Here is everything you need to know about the EOS.
What is EOS? Table of Contents
What is EOS? – Ethereum’s main rival
EOS is one of the most powerful blockchain platforms for decentralized applications in existence.
The platform is similar to that of Ethereum, but it is faster, more scalable, and allows users to develop decentralized applications more effectively.
The EOS IO platform was developed by a private company, block one, and will allow to process millions of transactions per second thanks to the “horizontal scaling”, bringing the most dated ecosystems, such as Bitcoin and Ethereum, to become like an old personal computer from the 1980s with extremely limited computing capabilities.
A total of 1 billion EOS tokens were deployed on the Ethereum blockchain over the course of 341 days, using a smart contract.
On June 1, 2018, EOS IO officially became open-source software, paving the way for developers wishing to explore the potential of the EOS currency.
The holders of EOS tokens, on the other hand, act as shareholders of traditional public companies, in this way those who own the tokens can express their right to vote and participate in the management of the blockchain, based on the share acquired.
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The launch of EOS
EOS was launched by Dan Larimer, founder and creator of Bitshares and Steem, two cryptocurrency platforms still active today.
EOS is announced for the first time at a conference in 2017 with the launch of a particular ICO (Initial Coin Offering); the token distribution period in fact extended to almost a year, according to the following scheme:
- 200,000,000 EOS tokens (20% of the total) distributed over 5 days, from 26 June 2017 to 1 July 2017
- 700,000,000 EOS tokens (70% of the total) divided into 350 consecutive 23-hour periods of 2,000,000 tokens starting July 1, 2017
- 100,000,000 EOS tokens (10% of the total) reserved for block one.
EOS’s initial price was $5 per token but then plummeted to a low of around $ 0.48.
In November 2017, EOS started gaining ground, reaching an all-time high of $13 in January 2018.
In the first 6 months, EOS’s market cap grew nearly 10-fold.
What makes EOS so unique?
Although EOS remains a strongly theoretical reality, there are already potential advantages:
- It is scalable horizontally and vertically (millions of transactions per second with asynchronous communication and parallel processing).
- It is an open-source ecosystem.
- Transactions are 100% free (through an ownership model whereby users own and have the right to use resources based on the share acquired, instead of paying for transactions).
- Simplified processes, including bug fixes and blockchain changes.
However, the future of EOS remains uncertain.
No one can say for sure whether this cryptocurrency will gain popularity as a base currency for transactions.
Traders and investors will continue to take part in the ICO and in the distribution of tokens until the official launch of the open-source platform on 1 June 2018, analyzing the progress that the team of deveopers will be able to achieve in these months.
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