What is EOS? Everything you need to know
We all have heard of Bitcoin or Ethereum. But, have you ever heard about EOS? What is it and how it works? Here’s an introduction to everything you need to know about EOS.
EOS is a blockchain-based decentralized platform that allows the development and execution of commercial-scale decentralized applications (dApps). EOS makes the development of dApps simpler and easier by delivering an operative set of functions and services useful for dApps.
The goal of EOS community is to develop a platform that will be easy to use for bringing together the best characteristics of the available smart contract technologies. Developed in 2017, EOS enables companies to perform a lot of transactions in a second while removing the transaction fees.
The EOS platform was developed by Dan Larimer and Brendan Bloomer, both part of the company known as Block.one. They are acknowledged and experienced in the cryptocurrency world, involved in the blockchain world since 2014, and that’s how they succeeded in creating such a popular platform with lots of contributors. The EOS community is active on many social media platforms such as Facebook, Twitter, and Telegram.
By having a goal to make the EOS platform able to securely perform millions of transactions in a second, EOS community works towards providing an operative system for decentralized applications that will offer services like server hosting or user authentication. Another important advantage of EOS is that it enables people to share database access between them and to store data on a local machine. EOS gives full security to its users by enabling their accounts to be locally secured.
They have their own token known as EOS Token, and you can buy it on many trading exchanges like KuCoin, Huobi, Binance, etc with USD, BTC or ETH. It is a utility token that allows its owners to perform numerous transactions per second. EOS community succeeded in raising over $700 million through their ICO, when they offered the EOS token in June 2017. There was a lot of interested for their ICO and that helped EOS to have one of the most successful ICOs ever. You can choose to store your EOS tokens in different wallets, such as Greymass wallet, Simpleos wallet, and Command Line Interface (CLI) wallet.
In the time where there are many blockchain-based platforms such as Ethereum, the EOS platform is focused on solving crucial problems such as flexibility and speed. Currently, there are more than 100 dApps on the EOS network.
The EOS platform is completely free, which means that any application developed on the EOS platform doesn’t need any payment or transactions on the blockchain. That is left to the developers — they determine by themselves whether their users will pay transactions, how will they pay, etc. EOS gives its users total freedom to determine their working strategies on their own. This is one of the most important things that make EOS a lot different than other cryptocurrencies.
There is one thing that is sure — EOS is here to stay and will revolutionize the world we live in. The EOS team has proved to be effective and successful and they will achieve even more success in the future.
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