What Is EOS?

Dan Larrimer created EOS, a type of blockchain technology similar to Ethereum. He is also the creator of Steem and BitShares. On June 26, 2017 the project starts its ICO.

Features

Parallel Processing:

The capacity to accomplish multiple tasks simultaneously, higher transaction velocities, and the capacity to handle larger amounts of traffic.

A Constitution:

A consensus of regulations governing each block that is extracted is established.

Self Sufficiency and Evolution:

This model permits a 5% inflation rate to be activated, which will be utilized to expand the network.

Decentralized operating system:

EOS is much like a distributed operating system, which enables developers to produce apps utilizing it. Owning EOS coins is a claim on server resources. A programmer must own EOS tokens to work with the EOS blockchain. Developers don’t have to spend their coins to access the server resources; all they need to do is show that they have them.

This operating system will be run on servers (data centers), which will also be responsible for the production of blocks. The reward system of EOS motivates these servers to support EOS applications.

Applications that operate on this decentralized operating system will be able to communicate with one another, and there are security methods to protect the applications from malicious attacks.

Applications make use of ubiquitous features such as requiring sign-in credentials, user-friendly interfaces, and the handling of a back-end database. This implies that programs are able to access frameworks or libraries which aid in speeding up development, augmenting security and reducing difficulty. For instance, software will have an individual protected database and file region on EOS.

EOS will provide developers with the capability to craft blockchain applications that customers can comfortably use. It is unlikely that individuals would be aware that they are interacting with EOS when utilizing it, as this is something they will not observe.

Ethereum does not do a great job of making it easy for people to use their blockchain.

Ethereum, a major rival to EOS, requires that users pay for every transaction they make. EOS will not do so. This will increase adoption.

It is possible to produce ERC20-style tokens on the EOS blockchain, which implies that ICOs can be facilitated on this particular platform.

The ICO is going to last an entire year, which should help with the distribution and consequently drive up the adoption rate.

A total of two hundred million tokens will be released over a five-day period starting on June 26th, 2017 at 1pm Universal Time and ending on July 1st, 2017 at 12:59:59 Universal Time.

Seven hundred million (700,000,000) EOS tokens will be divided into 350 sets of two million (2,000,000) tokens each, distributed over a span of 23 hours, starting from July 1, 2017 at 13:00:00 UTC. One hundred million (100,000,000) tokens will be kept aside by block.one and cannot be sold or transferred on the Ethereum network.

A total of one-hundred million tokens are set aside exclusively for block.one and cannot be transacted or transmitted over the Ethereum blockchain.

Challenges

The current ICO market is very agitated. To me, it seems like a feverish craze right now.

Ethereum has been the first one to enter the market for smart contracts and a multitude of frameworks have been constructed on it, showing its abilities as a successful commercial blockchain. It is conceivable that Ethereum would use the same model. It is already in the process of transitioning from a Proof of Work system to a Proof of Stake system.

Aside from Ethereum, several other competitors, including RChain, Rootstock/RSK, and Crown, have yet to make their decentralized platforms and corresponding smart contracts available to developers. When this happens, it is likely that developers will find these new alternatives to be more cost-effective and simpler to use.

Other types of blockchains with intelligent contract features include BitShares and Graphene. At present, these have only basic smart contract functions, but they may eventually change their systems so they are comparable to such a model.

Smart contracts will be readable code rather than binaries. I am exploring more deeply into the implications of how keeping proprietary smart contract technologies concealed would be challenging.

Dan Larrimer has a tendency to progress to new ventures; this was shown with his involvement in Steem and Bitshares. It may not be an unfavorable situation, however if the timing is off, the project could be adversely affected.

There is no limit to the amount of money being provided for this initial coin offering. How will the excess funds be managed? Could this lead to a hyper valuation? What happens once the tokens can be moved? Are those looking to make a quick profit through short-term investment willing to sell and drive down prices?

Getting Started With EOS

We think that EOS has different interpretations depending on the individual. We have gotten so many terrific ideas about what EOS means or could mean that we have decided not to set a rigid definition for it.

EOS.IO is a platform providing a blockchain system created to facilitate the development of decentralized applications which can be scaled both horizontally and vertically (the “EOS.IO Software”). The accomplishment of this is done by constructing something similar to an operating system, on which programs can be created.

This software can manage accounts, recognize users, store data, facilitate communication between multiple components, and coordinate applications across multiple CPU cores and/or server clusters. The end result of this development is a blockchain construction that is capable of processing millions of transactions per second without the need for user payments and swiftly implement decentralized applications.

Block.one, a business establishment based out of the Cayman Islands that is immune to certain laws, is developing the EOS.IO Software. The firm has personnel and counselors located in different parts of the globe and concentrates on commercial-level technology solutions, including constructing blockchain applications.

Once it is finished being created, block.one will issue the EOS.IO Software to the public through an open source software license.

What Are EOS Tokens?

EOS tokens are Ethereum-based tokens that are given out through an ERC-20 smart contract related to the Ethereum blockchain.

Block.one is in the process of creating the EOS.IO Software, but they are not going to be involved in designing and launching any public blockchain system using the open source EOS.IO Software (the “EOS Platform”).

The launching of an EOS Platform will be taken on by members of the community who are not affiliated with block.one. Third party groups who use the EOS Platform are allowed to cancel, alter, or add onto the EOS.IO Software before, during, and after starting the EOS Platform.

The EOS Tokens do not have any form of entitlement, utility, goal, properties, capabilities, or capabilities, either specifically mentioned or suggested, such as, but not limited to, any kind of functionality, purpose, features, qualities, or characteristics on the EOS Platform.

The distribution of EOS Tokens will occur gradually over the course of 341 days beginning June 26th, 2017 at 1 pm UTC. One billion (1,000,000,000) EOS Tokens will be distributed according to the schedule below:

A period of five days starting on June 26th, 2017 at 1pm UTC and ending on July 1st, 2017 at 12:59:59 UTC will see 200 million EOS Tokens (20% of the entire supply) released into the market.

A total of 700,000,000 EOS Tokens (representing 70% of the total number of tokens in circulation) will be distributed into 350 blocs of 2,000,000 each, with each bloc lasting for 23 hour intervals. This process will start on July 1, 2017 at 13:00:00 UTC.

One hundred million EOS tokens (10% of the total amount available) are allocated to block.one and are not allowed to be bought and sold or moved on the Ethereum network.

What are the Benefits of EOS?

The goal of EOS is to provide an open decentralized structure which can host programs, execute smart contracts, and enable blockchains for corporations while attempting to fix the scalability struggles confronted by original cryptocurrencies like Bitcoin and Ethereum.

It will also eliminate the fees charged for transactions. This system will be achieved by taking advantage of delegated proof-of-stake for the decision-making process, as well as enabling it to run on multiple cores of computing devices.

EOS aims to be the premier decentralized operating system. EOSIO offers a more beneficial atmosphere for designing decentralized applications, including BitShares, a platform for the exchange of digital currency without a middleman, and Steemit, a social media site that provides monetary benefits.

EOS is a utility token that provides users with both storage and bandwidth on the blockchain network. The amount of bandwidth a person can use is dependent on the number of EOS tokens they own, with owning only 1% permitting them to use up to 1%. These tokens also provide the owner with an opportunity to have a say in the management of the blockchain and to cast votes according to the amount of tokens they own.

At the launch of EOSIO, it will vote for 21 block producers to validate and create blocks within a block time of 500 milliseconds. An assembly language created by the W3C, capable of being used with multiple different languages such as C, C++ and Rust, is utilized as the building platform for smart contracts and the entire World Wide Web.

How to Buy and Store EOS

EOS is available to be exchanged on trading platforms all over the globe, and can be paired up with some prime cryptos such as BTC, ETH, BNB, KRW, and USDT. This makes life easier for users of EOS as they can get their hands on EOS tokens just with the ETH, BNB, BTC, USDT, or KRW they already have. A number of notable international stock markets offer EOS token, including Binance, KuCoin, Bitfinex, Huobi, and more. EOS tokens can be obtained from around 120 exchanges using BTC, ETH, USDT, and other prominent digital currencies.

CoinSwitch can help guide you to make an informed decision about EOS when using cryptocurrency exchanges by providing the value of EOS on multiple trading platforms. This cryptocurrency platform has the capacity to work with over 140 different coins and 45,000 different pairings. You are able to select the pair you would like to utilize with your token and look at the costs on trading platforms. You can pick the most advantageous deal for yourself!

CoinSwitch eliminates the need to use a unique wallet from the exchange to keep your EOS digital currency. Instead of using third-party accounts, you only use your own personal, secure wallet for all transactions, as mentioned earlier in the dialogue.

EOS Storage

EOS was an ERC20 token, meaning that any wallet that is compatible with Ethereum could securely store it. This changed with the release of its own mainnet on 10 June 2018, after which wallet support was provided by the following services:

EOSIO, the software behind EOS, features a wallet that works solely via command line (without a graphical user interface). You may need some technology proficiency and awareness in order to utilize this, so if you would rather not, other wallets provided by another organization can be checked out. Remember that although some wallet services may be well-known, EOS does not officially support any of them.

EOSIO has R1 elliptic curve compatibility, making Apple’s products such as the iMac Pro, MacBook Pro, iPhone and iPad usable for biometrically secured hardware wallets, according to the EOS website. A variety of smart-cards and Android devices make use of the identical R1 curve.

The Infinito Wallet is an external digital wallet that can accommodate a range of digital currencies, including Bitcoin, Ethereum, Bitcoin Cash, Litecoin, and several other popular cryptos.

What is the future of EOS Token?

EOS’s company, Block.one , is registered in Cayman Islands. It started distributing EOS tokens to the public in June 2017. It pulled in an impressive $700 million during its Initial Coin Offering, signifying the strong backing it has been given by the public.

On December 6th, 2017, Everipedia declared that they would begin to utilize EOS blockchain technology as the core of their open-sourced, wiki-based online encyclopedia. Once the Everipedia has been decentralised and implemented on the EOSIO platform, it will be impossible for countries like Iran and Turkey to stop access to it, which they have done for Wikipedia.

EOS Global Acceptance

EOS holds the fifth highest market capitalization worldwide as of June 2018, with a total of $10.9 billion USD. There are 900 million EOS coins currently in use.

Future Prospects

EOS enables coders to create decentralized programs in a public setting. EOS stands out in terms of scalability thanks to its architecture which uses Proof-of-Stake instead of the Proof-of-Work that other cryptocurrencies often employ. This structure enables EOS to comfortably host thousands of different decentralized commercial applications. EOS is gaining more traction day by day.

Between 2017’s closing months and 2018’s opening months, EOS saw an enormous growth of more than 15 times, with its price increasing from near $1 to over $15. Despite the market seeing a drop overall, the cost of an EOS coin has managed to remain at a rate around $15 since June 2018. It looks like the release of its mainnet is imminent.

The target for the cost to reach by the end of 2018 is $37, which would lead to an approximate value of $143 over the course of the next five years. Therefore, the potential returns from this platform are great, making it a worthwhile investment. Because of the numerous decentralized applications, there is less need for an IT system to be implemented for EOS. As more companies begin to utilize the platform for decentralized applications, the platform’s worth will grow as well.

EOS has a massive reserve so far. It has made billions of dollars through its initial coin offerings. The platform has built up a large reserve fund which has developed an ecosystem. Corporations and other organizations can swiftly create distributed apps using this platform.