Currencies > EOS
What is EOS crypto?
EOS crypto is one of the newest projects in the crypto world. Its mission is to develop a network capable of executing numerous transactions per second. The EOS Initial Coin Offering (ICO) was exciting for several reasons.
First, the EOS ICO begun on 26th June 2017 and ran until 1st June 2018, a period of 350 days, making it the longest ICO ever! The EOS developers did this to make sure everyone had a chance to participate and buy some EOS.
Secondly, within seven months, the EOS ICO generated almost $1 billion, making it one of the most successful ICO ever. By the time of its completion, the ICO released more than 700 million coins º 70% of the total supply.
In addition, EOS crypto has an experienced team behind it, including Daniel Larimer, a co-founder of both BitShares and Steem. Larimer's crypto investments are thought to reach billions of dollars.
Before jumping into the more exceptional details of EOS, it is good to note that EOS developers have not finished building their project yet. So far, a better part of the project is theoretical.
The main agenda of EOS is to develop a decentralized network which can execute fast and cheap transactions. The EOS blockchain will also support the creation of smart contracts that will allow inventors to create dApps. Besides, EOS intends to build a protocol that runs like an operating system making it more user-friendly.
Another mission of the project is to execute numerous transactions per second. This would bring an end to the scalability issue facing first and second generation blockchains. For instance, Ethereum can only process 15!
The EOS project is also projected to relieve crypto users from the problem of usability. For instance, both Steem and BitShares process almost 100,000 transactions per second and embrace the smart contract invention. Nevertheless, it is problematic for inventors to integrate primary functions like account recovery and task scheduling.
By applying an OS protocol, EOS will add all these functions, allowing inventors to unleash their full potential.
What are EOS crypto advantages?
Parallel Processing. This is the potential to perform processes in parallel, with accelerated speeds and high scalability.
Constitution. This is a set of guidelines accompanying each EOS block mined, which every EOS user must adhere.
Self-sufficiency and evolution. The present EOS model permits a 5% inflation which will be employed to grow the blockchain more.
Development. EOS intends to solve the issues of speed, scalability and flexibility, which usually become problematic as blockchain networks evolve, by supporting business dApps without experiencing performance tailbacks. This can be achieved by applying parallel implementation and asynchronous communication strategy across the protocol.
How to Store EOS crypto?
EOS was initially an ERC20 token meaning it could be kept in any crypto wallet that supported Ethereum. This changed with the launch of the EOS mainnet on 10th June 2018.
Now, users need to pay a small amount of crypto to create an EOS account. This sum will remain untouchable for 3 days from the moment of staking and will allow you to make transactions and support the network.
The second type of EOS crypto wallets is a custodial storage where each of the members has their own memo (extra id). This type of wallets do not require any sum to be frozen, but also do not grant their users a right to be the wallet only owner.
Where can I buy EOS crypto?
EOS crypto is available for purchase almost on all major cryptocurrency exchanges. Variety of exchange services list EOS at different rates. You may always check the most relevant EOS crypto price and EOS crypto price chart on CoinMarketCap.
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