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Understanding EOS and Its Blockchain! How EOS work

EOS is one of the newest blockchain projects to enter the cryptocurrency market. Its goal is to build a network capable of processing millions of transactions per second. Its ICO (initial coin offering) has been very interesting for a couple of reasons.

  • EOS had the longest ICO in cryptocurrency history, running from June 26th, 2017 to June 1st, 2018. The purpose of this was to make sure everyone had a chance to get involved. It ran for 350 days. 
  • EOS raised a total of about $1 billion making it one of the most successful ICOs of all time. When the ICO was over, EOS released 700 million tokens, which was 70% of its total supply.   


So, What is EOS?

The aim of EOS is to build a decentralized blockchain that can process fast and free transactions. It'll also allow smart contracts to be built on top of it, which will allow developers to release dApps. Additionally, EOS wants to build a platform that functions as an operating system, that'll make it easy to use. 

DApps are the future of the internet. There are already thousands of them out there.

Pros of EOS

  • EOS is supposed to be much more scalable than Ethereum because it uses an advanced mechanism (Delegated Proof-of-Stake + Byzantine Fault Tolerance) to verify transactions. It is allegedly capable of achieving 10,000-100,000 transactions per second.
  • Unlike some of the other top 10 cryptocurrencies, EOS supports multiple languages, including C++.
  • EOS has a highly experienced team with a proven track record.

Cons of EOS 

  • The biggest issue is that the platform has still not been launched so no one knows for sure how good or bad it actually will be.
Image result for eos cryptocurrency

Another aim of EOS is to be able to process millions of transactions per second. This would solve a big problem, as other blockchains can recognize smart contracts, none of them can perform that quickly! For example, even though Ethereum is the most popular smart contract blockchain, it can only handle 15 transactions per second!


How does EOS work?

EOS (like many other smart contract blockchains) is often referred to as the “Ethereum Killer”. It was given that name because it can do everything Ethereum can do but better and more, allegedly. 

EOS VS ETHEREUM

comparing Ethereum vs EOS

The purpose of the EOS coin

Like most blockchains, EOS has its own native cryptocurrency, simply called EOS. It has a couple of different purposes. When you use the Ethereum blockchain, you have to pay transaction fees. This is called GAS, and as more and more people use the network, it becomes more and more expensive. This makes it unusable on a global scale because it wouldn’t be worthwhile sending small amounts

A unique feature of cryptocurrency is anonymity, no identification needed to process a transaction, which is a double-edged sword. The feature EOS will have on top of other cryptocurrencies are the fact that it will hide certain information that is deemed too sensitive for people to see when you process a transaction. 

In conclusion,

EOS is one of the top-performing coins in the market. EOS brings more than just a coin, it brings a platform where users can process millions of transactions, EOS is built on the fact that speed is necessary in the cryptocurrency world and that's what it's aiming for. 


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