It is no longer news that EOS is one of the fast rising blockchain projects competing with Ethereum and other smart contracts. As a third-world cryptocurrency platform, EOS remarkably offers more advantages to the blockchain space and still hopes to perform better than many applications around. We’ll discuss the intricacies of this coin and bring you all the tiny bits you probably never knew.
The Basics of EOS
The creator of BitShares(a decentralized exchange) and Steemit (a decentralized social network), Dan Larimer, is also the designer of EOS and CTO of block.one. In July 2017, he introduced this software to provide easy running of distributed applications. Larimer intended this high-scalable decentralized platform to be the fastest Dapps platform which allows several thousands of transactions within a second. This unique feature implies that the blockchain can enjoy more large-scale applications.
Think of apps like Twitter and Facebook that have over 50,000 likes and retweets per second. Such apps can run on the EOS blockchain because it can support millions of transactions per second, thanks to its Delegated Proof of Stake (DPoS). No mining is involved in this system, as opposed to the Proof of Work method of consensus. This latest blockchain platform allows for 21 delegates but no miners, and the delegates each randomly produce a block within the space of a minute. Any unserious delegate will be voted out.
Another great feature of EOS is its parallelization of scale. Whereas Ethereum can only run a single operation at once, EOS can run many operations simultaneously. However, by solving the scalability problem, EOS makes its system centralized. Doesn’t this defeat its decentralization principle?
EOS token began its distribution on June 26, 2017 and this will end on July 3, 2018. Yet, only 53% coinsare available. While some wonder at the poor distribution that has been occurring since EOS began its ICO, we can further admit that this tactic is employed to curtail the rate at which individuals have access to cheap tokens while others remain at a loss.
How to Buy EOS Coin?
On the official EOS website, you can get ideas on how to buy EOS coins. However, it often entails a “pay more, get more” strategy. During the one-year ICO, people can buy up to 2, 000,000 per day. Although, holders of ERC-20 tokens had no initial entitlement and investors were suspicious about this. Later on, the tokens expressed some major volatility from $2 and later on to $8 which has now corrected whatever losses investors previously had.
With a market cap of over $11 billion, the value of EOS is highly impressive. Of course, many people are surprised at the fast rate with which it has been growing. Some of them also claim that the increase is as a result of market manipulation by the founders and other top investors.
Pros of EOS
The following are the strengths that EOS has over Ethereum:
- A set of rules guide everyone involved in producing blocks
- With the EOS coin, developers get access to the EOS blockchain
- Parallel processing allows faster transactions
- Elimination of transaction fees
- Ongoing ICO allows investors to get coins on a daily basis
- Tokens like ERC20 can be created on EOS.
- EOS can be replaced by new decentralized apps such as QTUM and Cornado
- Ethereum can step up its platform to perform just like EOS
- Scalability increases attacks by individuals and governments
- Decentralization is questionable.
No doubts, EOS sounds like it’s going to be replacing Ethereum soon. But, you can only watch and confirm the details before you put your money on this.