The EOS.IO blockchain issues tokens. For dApps, the EOS Token is necessary to access the network. The decentralized network’s potential for scale is astounding.
Bloc.one was founded in June 2018 by Dan Larimer and Brendan Bloomer. In June 2017, the EOS Token went on sale.
In June 2020, EOS ranked 9th in terms of market capitalization. Token EOS reached a high of USD 22.89 in late April 2018. The currency is now worth USD 2.67.
Before EOS, Larimer worked on Bitshares and Steemit. He also created DPS.
EOS was built to be a decentralized platform for creating huge dApps. It also aims to outgrow its competitors.
EOS is similar to Ethereum, but Larimer and Bloomer sought to enhance a few things. To process millions of transactions per second without charging costs. Not in Ethereum. EOS aims to do this by delegating PoS approval.
The EOS network has thousands of dApps. They range from games and casinos to dApps that use blockchain to better universal healthcare.
How is it Powered?
EOS employs a DPoS consensus, where 21 people validate transactions every day. The community selects 21 delegates. So many advantages! First, representatives are held accountable for their actions by the community. Second, a small pool of validators speeds up transactions. The daily re-election dismisses any concerns raised by a small minority.
The EOS supply is 5% inflated, with 1% going to validators at year’s end. Truly, this keeps them motivated all year and helps them perform well.
The Delegated Proof of Stake technology is scalable. The small daily delegates for block validation will keep transaction speeds up regardless of EOS community size. Paying block validators with EOS requires no transaction costs.
Trading or holding EOS tokens are possible. This is genuine money. That value lies in the EOS network. Your network claim grows as your EOS Tokens grow. Tokens can be used in dApps.
Transactions on EOS are free. However, buying tokens from a third party incurs fees. A crypto exchange or eToro, the world’s largest social investment network, are also options. Buying EOS on eToro costs 2.9%.
Scalability – EOS believes the network can scale indefinitely. It can handle millions of transactions per second regardless of network size—an inefficient pool of validators. EOS dApps are used more frequently and generate more transactions than Ethereum dApps. This is due to EOS owners owning the network.
Also, the EOS network can respond to situations like the DAO attack on Ethereum using DPoS. Block validators could vote to freeze the app to prevent this on the EOS network. So the network keeps working.
Because EOS is a decentralized operating system, token holders own a proportionate network share. Such networks like Ethereum don’t charge transaction fees.
Anonymously and Security
EOS Token owners are not anonymous. Their use is not unknown. Even a stock market wallet can’t be anonymous because every major online stock exchange requires ID verification to access its services or buy tokens.
EOS is potentially secure because of DPOS. The method freezes the software, preventing attacks like the Ethereum DAO. Others believe that controlling 11 of the 21 validators is sufficient, but questionable.
However, two EOS assaults happened in late 2019. One was against a gambling app. To prevent valid transactions from being authorized, a hacker exploited a weakness in the blockchain coding.
An EIDOS attack sends users EIDOS tokens via an “airdrop” on the blockchain. It was transacting on the network generated EIDOS tokens. This down the network dramatically. Another “attack” to illustrate the EOS network’s flaws.
Who Uses it?
Ecosphere – A company that helps companies create EOS dApps. dpp developers and EOS users want them to help traditional businesses adopt blockchain technology.
EOS studio – accessible dApp creation for the EOS network. It has powerful code editing and contract review tools. To boost the quality of dApps on EOS, they want to make dApp development easy.
Galaxy Digital Assets – Galaxy Digital Assets manages an EOS fund. The fund will invest in teams and enterprises who seek to utilize the EOS blockchain platform.
Fin Lab – A German firm that uses technology to help other firms develop. On the EOS Blockchain, they promote FinTech startups.
there is no EOS teardown. Instead, it rises 5% annually. 1% goes to last year’s block producers. Like mining, block producers can “earn” EOS.
Most crypto wallets accept EOS tokens. Online and offline wallets are included. Wallets range from strong security to easy transferability. The best wallets have:
- Ledger Nano S
- Atomic Wallet
EOS wallets made by the community allow token storage and voting on block producers. Examples:
- GreyMass EOS Voter Wallet
- Scatter EOS-Wallet
- Guarda EOS Wallet
One only you can answer after thorough research. Buying EOS Tokens is necessary for developing dApps, regardless of profitability.
Since April 2018, the price of EOS has steadily fallen.
It should note that cryptocurrency prices are pretty volatile. Never invest money you can’t afford to lose.