Everything about EOS

EOS is one of the newestblockchain projects to enter the cryptocurrency market. Its goal is to build anetwork capable of processing millions of transactions per second. It is one of the newest digital currencies incrypto market.

Launched in June of 2018, it was created bycryptocurrency pioneer Dan Larimer. Before this work, Larimer founded thedigital currency exchange Bitshares as well as the blockchain-based socialmedia platform Steemit.

Like other cryptocurrencies on this list, thiscurrency is designed after ethereum, so it offers a platform on whichdevelopers can build decentralized applications. It is notable for many otherreasons, though.

There is no regulation oncoin value, so the price depends only on demand. EOS cryptocurrency takes the6th place in the market capitalization rate. The highest point was tested onApr 29, 2018, at $22.89. The lowest point was on Oct 23, 2017, at $0.480196.Now the price of EOS coin is $3.30 as on 2nd September 2019.

First, initial coin offering of EOS wasone of the longest and most profitable in history, raking in a record $4billion or so in investor funds through crowdsourcing efforts lasting a year. Itis also revolutionary because of its lack of a mining mechanism to producecoins. Instead, block producers generate blocks and are rewarded in thesetokens based on their production rates. Thus, It includes a complex system ofrules to govern this process, with the idea being that the network willultimately be more democratic and decentralized than those of othercryptocurrencies.

EOS hopes to take advantage of this growing cryptomarket. Both the blockchain network and the development kit that this projectoffers have been specifically designed for developing dApps. The goal is tomake it easier for programmers to work within EOS than any other blockchainproject. Ultimately, It was founded to be the platform on which blockchainenabled apps run, the same way that iOS is the platform on which iPhone appsrun and Windows is the platform on which PC applications run.

However, there are new features specificallyintended to help developers create apps on blockchain networks. Most notably advantages include the absence oftransactions fees due to an ownership model where is entitled to use networkresources equivalent to his stake without the need of paying for everytransaction. The second advantage is the scalability, with a promised operatingpower of millions of transactions per second.

Buying this coin is a similar process to buying anyother blockchain token. First, you need to choose and set up an EOS wallet. Theplace where you will store the code that gives you access to your tokens. Thiscan be done in a number of different ways, but generally the best two optionsare to store your token in an offline device (typically similar to a thumbdrive) or an online account. CoVEX has a good selection of recommendedwallets for users.

Next, go to a token exchange. If you have apreferred one you can start there, otherwise. CoVEX is a popular cryptocurrencyexchange website. You will need to create an account and fund it by providingyour payment information (few exchanges will accept credit cards, so anticipateneeding either your debit card or your checking account and routinginformation). If you are using an online wallet you will then connect thatwallet to the account that you created in this exchange.

The EOS model is different though:instead of “renting” computing power, the coin holders have ownership of thenetwork. For example, if you owned a 1% stake in those coins, you wouldessentially own 1% of the network, meaning you would own 1% of the requiredcomputing power to process the transaction. This is what makes transactionsfree!

The EOS coin operates in the same wayas any other cryptocurrency in the market. You can simply send, hold or receivefunds between wallets. This makes it an excellent payment system as you cantransfer money to anyone in the world for free, in just a few seconds. It is simply a cryptocurrency designed to supportlarge-scale applications.

There are no fees tosend or receive this token. Instead, the protocol rewards the entities that runthe network periodically with new EOS, effectively substituting inflation fortransaction fees. This concept is obviously not new, but the quality of itsperformance is quite impressive. EOS has proven itself as one of the mostpromising blockchain projects out there that reflects on the successfulapps made in EOSIO ecosystem and its usage.

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