EOS Oversimplified: A Beginners Guide To EOS.IO Cryptocurrency

What Is EOS?

EOS is a platform that uses the blockchain technology for the development of decentralized applications (dapps), very similar to Ethereum in function. As a matter of fact, supporters have dubbed it as the “Ethereum killer”. By providing an operating-system-like set of services and features that dapps can make use of, it makes dapp development very easy.

The whole idea behind EOS is to bring together the best features and promises of the many smart contract technologies that exist (for example the computing support of Ethereum, security of Bitcoin). In a simplified matter, the EOS team is working towards providing one massively scalable dapp, simple to use platform for the everyday user.


The Creation of EOS:

Block.one is the company behind the creations of EOS. The company is led by Dan Larimer (co-founder of both Steemit and Bitshares) and Brendan Bloomer. Both of them are very experienced in the crypto market and have been a massive supporter of the technology as a whole, not only their own EOS.

There were three stages in the creation of EOS the first one was in the September 14 of 2017 “EOS Dawn 1.0”, the second one was back in December 4 of 2017 “Dawn 2.0” which its release brought resource tracking and inter-blockchain communication, and the last one (the project’s official launch) occurred back in April of 2018 “Dawn 3.0 release”.

How Does EOS Work?

Their vision is to create a blockchain dapp platform which is able securely and smoothly scale to thousands of transactions per second, at the same time, providing an accessible experience to entrepreneurs, app developers, and users. Their aim is to provide a platform with a complete operating system for decentralized applications by offering cloud storage, user authentication, and server hosting.


EOS Token and Trading:

The EOS crypto sale was distinctive and in a class by itself. It took place over a year, from the 26th June of 2017, with 350 periods of distribution. After the end of each period, the overall number of tokens designated for that amount of time was distributed to contributors based on the amount of ETHER they contributed dividing by the total contribution amount.

When this was all happening, almost all of the major exchanges listed the EOS tokens. Therefore, it was the market which mainly determined the price. This opened up to everyone who’s interested in the token to buy it and gave quite a lot of time to watch the development and progress of the EOS team before contributing. The result has been one of the most lucrative token sales to date and a lot of growth for the token in the meantime.

EOS token itself does not perform a function. The only use for it is for developers developing applications on the EOS platform must use the token to generate their specific application tokens. And, each application’s acceptance on the platform is contingent on voting by token holders.


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Citation:

What Is EOS? | Everything You Should Know. (2018, October 31). https://coincentral.com/what-is-eos/