EOS is a high-performance dApp platform created by Hong Kong-based startup, Block.one, in May 2017. In some points, EOS is similar to Ethereum but highlights itself with the lack of fees and high system scalability.
Moreover, some decode the EOS abbreviation as “Ethereum On Steroids”. The developer company, Block.one, is definitely a pioneer of blockchain systems. The company contributes a lot to the development of smart contracts and decentralized applications.
What does “EOS” stands for?
Some say that EOS stands for “Enterprise Operating System”, “Evolution Of Scalability”, etc. Anyway, there’s no official definition of EOS. Earlier, a short official answer to this question was posted on the EOS.io website:
“We believe that EOS means different things to different people. We have received numerous amazing interpretations of what EOS stands for or what it should stand for so we have decided not to formally define it ourselves.”
There is another brainchild of Block.one project ー EOS.IO. It is a software that allows customers to make dApps. The blockchain uses Delegated Proof-of-Stake protocol, which increases the transaction speed.
In 2018, Dan together with other colleagues published the next version of the protocol. Currently, Dan is the Chief Technical Director of the project.
EOS Blockchain & Coin Value
In order to use EOS decentralized applications, you need to create an account. Creating and installing EOS account is not free. It’s required to stake some EOS tokens to make transactions and some RAM to store account data.
There is no regulation on coin value, so the price depends only on demand. EOS cryptocurrency takes the 6th place in the market capitalization rate. ? The highest point was tested on Apr 29, 2018, at $22.89. ? The lowest point was on Oct 23, 2017, at $0.480196. Now the price of EOS coin is $5.83.
You can check out the price-list formation and more details about the coin on BitcoinWiki.org.
EOS Blockchain Review
EOS started as ERC20 Ethereum token until it launched the mainnet. Now, the ecosystem uses EOS.IO software, that works on DPoS consensus algorithm. This type of consensus allows holders to choose block producers through an approval voting system. EOS.IO operates as a decentralized smart contract system.
Every block is produced within 0.5 seconds. If a block was not produced at the scheduled time, the time slot would be skipped.
While transaction on the EOS blockchain is processing, the system uses a unique protocol called transaction proof-of-stake (TPoS). The protocol requires the hash of the header of the last block created to be included in each transaction.
You can read more about the technical part in EOS documentation on GitHub.
Staking: Can EOS be “mined”?
As we have said, at the core of EOS blockchain lays the Delegated Proof-of-Stake consensus protocol. It implies that there are 21 block producers to create new blocks and validate transaction. Each block producer must be elected by EOS coin holders through a permanent voting system. The more votes (=volume of own & delegated EOS coins), the higher the chance to become a block producer.
A blockchain using EOS.IO software will award new coins to a producer each time a block is created. Under these conditions, the number of created tokens is determined by the median of the desired payment, published by all 21 producers.
The EOS.IO software can be configured in such a way as to forcefully limit the remuneration of block producers (BPs), so that the total annual increase in the supply of tokens does not exceed 5%.
Technical requirements for the BP node:
80 GBs – 3 TBs of RAM
1 TB of SSD Storage
It is important to note that the amount of RAM required to synchronize the entire network depends on the average amount of RAM from other block producers, otherwise synchronization will not occur and the node will not be able to confirm transactions.
The following outline of EOSIO represents the plans of the company in the next few years. The EOS Team promises to improve the software platform to make EOS the most permanent blockchain software in the whole cryptocurrency market. There are some highlights from the roadmap:
Block production. Development of vertical and horizontal scaling and providing the perfect scalable solution to access blockchain data.
Make the platform more developer-friendly. The main aim is to make the developer’s work smoother with creating GUI interfaces, building smart contracts debugger, launching EOSIO Testnet, and making better functionality.
? The EOSIO project released its new roadmap in June 2019. You can read more about the project’s plans in Strategic Vision.
Coinbase, the largest US cryptocurrency company, will reward users with EOS tokens for studying educational materials about the EOSIO protocol on the Coinbase Earn platform.
There are different wallets to use with EOS coins. EOS wallets support all the EOS-powered projects and EOS-based tokens. Let’s take a look at our list!
Freewallet. This wallet is one of the most secure EOS wallets since this app backs up your passphrases. Freewallet freezes your account if you forget your password. Freewallet provides free creation of EOS account.
Lumi Wallet. A mobile wallet that is available for iOS and Android. This wallet is user-friendly.
Infinito Wallet. The project of Blockchain Labs Europe. Available for iOS and Android.
You can also use Graymass Voter wallet, SimplEOS wallet, Scatter wallet, Imtoken wallet, etc.
Where to trade EOS?
There are a lot of ways to exchange EOS coin in fiat and another cryptocurrency. Choose the pair and the exchange, and start trading now!
Buy EOS at Changelly
There are several ways to buy EOS for fiat money, including cash, banking card, or any other means of payments of your choice. They differ in velocity, the simplicity of purchase procedure, and the level of anonymity.
Changelly platform offers you a way to buy EOS with your banking card swiftly, safely, and with minimal authentication procedure. The fiat payment process is powered by our partner Indacoin and takes just a few simple steps to take.
The purchase option is open both via our website and the Exchange Widget that can be found at our partners’ resources.
EOS cryptocurrency has several significant differences from Ethereum, which are indisputable advantages. The main differences between EOS and Ethereum are the DPoS method, the ability to “repair” poorly functioning applications, and the availability of a constitutional framework that will help resolve legal issues between participants.
The EOS concept is obviously not new, but the quality of its performance is quite impressive. It reflects on the successful apps made in EOSIO ecosystem and its usage.
Founded in 2017, EOS company became a well-known and robust part of the modern blockchain industry. With the publishing of new roadmap, the company’s developers seem to be very consistent.
Disclaimer: This article about EOS should not be considered as offering trading recommendations. The cryptocurrency market suffers from high volatility and occasional arbitrary movements.
Any investor should research multiple viewpoints and be familiar with all local regulations before committing to an investment.