EOS is a decentralized blockchain platform that allows for the development, running, and hosting of decentralized business applications. The basis of EOS’s core functionality is relatively simple by allowing businesses and individuals to embrace blockchain technology and harness its power in cresting blockchain-based applications in a similar way to web applications.
EOS provides a series of tools to make the whole process incredibly simple for the developers. Some of these include; provision of safe access and authentication, data hosting, permissions, management of use, and seamless communication networks between the decentralized apps and the internet.
EOS as a network was created to ease the entire process of Dapps development. Although it does this with the aforementioned tools and also its support from the web toolkit store for a smooth app development process. However, the platform also has other priorities including the delivery to higher levels of scalability than other blockchains. The applicability of this goal is the provision of more processing power and delivery of more transactions concerning the time as most networks available currently can only execute a few than a dozen transactions per second.
Apart from its transaction-related aim, the platform also seeks an improvement of user experience and the general process of doing business at large. All of this, while in a secure, friction-free, and flexible space.
Who are the Founders of EOS (EOS)?
The EOS network was launched back in June 2018. Before it was launched, the cryptocurrency was able to raise over $4 billion for Block.one as an initial coin offering. The company, Block.one was responsible for the development of the open-source software used on the EOS network known as EOS.IO.
The white paper of the company was written by Daniel Larimer and Brendan Blumer. The pair serve as members of the company’s executive team with Blumer being the CEO and Larimer being the CTO.
Blumer is a successful entrepreneur who has had a series of ventures in the world of digital assets; one of which was sales of video game virtual assets. After this, he went on and co-founded a Hong Kong real estate agency that was focused on delivery through digital channels known as Okay.com.
Larimer on the other hand is a successful software programmer who has participated in several cryptocurrency-related ventures. Some of these include trading platforms Steem blockchain and Bitshares. In 2016, the two digital geniuses met and created Block.one a year later.
What is EOS (EOS) used for?
The major basis for the creation of EOS is the provision of easily accessible tools for the creation of decentralized applications. The network has been able to achieve this goal and is now used by different teams and people to build different apps which deliver different services.
According to the EOS network, it claims to have the ability to support over a thousand commercial-scale decentralized applications. This delivery is claimed to be possible without hitting a threshold because the system makes use of asynchronous communication and parallel executions across all parts of its network.
The efficiency of the network is further strengthened by distinct modules being integrated into the operations of decentralized apps. For instance, during a transaction, the execution process is performed separately from the authentication process.
The EOS network applies major usability features to its platform, a web toolkit that can be used for a series of processes including the development of interfaces, the creation of a self-describing database scheme, and a declarative permission scheme among others. These key features generally apply to making the maintenance and creation process of the decentralized apps significantly easier.
What Is the Unique Point of EOS (EOS)?
EOS is generally considered a direct competitor to the Ethereum network, in addition to that, the EOS aims at creating a bigger, better, and faster ecosystem for Dapp developers. The major selling point for EOS is the system’s aim to provide a faster network. While its predecessor and competitor, Ethereum is only capable of handling 15 transactions per second, EOS is working on creating a system to handle millions of transactions per second. Although this goal has not been achieved yet, according to the company, this is a provision they are working on.
The increased rate of cryptocurrency and its general adoption of business processes has created an ever-increasing demand for decentralized apps on the blockchain network. The limited availability of resources makes the delivery of these systems a problem and EOS aims to solve that problem by providing unique flexibility, usability, and scalability mechanisms.
How many EOS (EOS) are in circulation?
The proceeds raised from the EOS system at the early stages of its launch as an initial coin offering in 2017 was more than $4 billion. Even though the cryptocurrency lasted as an initial coin offering for a year, this provided some insight into the future of the network.
It is worth noting that EOS was able to achieve that amount without the participation of US investors. The distribution of the proceeds has 10% assigned to the founders and 90% allocated to several investors on the platform. The company that held the initial offering, Block.one will also not receive its allocation at once, as the percentage will be spread over a decade.
In total, EOS has 1.02 billion tokens available. The data for the amount constantly changes due to new participants but it stands at 936 million as of the time of writing.
Is the EOS (EOS) Network secured?
The EOS network makes use of a proof of stake consensus mechanism. This principle was applied by Larimer, with the aim of solving flaws that have been repeatedly seen on networks using the traditional proof of work and proof of stake systems.
Unlike the Bitcoin network, the rewarding process is based on block producers generating the required number of blocks and are allocated rewards through the creation of new EOS tokens for the new blocks produced.
The mechanism in operation here allows the parties on the network with EOS to vote for the nodes who will be responsible for the transaction validation process. A major reason for this operation is the elimination of consolidation where miners with smaller computing power are shoved aside by those with large resources.
How do I buy EOS (EOS)?
EOS has been adopted by several people all over the world. Because of this, several platforms have made it widely available to anyone interested. To buy EOS (EOS) tokens is quite easy. The steps below provide the right direction.
- Open an account with any crypto trading platform that offers EOS.
- Transfer the specific amount of your fiat currency to the trading platform account.
- Wait for your deposit to be confirmed and Buy EOS through the trading platform account.
Which Cryptocurrency Wallet Supports EOS (EOS)?
The PTPWallet platform supports many cryptocurrencies simultaneously such as EOS. Because of its vast use case, it has grown to become one of the most used platforms as it serves as an exchange and an engine to discover other cryptocurrencies. Additionally, users can easily use PTPWallet as their EOS wallet because offers a simple and interactive interface making it easy for people to navigate its system.