Cryptocurrency’s meteoric climb over the last two years has been nothing short of incredible. Despite this, the number of people entering the market or trading cryptocurrencies shows no indications of slowing down. According to CoinMarketCap, a market research firm, there are more than 16,000 virtual currencies exchanged today, all of which are based on different blockchain networks. One of them is EOS, which stands for Electro-Optical System. The blockchain, which was launched in June 2018, quickly gained traction and caught the interest of both investors and programmers. It was even dubbed an “Etherum killer” at one point.
What Is EOS?
The EOS.IO platform is an open-source platform that allows developers to create decentralized programs or DApps. EOS is the coin that powers the network. The whitepaper for the software was issued a year before its introduction. The project’s purpose is to make blockchain technology accessible to programmers. It intends to do this by making its network more user-friendly than competitors’. Scalability is another feature that sets EOS apart from its competitors. While most of its competitors can only handle a few hundred transactions per second, EOS looks to be miles ahead.
The EOS ecosystem is made up of two main components: EOS.IO software and EOS tokens:
EOS.IO is similar to a computer’s operating system. The EOS blockchain network is managed and controlled by it. For vertical and horizontal scalability of DApps, the program employs blockchain architecture. The EOS token is the EOS network’s cryptocurrency.
To access network resources and construct and run DApps, a developer merely has to keep EOS tokens rather than spend them. Token holders who do not have any apps running can rent or transfer their bandwidth to other participants who do. EOS was founded by Dan Larimer, who is also the inventor and designer of well-known platforms such as Bitshares and Steem. It is now owned by the block.one firm.
History of EOS
Block. one, a software business specializing in blockchain technology, first released the platform in 2016. The EOS whitepaper was approved by Block.one leader’s Daniel Larimer (CTO) and Brendan Blumer (CEO). Selling virtual game components was one of Blumer’s early ventures. Larimer is also the founder of BitShares, a cryptocurrency trading platform, and the Steem blockchain.
Why is it different?
According to the business, it has the potential to manage the needs of hundreds of dApps. In comparison to Bitcoin mining, EOS crypto tokens are also generated and earned uniquely. Users build the requisite number of blocks and are rewarded with new EOS tokens for each one. The EOS blockchain is sometimes viewed as a major and direct rival to Ethereum.
With a total quantity of 1.02 billion coins, there are now over 936 million EOS coins in circulation. In June 2017, Block.one launched an EOS initial coin offering, which lasted a year. The total amount raised was $4.02 billion.