. However, there are some main features that separate it from Ethereum.
Features of the EOS Cryptocurrency
• Graphene Technology: EOS uses the Graphene technology, which is an asynchronous communication and multiple transaction processing system that allows for 300,000 transactions per second. It is thirty magnitudes ten times faster than Ethereum. Hence, unlike Ethereum which has suffered backlogs, EOS allows room for real-world scaling that has not yet been seen in terms of applicability.
• Programing Language: The other feature that sets EOS apart from Ethereum is that it can be written in any programming language. Ethereum, on the other hand, requires its own language which is yet to be tested. Hence, anyone can make any innovations on the blockchain in a reasonable way to customize the resources that have already been developed within themselves as a means of realizing a world-changing coin.
• User-friendly: EOS provides user-friendly identifiers and account names that are in a readable format. Token holders’ accounts become recoverable in case a user happens to lose their password.
• The EOS tokens also act as voting instruments for DPOS. The token holders can take part
in electing block producers and have the power to fire rogue delegates acting maliciously on the EOS platform.
• The elimination of transaction fees: EOS’s ownership model eliminates transaction fees. Users are entitled to use resources proportional to their stake instead of having to pay for every transaction.
How does EOS Cryptocurrency work?
This cryptocurrency functions like a decentralized operating system. Developers can create their customized decentralized cryptocurrency applications that suit their unique business needs. The
developers can craft applications that the end users can easily interact with. For a developer to use the platform, they need to own EOS coins which give them a claim on the server’s resources. However, the developer does not need to use the coins to enjoy these resources.
The Team Behind EOS
The team responsible for creating the EOS platform is known as BockOne. It comprises of 35 highly skilled developers and blockchain industry experts. Some of the notable team members include;
Blumer is the founder of BlockOne and the publisher of EOS. He is also the founder of okay.com, the leading digital property agency in Hong Kong.
Dan is the CTO of BlockOne and the Chief developer of EOS platform. He is also the founder of Bitshares and co-founder of Steemit. He worked closely with Satoshi Nakamoto during Bitcoin’s infancy. He is also the CEO of Cryptonomes, a blockchain technology consulting company.
Some of its partners include Bitfinex, HyperChain Capita, FenBushi Capital, and Blockchain Capital.
Is EOS A Good Investment?
Although EOS is still in the infancy stage, it is the first system to be written as a decentralized operating-system and through DPOS will be able to handle 300,000 transactions per second. Investing in EOS may be a risk, but the rewards may be equally as high. People are advised to take the time to learn more about the project to make an informed decision on whether to invest in it or not. At the moment, EOS sits at a price below $2.
CaliCrypto last edited by
When they state "what sets EOS apart from Ethereum is that it can be written in any programming language."
Which programming languages are they referring to? What do they mean when they say written and is EOS really compatible with every programming language out there? Still a bit confused how this stuff ties into the project.
Wisecrypto last edited by
It looks interesting, but personally coming from an investor standpoint, it has far too many features on it already that kind of make it feel like a chore more than a coin. While ethereum and other coins are better suited because they have features already in play, just adding onto it doesn't make it better.
But then again I could be wrong, looking at it's partner list up there.
I guess its something that we'll see in time.
Which programming languages are they referring to? What do they mean when they say written and is EOS really compatib
Ethereum smart contracts are written in a language called Solidity. EOS will expose an API for such things which can be used by any programming language - AFAIK.
@wisecrypto I think EOS is redefining the architecture of the blockchain to make it faster and easier for developers to interact with (think smart contracts and DApps). It probably does sound complicated to explain the details but I think it could be the basis of the next generation of blockchain platforms which is why so many are excited about this project.