What Is EOS Cryptocurrency?

EOS Cryptocurrency

EOS Coin Price

EOS token is aimed at being the most powerful infrastructure for decentralized applications.

While Ethereum is hailed as the top application based protocol for creating decentralized applications, processing transactions, and forming DAOS on the network - EOS is aimed at becoming a quicker more efficient version of it.

EOS cryptocurrency is a quicker platform for Dapps that has the ability to process transactions in over 50,000 transfers per second.

THE HISTORY OF EOS TOKEN

EOS was started by Dan Larimer the founder and creator of Bitshares as well as Steem.

Both Steem and Bitshares are two successful cryptocurrency platforms and still run today, meaning that the founder has already performed two successful case studies.

EOS was first announced by Dan at the Consensus 2017 with an odd ICO launch.

Instead of a typical couple weeks, or amount of Ether required for the launch, EOS had a year long ICO and token distribution period.

THE PURPOSE OF EOS CRYPTOCURRENCY

The problem with Bitcoin was that it was slower and didn’t allow to much development of Dapps, DAOS, as well as currency functionality, which is why Vitalik Buterin created Ethereum.

Although, Ethereum launched with a lower amount of transactions per second availability than what will be necessary to power the internet of things and truly create a smart economy.

(They are working on it and with the Casper protocol launch, seem to be making incredible strides.)

Now EOS on the other hand, was created to fulfill the quick speeds while adding a larger ability to perform transactions...

Up to 50,000 per second.

To put that in perspective Visa does around 24,000 transactions per second, putting EOS even ahead of Visa.

By providing a platform like this EOS should be able to help with the creation of Dapps and a tokenized economy that so many companies are competing for.

This decentralized operating system was created to house the platform of the future.

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THE BENEFITS OF EOS SMART TOKEN

A Decentralized Operating System:

With EOS developers can build applications - they just need to hold EOS tokens in order to be able to participate in the EOS ecosystem.

By owning EOS coins you can claim EOS server resources, which is the way that these developers can use the EOS blockchain, which doesn’t mean developers have to spend the coins in order to participate but prove they hold them.

The operating system is held on servers which provide the blocks and by servers hosting EOS they are rewarded in EOS.

When a Dapp runs on the EOS network it can interact with other Dapps on the network. Although, there will be a firewall feature in order to protect the Dapps.

This interaction will also allow users to move around databases within the EOS network so you don’t have to enter your password or username when using a Dapp on the EOS blockchain, and half the time you may not know you are using multiple Dapps because of the integrations.

A Free Transaction Economy:

On Ethereum you have to pay gas costs each time you perform a transaction.

EOS Dapp platform doesn’t require gas costs for transactions and use of the network which will help ensure that adoption is easier.

A “Constitution” and Parallel Processing with over 50,000 transactions per/second:

EOS is built with a set of rules and precautions to allow for smooth functioning without malicious software infecting it, or network servers turning against it.

At the same time, they have developed a parallel processing mechanism that allows more scalability, better transaction speeds and the ability to do things in parallel.

This also leads EOS being one of the fastest blockchain and Dapps developments.

EOS can at this point (or the point of launch) do 50,000 transactions a second.

A Small Amount of Inflation:

While inflation sounds bad and can lead to a diminished value of money as well as economic turmoil, on EOS inflation is meant for growth.

The inflation of EOS is self-sufficient and can only be 5% and will not be tampered with.

5% is a small enough amount that it can help trigger and keep economic growth as the EOS ecosystem grows and develops.

SOME CRITICISM OF EOS

While there is a lot of good about EOS, we want to make sure you see both sides before making any decisions:

Tone Vays says: “Dan Larimer has started several proof-of-stake based projects and they have all been shady in nature, both Bitshares and Steemit allowed insiders to create lots of tokens for themselves, and after that, the proof-of-stake nature of the project allowed those insiders to print tokens of value for themselves in perpetuity.”

Wayne Vaughn Found and Ceo of Tieron said: “The white paper does not go over any specifics and there is no code yet. So nobody can answer any specific technical questions.”

Although, he goes on to say “At the end of the day, this is a team of people who have come forward, and they’re trying to build something that they think is innovative and that they want people to build new applications on top of.”

WHAT WE AT GCA THINK OF EOS CRYPTOCURRENCY

Currently, we are holders of EOS. Although, on the basis of exponential growth brought about by the scalability of the product.

We are lovers of Ethereum to the core and see it becoming a major power play. As we typically don’t trade much, this is a coin on arbitrage that we are looking into.

There is a lot of development and ability for multiple Dapp based blockchain companies to rise up, and EOS may very well be one of them.

The only off-putting thing is their year-long ICO which leads to an uncertainty by the people investing in ICO price and trading price.

Otherwise, this coin may prove to make a large stride.

If you liked this review and want to help support the academy donate some EOS below!

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February 23rd 2018, 00:23