What Is EOS?
EOS is a blockchain-based, decentralised platform for developing, storing, and running Web3 applications.
The EOS native token, EOS, is not only a speculative investment but also a means of exchanging value and purchasing storage and network capacity.
KEY POINTS
- EOS is a blockchain-based platform that makes value exchanges and decentralised application development easier.
- EOS makes it easier for dApps to connect to the Internet, control use, host data, grant permissions, and authenticate users securely.
- The EOS token is the cryptocurrency that the network uses.
- Its main competitor is the more well-known and widely used Ethereum blockchain and virtual machine.
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The history of EOS
EOS was developed by Dan Larimer and Brendan Blumer of Block.one, who released its whitepaper in 2017.
After an initial coin sale that earned $4.1 billion in cryptocurrency, the EOSIO open-source software was released on the EOSIO mainnet, and one billion EOS tokens were distributed in June 2018.
In August 2021, Yves La Rose founded the EOS Network Foundation to promote investment in EOS-based projects and make EOS more appealing to developers and users.
Block.one initially received EOS tokens, which were thereafter sent to it on a regular basis.
However, investors like La Rose felt that the corporation had not fulfilled its promises after years of disregarding the project.
While core developers left Block.one and joined the community, other developers were given assignments to other projects.
According to this, Block.one effectively abandoned the project and its supporters.
One of Block.one’s co-founders, Brock Pierce, purchased 45 million EOS from the company in November 2021.
At the moment, the corporation did not have 37 million of those tokens.
Peirce would have been given vested ownership of these tokens when they were created over the next seven years.
The community thought the corporation had no control over the tokens as the block producers held the rights to them until they were vested.
After consulting with Brock Peirce and Block, the community made the decision to stop vesting tokens.
After one failed, the blockchain was forked and development began.
EOS for blockchain
Developers can utilise smart contracts to create applications that support a variety of functions because the Ethereum Virtual Machine and the EOS blockchain are fully compatible.
Users have the ability to create both fungible and non-fungible tokens.
By using the blockchain’s delegated proof-of-stake consensus mechanism, users can designate validators using their EOS.
The Economics of Tokens
In May 2024, the EOS community made the decision to change its tokenomics in order to promote stability, durability, and growth.
A four-year halving cycle was initiated after the EOS network was changed to cap the total amount of tokens at 2.1 billion.
During this time, staking rewards would be gradually and steadily reduced by half.
Blockchain Updates
On September 25, 2024, Savanna was successfully implemented as a new consensus method on the EOS blockchain network.
This version adds Boneh–Lynn–Shacham (BLS) signatures, which allow transactions to be validated and finished in less than a second, which is significantly faster than on many other blockchains.
Ethereum versus EOS
EOS and Ethereum are quite similar. Similar to Ethereum, EOS may be used to develop dApps and smart contracts, as well as be used as a payment method.
The EOS Network claims that the blockchain has a one-second block interval, can process 100 million transactions per day (1,157 transactions per second), and costs an average fee of 0.01 EOS ($0.004786 on October 12, 2024) per transaction.
Ethereum can execute about 12 transactions per second, or 1.01 million transactions per day, with costs of about 6.8 gwei ($0.061 on Oct. 12, 2024).
The future of EOS
Even while the EOS Network Foundation is actively working to create and maintain the EOS blockchain, its adoption and popularity are still far less widespread than those of many other cryptocurrencies and blockchain projects.
It’s difficult to predict what will happen because there are many blockchain initiatives competing for the interest of Web3 application developers.
Although they are useful as payment systems and speculative investments, blockchains and cryptocurrencies are part of a larger movement to shift away from centralised administration of data, information, and funds.
Every project seeks to solve problems better than its competitors, so if the EOS community can distinguish between its network and blockchain, it may have a chance. If not, a number of other projects will also become outdated.
Is It Wise to Invest in EOS Coin?
EOS is the name of the cryptocurrency on the EOS blockchain.
Even if it is still in its infancy, whether or not it is a worthwhile investment will depend on your thoughts about the project and token, as well as whether you believe that other people will share your opinions.
Is there any hope for EOS?
EOS is still in its infancy in a market that is leading the way in the construction of internet infrastructure.
Like many other endeavours, the project is likely to fade into abandonment, even though it might receive enough attention to become a workable answer for the issues it is attempting to address.
Is EOS Better Than Ethereum?
It’s difficult to say. Both blockchains are working to become global virtual machines that will form the basis of future web technology advancements.
Ethereum has a user base that is already established, is more frequently utilised, and has hundreds of apps developed on it.
EOS claims to be faster, but it requires a lot more users and developers to demonstrate that it can be a viable alternative to Ethereum.
What Is an EOS Token?
The native token of the EOS blockchain is called EOS (EOS).
While some use EOS as a payment method and to cover the cost of storage and bandwidth on the blockchain, others use it as a speculative investment.
The Bottom Line
EOS has the ability to compete in the blockchain and cryptocurrency sectors, despite its early stages.
As of October 2024, no large network has put the project’s claims of speed, application development, reliability, safety, and other features to the test.
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