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EOS: A Fresh Currency Rocking the Market
“Rocking” might be a slightly exaggerated term, but given the fact that EOS was introduced to the cryptocurrency market less than a year ago, this token is semi-dominating that same market with a fairly stable price and solid good features that make it desirable for investors and users. Let’s see how EOS is doing these days.
What is EOS?
For everyone still not entirely familiar with what EOS is, this token supports a strong decentralized network that allows all users and developers to easily create, upload and deploy decentralized applications within the EOS platform. This platform with its token is mostly comparable to Ethereum, as these two share a lot when it comes to purpose, goals, ideas and technical capabilities.
The project was launched in June 2017 and developed by Dan Larrimer, who also BitShares and Steam.
Much like any decentralized platform, in this case maybe Ethereum is best comparable; EOS allows all users and EOS holders, and developers to get an access to their blockchain network. In order for the developers to be able to craft their applications, they must own EOS tokens. All applications are of decentralized nature and represent a source of income for the developers whenever a user within the platform decides to use a certain application. The main blockchain server is made of smaller portions of nodes that also produce blocks, while all applications hosted on this platform allow mutual connection and communication. Firewall type applications would also be applicable in order to limit the range of communication when needed and on demand.
All applications set on the platform have their own database and personal data, which ensures the fast performance of both, the network and the application.
Even though EOS is far from reaching Ethereum’s current price, EOS developers, users and investors have declared this decentralized platform to be their main competition, so they are learning on Ethereum’s “mistakes”, correcting the issues they are addressing already at the core of the development.
That is how instead of charging its users for every transaction they make like Ethereum does, EOS will not charge their users for each transaction. That way, more people would want to choose EOS as their transaction fees would be cut that way, which makes up for a perfect strategy for EOS. But, much like Ethereum, EOS allows all developers working with their token to create their own ERC20 tokens and host them as ICO on their platform.
Moreover, EOS take the most pride in the scalability of its decentralized platform as this ecosystem can easily support thousands of uploaded applications without cluster or lowered processing speed. This is made possible thanks to the parallel execution, asynchronous communication and separated execution from authentication which prevents the system cluster.
This way, all applications are entitled to communication and fast processing speed, while also allowing fast transactions within the platform. The system is also improved by obtaining flexibility in form of allowing you to fix or freeze broken and bugging applications that are causing problems and showing present issues. Furthermore, EOS blockchain platform offers a user-friendly interface that is highly usable, having web tools for development of your interface with self-describing database schemes, interfaces, and declarative permission schemes.
In the end, all you need to know about this token and its platform is that it represents a scalable and flexible decentralized platform that can process millions of transactions in a matter of seconds while allowing creation and deployment of decentralized applications within its ecosystem. The main advantage you can get with EOS that seems most interesting to frequent blockchain users is the ability to process transactions with no fees.
How is EOS doing at the current moment?
From the beginning of January, this token managed to reach its all-time high, at one moment dealing at 18$ per one unit. Further, from that point, EOS lost the ground above its feet and was caught in the whirlpool of drops along with the great majority of other coins and tokens.
Now, when EOS is slowly being recovered when it comes to the pace of growth, you can buy this currency at 5.86$ per one unit. EOS has experienced rises against BTC and ETH as well and is currently set at 9th place on the global coin ranking list.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
Image courtesy of Geoff Whalen via Flickr