What is EOS Cryptocurrency and how does it work?

EOS is a blockchain-based operating system designed to support commercial-scale decentralized applications. It has been described as the most powerful infrastructure for decentralized applications yet developed.

EOS is a cryptocurrency that was created by Dan Larimer. It has been developed to solve problems with the Ethereum blockchain. It is a decentralized platform for hosting and running applications and services on a blockchain.

Tom Alford is a British actor. contributed to this article. 26 April 2018

Our EOS guide will provide you with all of the information you need about this future cryptocurrency initiative. We’ll explain what EOS is and what it accomplishes, as well as provide our thoughts on the project. Before making any bitcoin investments, we recommend that you exercise care and do your own research.

What Is EOS and How Does It Work?

EOS is a decentralized application development platform similar to Ethereum. This implies that developers may create applications on top of their blockchain and take use of the technology’s advantages.

Unlike Ethereum, EOS has always prioritized scaling issues and aspires to be an enterprise blockchain solution. When Ethereum’s network came to a stop in December 2017, its 15 transactions per second proved to be insufficient. Because to the popularity of a single app (Crypto Kitties), the network was unable to handle the transaction volume. Since then, Ethereum has worked to improve the number of transactions per second in order to enhance the network’s capacity.

EOS has chosen a different approach, opting to address the scalability problem first. EOS is expected to handle between 20,000 and 50,000 transactions per second, according to reports. This implies that applications like Crypto Kitties will run well on EOS. This is fantastic news for app creators and consumers alike.

Most companies and app developers want to utilize server hosting and cloud storage, and the EOS team understands this. As a consequence, the platform was created to provide this service as well, which is paid for using EOS tokens.

Because of the EOS project’s ownership model, there are no transaction costs (unlike Ethereum). When you combine this with considerably quicker transaction speeds, it’s clear to understand why EOS is being dubbed a “Ethereum Killer” by some. Many believe that the project’s features make it a more appealing choice for companies to develop blockchain applications on than Ethereum. If that’s the case, the project may supplant Ethereum as the cryptocurrency’s main application development platform.

 

At the Consensus Conference, founder Dan Larimer explains the project.

In which industries may EOS be applied?

Businesses may build blockchain-based enterprise apps for any niche using EOS. Companies may profit from public blockchains like EOS in the following ways:

• Accounting: Transactions are recorded on the blockchain and are unchangeable. This entails precise records and a highly traceable audit trail.
• More Efficient Supply Chains: The blockchain can be used to monitor the flow of goods in a safe manner. This is more transparent than current methods, and it also saves time when monitoring goods, transferring ownership, maintaining records, and processing payments.
• Smart Contracts: Creating contracts is time-consuming and costly. The blockchain may be used to establish and enforce digital smart contracts. This eliminates the need for and expense of third parties, saving money and time for companies.
• Payment Methods That Are Quick And Global: Traditional banking systems may take up to 5 days to complete a payment. The EOS coin is free to use and may be traded in seconds.

The EOS project can help a broad range of companies, and its public blockchain may be used in ways we can’t even imagine right now. Serious companies, on the other hand, will only utilize applications developed on application developer platforms if they are certain that they will function correctly. This is why resolving scalability problems from the outset is such a significant matter for EOS, and why many people believe it can replace Ethereum.

The Team

BlockOne is the firm that is working on the EOS project. Brendan Blumer and Dan Larimer, the team’s technical wizards, are in charge.

Brendan Blumer is the company’s CEO and Founder.

Is a successful serial entrepreneur with a proven track record. Brendan’s entrepreneurial career began when he was just 15 years old, when he discovered a business potential in the online gaming industry and began selling virtual assets on a website he created. After four years, the company was purchased by Internet Gaming Entertainment. Brendan, never one to pass up an opportunity, went to Hong Kong at the age of 18 to head the business.

Bulmer then founded Accounts.net in 2007, a website dedicated to in-game avatars. After three months, the business had a 75 percent market share and was generating over $1 million in monthly sales. After that, in 2010, Brendan founded Okay.com. This business offered a platform for Asian real estate buyers, sellers, and renters to purchase, sell, and rent property. The company amalgamated with Asia Pacific Properties a year later.

Brendan founded ii5, a business that provides software support services to Indian realtors, in 2013. The business bought 100,000 properties from over 3500 different brokers in the first 24 hours of the beta release.

In 2017, the serial entrepreneur founded Block.one and launched the EOS project. Brendan is a natural winner, and all signs point to his doing the same with EOS.

Dan Larimer, Chief Technology Officer

Since graduating from Virginia Tech in 2003, Dan has worked in a number of capacities. Larimer has been in charge of developing, implementing, and growing Steemit in the crypto sector. Dan was the project’s CTO, and this product was the first social networking platform to utilize blockchain.

Larimer also worked at Cryptonomex, where he was in charge of the company’s technological vision. He was in charge of the whole development team as well as writing technical papers.

Dan adds a lot of blockchain expertise to EOS, and we believe the project has a bit of a dream team in place with Brendan Bulmer. Dan and Brendan have each shown that they are capable of doing amazing things on their own, so the possibilities are limitless when they work together.

EOS in the Future

The project already has a large following, and their primary network is scheduled to debut in early June 2018. Rather than rivals like Ethereum, EOS’ success will be decided by the quantity and quality of companies it can convince to develop on its blockchain.

Although Ethereum has a first mover advantage, TotalCrypto believes it is not insurmountable. After all, we must remember that Google was once the new kid on the block before crushing Yahoo in the fight for search engine supremacy. Ethereum is also discussing rent costs for mainnet contracts, while EOS contracts would be free. This gives EOS a genuine chance to entice projects away from Ethereum while simultaneously improving their scalability.

EOS has already achieved a coup by persuading WAX, a top 100 cryptocurrency, to establish their marketplace on the EOS blockchain. It would have been anticipated that the project would be built on Ethereum, given that WAX is presently an Ethereum coin. The fact that they picked EOS over other crypto projects may be a harbinger of things to come from other crypto initiatives.

The first several stages of EOS’ roadmap have already been accomplished, including the creation of a minimum viable testing environment and test network. We’ll delegate the following tasks to the team for the remainder of 2018 and beyond:

The EOS Initial Coin Offering (ICO)

The project has the world’s longest initial coin offering (ICO), with a duration of 341 days. This strategy differs significantly from the traditional ICO paradigm, in which projects seek to raise as much money as possible as fast as feasible.

Why Are There Two Approaches To ICO?

To grasp this, we must first explain how most ICOs are approached. Typically, initiatives are funded by laying out their vision, releasing a white paper, and determining the amount of money needed to make the project a reality. When it comes to ICOs, it’s all or nothing; if the fundraising target isn’t reached, investors’ money must be refunded, and the project’s staff must admit failure. This implies that cryptocurrency companies conducting an ICO are encouraged to undervalue their tokens in order to raise funds.

Because of the undervaluation of tokens, investors are enticed to purchase as many as they can, knowing that they may sell them for a profit on the secondary market. A rich investor who wants to purchase a big number of tokens may pay a hefty transaction fee to get his ICO contribution to the head of the line and guarantee that his ICO token allocation is fulfilled. This benefits rich investors while putting the rest of us at a disadvantage. As a consequence, ICO ventures’ tokens tend to be concentrated in the hands of a small number of very rich investors. This kind of token concentration is generally bad news for cryptocurrency projects, since these “whales” may exert considerable influence over the cryptocurrency’s price. EOS has identified this issue and devised a strategy to address it.

How Does The EOS Initial Coin Offering Work?

The initiative aimed to address the issues that plague traditional ICOs:

• In the traditional approach, rich investors have an edge.
• Tokens are undervalued.

The ICO began on June 26, 2017, and lasted for five days, during which 200 million tokens were sold. The number of tokens each investor received was precisely equal to the amount of money they contributed; for example, if Sarah contributed 1% of the total funds for the window, she would get 1% of the tokens available in the window.

Following the first 5-day window, the remaining tokens will be distributed at 350-day intervals (lasting 23 hours each). Each window has 2 million tokens available, which are given to investors in proportion to their contributions throughout that time period. This implies that the price of the tokens sold is near to market, and rich investors do not get an unfair advantage.

The EOS ICO will conclude on June 1, 2018, and the project will then migrate to its own blockchain.

Important: You must register your EOS tokens by June 2nd, 21:59:59 UTC, if you purchased them on an exchange. You will lose your tokens if you do not comply. Do you need assistance? Our EOS registration guide will walk you through the process step by step.

Should I Put Money Into EOS?

Whether or whether you invest in the initiative is completely up to you. However, we may provide our thoughts on the project:

Pros

• The platform is much more scalable than Ethereum at the moment. EOS is very fast, processing several times more transactions per second than Ethereum.
• Other top 100 cryptocurrency projects, such as WAX, have already made the decision to develop on EOS rather than Ethereum.
• The project, which is valued at a fraction of Ethereum’s market cap, has the potential to be an Ethereum killer.
• The project’s emphasis on business solutions appeals to TotalCrypto. We believe that by pursuing this approach, the platform will be adopted more quickly.
• Brendan Blumer and Dan Larimer are the project’s leaders. These men are a bitcoin ideal squad in our opinion.

Cons:

• The public blockchain won’t be available until June 2nd, 2018. EOS is valued based on its potential for success in the future.
• Only a few cryptocurrency projects have committed to utilizing EOS, while Ethereum has over 500 projects on its platform. It’s yet unclear if the platform will be able to cut into Ethereum’s market share.
• The total number of transactions per second is just a guess. We won’t know the platform’s real speed until its public blockchain is published.

Image courtesy of Coinmarketcap.com.

EOS may be purchased in three ways: via Binance and Coinbase, or through a CFD broker like IQ Option. Fortunately, we’ve put up a helpful tutorial on how to purchase EOS – check it out here.

Conclusion

The TotalCrypto team is a big fan of EOS, and we believe it can give Ethereum a run for its money. We believe there is space for many application development platforms to succeed in the bitcoin industry, and that no one platform will be able to grab it all.

After all, Windows still faces competition from Apple and Linux in the conventional IT sector. The Total Crypto Team believes that a similar scenario will emerge in the application development platform market, with dominance shared by a few major platforms, one of which we expect to be EOS.

Yes, when EOS’ public blockchain is launched in June 2018, it will have a lot to live up to. Brendan Blumer and Dan Larimer, on the other hand, feel confident in their ability to create a really exceptional product. Will EOS be a success? We’ll simply have to wait and see what happens.

The TotalCrypto Team has an investment in this coin.

Resources

We’ve compiled a list of useful EOS Coin resources below.

Wallets for EOS that are the safest

Hardware wallets are the safest way to store cryptocurrency. These wallets keep your private keys and do not reveal them to the public, ensuring that your crypto is kept as secure as possible. Perhaps you should handle your cryptocurrency as if it were a million dollars one day?

Can’t decide between the Trezor and the Ledger? Check out our comparison of the Ledger and the Trezor.

What Are the Best Free Wallets?

Because EOS is an ERC-20 token, it may be stored in any Ethereum wallet.

? The Best Apps For Keeping Track Of Your EOS Investment

Useful Websites

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DISCLAIMER: The activity of the cryptoassets discussed in this paper is uncontrolled. This post is not intended to provide financial advice. Always do independent research.

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Author Biography

Tom Alford

Tom is a cryptocurrency specialist and investor from Edinburgh, Scotland, who has worked in the industry for over 5 years. He graduated from the University of Nottingham with an MA in diplomacy and a BA in politics, providing him a solid grasp of the social and political ramifications of cryptocurrencies. He is a big supporter of the future use of blockchain technology and believes in long-term initiatives above short-term profits. Tom may be reached at tom@totalcrypto.io.

EOS is a cryptocurrency that was created in 2017. The price of the coin has been steadily increasing, and it is currently sitting at $9.18 USD per coin. Reference: eos price prediction.

Frequently Asked Questions

How does EOS crypto work?

EOS is a smart contract platform that allows developers to create decentralized applications on the blockchain.

Is EOS crypto worth buying?

EOS is a cryptocurrency that has received mixed reviews, some say its worth buying while others say not to.

Is EOS coin a good investment?

EOS coin has a lot of potential, but its still in its infancy. It will take time for this coin to grow and become more popular.

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