EOS is a decentralized Blockchain-based operating system that enables smart contracts similar to what Ethereum does but with scalability benefits. Developers must have EOS coins to develop applications on the network.
EOS asynchronous communication and parallel processing enable scalability, while its ownership model eliminates the need for transaction fees. The operating system also provides support for commercial-scale decentralized applications, which allows developers to come up with Blockchain applications in a similar way to web-based applications.
However, EOS cryptocurrency is still in the conceptual stage with limitations to what it can do. For instance, it carries its Initial Coin Offerings on the Ethereum Blockchain. The operating system also cannot handle large ICOs, without bogging down the network.
How EOS Works
EOS is built in a Delegated Proof-of-Stake protocol, which uses nodes to verify transactions. In exchange for acting as a producer, nodes are usually rewarded with EOS tokens. Few nodes are required to verify transactions, for this reason, it requires less energy to operate the network as a whole.
The verification of transactions is usually carried out at random, in a bid to prevent the centralization of a network. The EOS network processes up to 100,000 transactions a second, thanks to the integration of horizontal scalability.
History of EOS
EOS is the brainchild of Dan Larimer who has also founded two other successful crypto coins, STEEM and Bitshares. The Chief Technology officer is credited with developing the Proof-of stake and the concept of the decentralized autonomous organization.
Larimer and his team have pivoted away from the Wren programming language in favor of Web Assembly for the EOS Blockchain. A decision to pursue a pragmatic data-driven approach follows the discovery that Wren was not good for performance.
Web Assembly programming has emerged as a developer's favorite when it comes to the development of decentralized applications. This is because it allows the utilization and compilation of many programming languages such C, c++, Rust, and Solidity.
Unlike other cryptocurrencies, it is not possible to mine EOS coins. Instead, there are EOS tokens that are distributed on the Ethereum Blockchain. To date, 1 billion EOS tokens have been distributed, since June 26, 2017, on a pro-rata basis to authorized purchasers based on total ether contributed.
To participate in EOS token distribution, one needs an Ethereum compatible wallet or an application. Private keys are also needed for one to interact with smart contract functions. Token distributions allow a small amount of people to participate in the development and adoption of the EOS.IO software.
EOS is currently running an initial coin offering that will be completed On June 1, 2018.
Minimum contributions required for EOS token distribution is 0.01ETH. EOS tokens can be bought or sold at any of the exchanges including Bitfinex and Kraken.
EOS Cryptocurrency Price
Over the past month, EOS has gained more than 300% in value, as it continues to perform in line with the overall cryptocurrency industry. Fueling the upward momentum is the acceptance of cryptocurrencies in the investment community, given the benefits, such technologies bring to the table.
Expansion of the ICO market is also seen as a key driver of EOS price as is the case with other cryptocurrencies. EOS ICO raised a record $150 million in just five days after debuting in the Bitfinex exchange. Ramping up investor confidence is the fact that EOS is considered a direct competitor of Ethereum.
EOS promises to be a better blockchain operating system in that it is faster and more scalable than Ethereum.