Guides: What is EOS?

Anyone who keeps a watchful eye on the cryptocurrency market will have noticed that EOS has become a significant player amongst the top cryptocurrencies. EOS may eventually become a very useful platform. EOS has been developed by Dan Larrimer, the mind behind Steem and Bitshares, two very successful projects. EOS will be a platform that will have its very own token, currency and a decentralized system. EOS will also feature other characteristics of Dan’s previous projects, like Steem and Bitshares. One of these features will be Graphene technology allowing for the 10,000+ transactions per second.

EOS will have a more improved system of technology and software, over Ethereum and many other cryptocurrencies, you can lose access to your account if someone gets a hold of your private key. However, on EOS, your count reset and private keys are separate which make it harder to access and hack. EOS currently aims to become the most powerful system for decentralized applications. In the current market, Ethereum is the topmost application for creating decentralized applications and processing transactions.

Scalability

EOS wants to be better and more efficient. To crack the market for Ethereum, and take its place globally, EOS wants to be able to perform 50000 transactions per second, and eventually according to their plan they are to reach a Behemoth 300,000 transactions per second. This will make it the fastest platform on the market for any cryptocurrency based exchange or trade.

Comparing it with Visa, a global leader in efficient transactions, who do about 24000 transactions per second. This could be used for huge scale applications Google and Facebook, for instance, which handle 40,000 and 50,000 transactions per second on their centralized servers. To operate in the EOS system, users must be having EOS tokens. Once they acquire the tokens, developers can use EOS to build up applications on it. These tokens will also help and allow you to use the resources that the EOS blockchain provides. The positive point is that these users will not have to use these coins in order to work on this system, but only show that they hold these.

There are no Fees

The model for Bitcoin is when making a transaction a sender must include a fee for the miner’s or there’s a chance transaction won’t be processed. EOS decided to avoid this model, EOS transactions are also free, compared to Ethereum, where you have to pay every time you do a transaction. EOS was built from the ground-up to not include any fee. EOS has been gaining some fast momentum in the cryptocurrency world. It has seen prices as low as $0.48 to now a price of around $15, and still gaining pace.