Only several blockchains allow you to build on your ideas in an upgradeable, scalable, secure way. One such blockchain is “EOS.”
Let’s learn more about the EOS blockchain and its native currency, ‘EOS.’
What Is EOS?
EOSIO is an open-source blockchain platform designed to support and run digital networks in a secure, compliant, and reliable way. It claims a high level of performance and transaction speed. The EOSIO platform supports multiple blockchains, including EOS, which is one of those blockchains.
EOS enables developers with the adaptability, security, dependability, and community resources necessary to construct blockchain ideas.
EOS can facilitate safe access and authentication, as well as data hosting, usage management, permissions, and communication between decentralized applications (dApps) and the internet.
What Is EOS Token?
To leverage network resources, build and execute decentralized applications (dApps), and use EOS currencies, a developer must keep them rather than spend them.
Token holders who are not actively running applications can make their available bandwidth available for rent or allocation to other participants who need it.
To engage in various processes, holders of EOS tokens can "lock" or "stake" their tokens. Users who have staked EOS have the opportunity to vote on and carry out choices regarding changes to the software's rules, as well as participate in validating blocks on the blockchain.
The latest price of $EOS is $0.8466. The market cap is around $893.63, and the total supply of EOS tokens is 1.05 billion.
History of EOS
Block.one is the firm that first launched the platform in 2017.
Dan Larimer and Brendan Blumer were the two individuals in charge of the company. Before he started working on EOS, Dan had previously designed the cryptocurrency exchange Bitshares.
Features of EOS
Scalability = no. of transactions divided by one sec
Most blockchain platforms struggle with scalability because blockchain transactions require consensus among all network nodes before they can be completed.
EOS asserts that its distributed proof of stake (DPOS) method can support millions of transactions per second.
In 2016, hackers found a loophole in the Ethereum code. It resulted in the theft of about 33% of the money held by the DAO, a venture capital fund Ethereum had created.
The whole network crashed and stopped. It was necessary to perform a hard fork on Ethereum, which created two unique blockchains, each with its coin. These blockchains are known as Ethereum Classic and Ethereum, respectively.
Ethereum Classic is the blockchain that has continued to utilize the old validation criteria, while Ethereum is the blockchain that has a new set of validation rules. EOS asserts that its distributed proof-of-stake (DPOS) method offers protection against such flaws. If a decentralized application (dApp) is attacked or malfunctions, the elected block producers can freeze the dApp until the system is fixed.
On the EOS blockchain platform, every single decentralized application (dApp) that has been deployed is upgradeable. This indicates that users may be granted permission to deploy code fixes, add or update functionality, and modify application logic.
In addition, software creators can update their apps without being irrevocably linked to a flaw. Implementing smart contracts on EOS that cannot be reversed is also possible.
However, such choices are made at the sole discretion of the developers and are not constrained by the constraints of the protocol.
Less energy consumption
Because of DPOS, EOS is a platform that uses significantly less energy than its competitors.
The governance of EOS is kept in check by the establishment of juristic. Because the hash of the constitution needs to be attached to the signature for every transaction in EOS, users are effectively bound to the rules outlined in the constitution.
What Makes EOS Unique?
EOS, often known as EOSIO, is now the blockchain platform with the most users worldwide. Each decentralized application developed on the blockchain offers practical and beneficial services in the real world.
All the dApps that are created on the EOS blockchain are very good at what they do. They are quick, secure, reliable, and used by thousands of users around the world. The dApps are created in different including gaming and art.
EOS is already very popular among users due to its unique characteristics. And we feel it might be more famous and more and more people will start using it once there are more technological advancements.
EOS News and Update
A few weeks ago, DWF Labs, a digital asset market maker, announced a partnership with the EOS Network Foundation. DWF Labs has decided to invest more than $60 million. According to multiple sources, this is one of their biggest crypto investments ever.
EOS is a layer-1 network for developers who want to build blockchain-based games (GameFi) and launch decentralized applications (dApps).
DWF is helping the EOS Network by buying $45 million worth of EOS tokens and promising to spend $15 million on EOS-based businesses and projects. This promise is meant to speed up the EOS Network's growth and acceptance.
How to Buy EOS Tokens?
CoinEx is a global cryptocurrency exchange, trusted by 5+ millions of users worldwide with 100% reserve. With its 700+ tokens supported, including EOS, users can now trade easily and seamlessly. To purchase EOS on CoinEx, follow the steps below.
If you already have a CoinEx account, this is how to purchase and sell EOS on CoinEx:
- To access your CoinEx account, visit the website or launch the app and enter your email and password.
- Put funds in your account to make EOS coin purchases. You can deposit the funds via bank transfer, credit card, etc.
- Once you have funds in your account, you may buy EOS coins by going to the EOS trading page and choosing the trading pair you wish to use.
- Tokens (USDT, BTC, ETH, and CET, etc.) can be exchanged for EOS. Put in your order and the quantity you want to buy.