In this modern age where the number of cryptocurrencies in existence is well over 1,500, with new ones being frequently developed, it seems like you hear about a new virtual currency every day. And as cryptocurrency users looking to invest in a new cryptocurrency, we often get to the point where we are not sure when we should invest and what’s the best option to put our money in the market.
Following Ethereum’s success as a blockchain platform for growing DApps, decentralized applications, the blockchain space ever so often experiences the emergence of some similar platforms with EOS being one of them. The Hong Kong-based blockchain, EOS, has been billed as the Ethereum killer. It promises a decentralized application platform (DApp).
Created by Block.one and Dan Larimer, EOS makes it possible for DApps to scale both vertically and horizontally, and like Ethereum, EOS is a platform that allows other digital coins to come into fruition.
Its main objective is to answer the problems of speed, scalability, and user experience by providing account recovery, doing away with transaction fees, and alike. The blockchain manages to attain this by using Delegated Proof-of-Stake consensus mechanism.
Here I will highlight the reasons why EOS is a good investment opportunity.
Blockchain scalability is a real problem especially now when virtual currencies like Bitcoin and Ethereum are competing with more mainstream platforms like MasterCard, PayPal, and Visa; they seriously need to intensify their performance when it comes to transaction time.
Although not being a ‘silver bullet’ to the scalability issue, EOS is built specifically to prioritize scalability performance by ensuring massive adoption of the cryptocurrency is not a problem.
The EOS platform was built to hold millions of users at the same time making use of its blockchain, but even so, scaling is a continuous problem that has a terrible way of going around any attempts of solving it. As soon as developers improve scalability, products adapt until scalability levels are reached again leading to another performance crisis.
Ethereum’s (EOS biggest competitor) Current State
On several occasions, EOS has been compared to Ethereum with both currencies sharing a similar vision of becoming a decentralized space for trading with cryptocurrencies. However, Ethereum seems to be back peddling away from this vision as it requires a lot of time, work, and resources to implement.
In the opposite side of the frame, EOS has continued to pursue this vision making it have scalability, and a better-equipped ecosystem that is leading to the platforms become the primary option users.
EOS Source of Funds
Many of the virtual currencies if not all result in worrying situations when it comes to the facts that relate to funding activities. But thanks to EOS’s efforts and success in creating an inflation system that supports the funding of the blockchain, the digital coin can spare users from transaction cost that could have been used to source for funds.
EOS relies on a 5% annual inflation that is used to pay block producers and for requests of the whole community.
Holding EOS tokens allows you to use its shared network resources. Meaning you will have access to bandwidth, storage, and many other services after investing in EOS. It’s like possessing a digital real estate where the number of digital coins you own provides you with the percentage of space that will be at your disposal.
It is still too early to predict EOS movements in the future and whether it’s going to live up to its expectations. But what can be said is the digital coin has a good team, a grand vision to become great, a successful leader who is an expert in the field, and a lot of potentials. With all this in context, it’s easy to understand why EOS is a safe and smart investment option at this time.
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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.
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Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //
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Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //
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