What is EOS?
Discover EOS Coin, an open-source platform developed to address issues associated with Ethereum, EOS is one of the cryptocurrencies that has been standing out lately and has a market capitalization of over US$ 4 billion.
EOS is often viewed as a major rival to Ethereum because it provides similar solutions. With its speed, scalability, and low fees, EOS holds advantages over Ethereum in areas that the latter still needs to enhance.
EOS is a blockchain-based platform with the main objective of ensuring the development, deployment, and execution of various decentralized applications on a commercial scale.
With reliable access and secure operation of dApps, EOS has attracted various developers. This is because the project presents uncomplicated use and makes the network easier to use than its competitors.
When compared to Ethereum’s blockchain, its features stand out even more, as EOS is capable of processing cryptocurrency transactions much faster.
In addition, it also seeks to improve the experience of both the user and companies, generating greater security for the former and acting more flexibly for the latter.
Who are the Founders of EOS?
Daniel Larimer and Brendan Blumer co-founded Block.one in 2018, the company responsible for EOS. Larimer, one of its co-creators, has a notable presence in the crypto world. Before EOS, he contributed to the founding of Bitshares and Steemit.
Additionally, he played a pivotal role in developing the DPoS (Delegated Proof of Stake) consensus mechanism, which we’ll delve into shortly.
How does EOS work?
Operating on the DPoS consensus, EOS requires just 21 individuals to validate the platform’s transactions.
The community elects these 21 validators, who rotate daily, enhancing the system’s security for all users.
Understand more about how EOS works below.
EOS is a very democratic and much more flexible network than others. This happens mainly because of its ability to freeze a problematic dApp, without affecting the rest of the network.
This is one of the points that stand out most in front of Ethereum, since the competitor had to stop its operations when it suffered a hacker attack in 2016 and that resulted in its hard fork at the time.
Because of this flexibility provided by the DPoS system, the community that operates on EOS can, actively, upgrade, downgrade and correct the bugs that eventually arise. And all in a safe and democratic way.
Development and community
Officially launched in April 2018, EOS has always had a very active and participatory community in Facebook, Telegram, and Twitter groups.
During the development of its blockchain, the community contributed many features, including resource tracking and inter-blockchain communication.
Currently, the network operates as planned and already has more than 100 dApps in its system.
Its native token is homonymous to its network (EOS) and is fundamental to keep its operation in an adequate way.
Its existence serves to reward transaction validators, as well as for dApp developers to generate their own EOS tokens and remunerate users.
Another very pertinent functionality for those who are holders of EOS cryptos is the power to participate in the voting of block validators. Whoever has the largest number of tokens also has the greatest power of influence within the network.
The advantages of EOS
EOS boasts two primary strengths:
- Absence of transaction fees: due to the use of an ownership model, you can use the network resources that are equivalent to your participation, which allows you not to pay for all your transactions made.
- Scaling: the operational power of EOS allows millions of transactions to be made per second, a great differential compared to other blockchain projects.
- Decentralized operating system: with this type of system, EOS token holders can be part of the network in proportion to the coins they own, that is, they do not need to pay a transaction fee that is required by other networks;
- More popular DApps: the dApps built within EOS are more popular than those located on other networks, and can be built more easily;
- Smart contracts: it is possible to execute smart contracts within EOS, which further expands its functionalities;
- Facilitated validations: due to the DPoS consensus, transactions carried out within the protocol are more agile;
- Internal structure: because its network is more flexible, a hard fork is not necessary when some kind of hack happens.
How is the EOS network Secured?
The most known transaction validation processes in the cryptocurrency market are Proof of Work (PoW), used by Bitcoin and Litecoin, and Proof of Stake (PoS), used by Chainlink and Cardano. However, the consensus used on the EOS network is a little different.
In the Delegated Proof of Stake (DPoS) system used by EOS, 21 daily representatives validate transactions. These representatives actively participate in the process. Notably, these 21 individuals change regularly, enhancing the network’s security for all users.
How much is 1 EOS worth?
The EOS ICO (Initial Coin Offering) was US$ 4 billion, which allowed the supply of a total of 1.02 billion tokens.
Currently, there are approximately 1 billion EOS coins in circulation and each one is worth US$0.7459
How and where to buy EOS?
While EOS currency initially existed solely to support the network’s operations, it evolved into a crypto asset and started trading as a valuable commodity.
To buy EOS is very easy: you need to have an account on some exchange that works with crypto, as this is the safest way to invest in it.
To make a sound decision for your next cryptocurrency investment, we invite you to explore our education page, where you can learn more and find a crypto coin that aligns with your investment goals.