What Is EOS and Why It Is So Great
Today, we are going to explain what EOS is all about and why it is so great to get EOS tokens. Whether you are a beginner or an advanced user, you may find this guide quite useful.
Let’s get started!
What is EOS?
EOS is a blockchain-based decentralized system that helps develop, execute, and host large-scale decentralized applications (dApps). It was unveiled worldwide in 2017. Among those credited for its appearance, there is Dan Larimer, also known for rebranding Steem.
It is definitely worth mentioning that the EOSIO blockchain network hosts the EOS coin. The initial coin offering (ICO) lasted for a year, from June 2017 to June 2018.
The major reason behind creating EOS was to solve several issues concerning scalability, speed, flexibility, and high transaction fees. There have been reports that the EOS blockchain can outperform some popular credit cards (e.g. VISA) in terms of transaction speed. In other words, EOS is just perfect for dApp developers.
How Does EOS Work?
EOS dApps are striving to outperform Ethereum (in fact, EOS and Ethereum share a number of features). The main EOS goal is to build a blockchain able to process thousands of transactions without adding any on-chain costs.
To achieve that, producers generate blocks similar to those from the Ethereum 1.0 blockchain network. These block producers are paid by the EOS blockchain; along with that, all the fees are also removed. Another thing helping the system to maintain its balance is its built-in inflation rate.
Every second, two blocks are produced on the EOS blockchain. However, only one block producer is given a chance to create a block at a certain point in time. These restrictions guarantee that the network is working at the optimal level. However, a block producer failing to produce any blocks over the decided time interval is temporarily removed from the network.
Also, any business can share its databases to anyone within the EOS network. Companies are also allowed to collect and store data from the EOS network.
Finally, the EOS platform offers several cloud storage services and some server-hosting options. With these additions, developing dApps will become even more simple.
Currently, the native EOS token has a market cap of $3,303,437,382 billion; $938,040,830 EOS are in circulation. The token is ranking 13th in the market.
In April 2018, the EOS token price rose to its all-time high of $21 with the market capitalization of $17 billion. Since then, the price has stabilized: it now fluctuates approximately from $2 to $3.71. However, we expect it to rise in the future — the EOS coin is currently quite popular among investors.
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How to Mine EOS
You may also mine some EOS yourself: it’s pretty simple. However, there’s no EOS mining pool, and miners usually join the Ethereum one.
How to mine EOS in Ethereum pools then?
- Choose any Ethereum pool and start mining.
- Once you’ve gained some ETH, convert it to EOS — for example, using ChangeNOW.
Why You Benefit From Investing in EOS
EOS is not only about following the trodden path, it’s also about picking up the gems scattered around. Here’s the list of its features geared towards increasing the users’ benefits:
Originally, the EOS blockchain was developed to simplify building dApps. Thanks to parallel transaction processing, it’s also good at coping with the ever increasing workload.
Open for All
The platform is free and very easy to use!
The EOS native token is a utility one. The more tokens a holder is ready to stake, the more is the blockchain part they can use for their own needs. In other words, holding 1% of all EOS tokens results in getting access to the same percentage of the network’s bandwidth.
While those using Ethereum and other blockchains still have to pay various transaction fees, the EOS system is heading towards their complete elimination. For EOS users, all the transactions are fast and free!
The EOS blockchain can host ICOs, or initial coin offering sessions. It gives everybody interested an amazing opportunity to get a head start.
As it has been mentioned earlier, the EOS system allows millions of parallel transactions to be processed simultaneously. It takes only a second to handle them all!