What is EOS (EOS)?

What is EOS (EOS)?

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EOS is a platform launched in 2018 that enables developers to create decentralized applications (DApps).

The project's objective is straightforward: to make it as easy as possible for developers to accept and use blockchain technology — and to make the network simpler to use than competitors.

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Therefore, tools and a variety of instructional materials are available to assist developers in rapidly developing functioning applications. Additionally, offering better scalability than existing blockchains, which can sometimes only process a few hundred transactions per second, is a priority.

Additionally, EOS attempts to enhance the user and business experience. While the initiative aims to increase customer security and reduce friction, it also aims to increase company flexibility and compliance.

 

Component EOS (EOS)
Technologies Delegated Proof of Stake
Market Capitalization $3.1 Billion+
Open-Source Yes
Consensus Mechanism Delegated Proof of Stake
Smart Contracts Yes
Founders/Authors Daniel Larimer and Brendan Blumer
Launch Date 2018
Circulating Supply of Coins 976,319,881 EOS
Maximum Coin Supply 1.02 billion EOS
Mining-based Coin? No
Is EOS a Stablecoin? No
Does EOS have a burn rate? Yes
Does EOS have a Whitepaper? Yes, the white paper can be viewed here

 

Evolution and Development of EOS

EOS is a blockchain network and project that was introduced in June 2018, following an initial coin offering (ICO) that garnered $4.1 billion in cryptocurrency for Block.one, the firm that built the platform's open-source software EOS.IO.

In September 2019, one of the minor organizations that played a critical role in the original development of EOS announced its departure, stating that it will concentrate on other blockchain projects and EOS.IO system integration.

In May 2022, the price of EOS increased by 50% on news that Block.one has established a company named Bullish Global. Bullish Global plans to establish a new cryptocurrency exchange based on blockchain technology.

Peter Thiel, Mike Novogratz, Alan Howard, Christian Angermayer, Louis Bacon, and Richard Li are among the prominent investors in Bullish Global, as are the institutions Nomura and Galaxy Digital.

 

What makes EOS unique?

EOS includes two main components, namely EOS.IO as well as native EOS Tokens. EOS.IO is an operating system like Windows or Mac OS that handles computer code. 

EOS aims to be larger, better, and quicker than Ethereum. While Ethereum can currently only handle 15 transactions per second, EOS is aiming for millions per second, which is still only a target on paper.

The restricted supply of resources is a big challenge as the DApp ecosystem grows on blockchain networks. EOS.IO aims to solve these issues by increasing scalability, flexibility, and usability.

EOS uniquely verifies transactions. EOS employs Delegated Proof-of-Stake, while Ethereum uses Proof-of-Work. EOS also promises scalability. One of Ethereum's issues is handling numerous transactions at once.

 

What are the main uses for EOS?

The EOS blockchain-based project was created to enable the commercialization of decentralized apps, often referred to as DApps. EOS offers the foundational functionality necessary for companies to develop DApps in a manner comparable to developing web applications.

 

What is the future potential for EOS?

EOS has some promise as a blockchain-based platform, although it is still in its infancy. Some are sceptical of the big promises of 100,000 transactions per second, and the necessity that users possess EOS tokens to make a transaction may work against EOS's attractiveness.

EOS's price increased from US$2.43 per coin to a peak of US$3.47 per coin in 2020. It achieved an all-time high of US$12.95 in May 2022. However, after the market turbulence, it fell to US$4.26.

With a tremendous price potential and several perks, analysts anticipate that EOS will see significant growth overall. 

 

Price analysis on EOS

EOS was initially launched in 2018, and its price analysis over the past five years are as follows:

 

  2017 2018 2019 2020 2021 to date
EOS Price High $12.38 $21.54 $8.51 $5.36 $14.37
EOS Price Low $0.51 $1.74 $2.25 $1.84 $2.5
Market Cap $6.80B $17.7B $7.8B $5.11B $13.69B

 

Price prediction on EOS

Users who are curious about the future price of EOS should look at its price history as an indicator of where the price could go. EOS fell from $4 to $0.52 in 2017 but hit a new high of $11.39 in December.

It peaked at $22.89 in April 2018 before plummeting to $2.56 by the end of the year. EOS began trading at $2.60 in 2022 and progressively increased to $8.83 in April. EOS surged to $14.88 in early May.

According to this historical performance, Analysts have made several optimistic EOS forecasts. Some analysts project a price of $4.21 by the end of 2022 and a price of $7.36 by the end of 2025.

EOS is a “very solid” long-term investment, according to crypto experts. They expect that EOS could reach $4.90 in the next twelve months and $11.40 in five years.

 

Which wallets are the best option for storing EOS?

The best wallet options for EOS coins include:

  1. GreyMass EOS Voter Wallet
  2. Infinito EOS Wallet
  3. Edge Wallet
  4. Scatter EOS Wallet
  5. SimplEOS Wallet

 

1. GreyMass EOS Voter Wallet: It is the goal of GreyMass to create tools that will allow everyone to comprehend and utilize EOS and then extend that ease of use to the general population. Open-source software is being used as a basis for the Light Wallet's full-featured GUI.

 

2. Infinito EOS Wallet: Infinito Wallet allows users to maximize their cryptocurrency usage and potential. Infinito Wallet intends to create a blockchain ecosystem containing exchanges, ID/KYC solutions, and other commercial services.

Infinito Wallet is a subsidiary of Infinity Blockchain Labs Europe, which aims to be the world's leading cryptocurrency wallet for communities around the world.

 

3. Edge Wallet: Edge wallet is a respected multi-currency wallet that is simple to use even for novices. Anyone can purchase, store, and trade different cryptocurrencies all in one app while maintaining full authority over their private keys.

Edge is committed to customer privacy and security, which is why they use innovative technology that enables users to get safe access using either a PIN or touch ID.

 

4. Scatter EOS Wallet: Scatter is a desktop wallet that also includes a Chrome extension. It enables users to validate transactions on the EOS network using their private keys from web apps without ever disclosing their keys and to disclose personal information quickly and only when necessary.

 

5. SimplEOS Wallet: SimplEOS is designed exclusively for the EOS environment and is completely integrated with the EOS.IO software's capabilities. It is accessible for Windows, Linux, and Mac, making it one of the most popular EOS wallets.

EOS Rio developed this digital wallet, which is underpinned by a transparent and secure concept, as is the case with most wallets.

Best Bitcoin Wallets are the same as EOS wallets.

Where can you buy EOS?

EOS can be purchased from any of the following crypto exchange trading platforms:

  1. Kraken
  2. Uphold
  3. Bitpanda
  4. BC Bitcoin
  5. Switchere

 

1. Kraken: Kraken is a crypto exchange platform that provides beginner and institutional investors in all global countries with a diverse selection of investing possibilities. Additionally, Kraken supports 100 different cryptocurrencies, including some of the most popular ones, such as Bitcoin, Ethereum, and Cardano.

 

PROS CONS
Kraken is well-known for providing traders access to crypto markets with low non-instant purchase fees Instant purchasing fees are extremely high
The exchange features an advanced and innovative trading platform Educational materials are inadequate
There is a large product selection Withdrawal fees are charged
Traders are given a plethora of trading opportunities  
Kraken covers a global user base  

 

2. Uphold: Uphold simplifies the process of purchasing and selling any major crypto tokens. Users can invest in, transfer, and send/receive more than 40 cryptocurrencies, 23 fiat currencies, four precious metals, and 50 American stocks.

 

PROS CONS
Uphold does not have any hidden fees or surprise spreads The educational section is not organized and can be confusing
There is no minimum required initial investment  
Digital assets on Uphold can be purchased fractionally  
There are no account, custody, ticketing, or inactivity fees charged  
Users can easily convert between asset classes  
The trading platform is beginner-friendly  

 

3. Bitpanda: Bitpanda is a European-based neobroker aiming to democratize investment. Bitpanda's minimal costs, 24/7 trading, and real-time settlement allow users to determine their financial destinies.

Bitpanda was created in 2014 by Eric Demuth, Paul Klanschek, and Christian Trummer in Vienna, Austria. The company's objective is to empower personal finance and bring financial goods into the 21st century using blockchain and cryptocurrency.

 

PROS CONS
The exchange has more than a million customers already The exchange has high trading costs
The exchange supports 5 fiat currencies There are additional charges on deposits and withdrawals
Traders have access to a wide range of deposit and withdrawal methods The platform does not support staking

 

4. BC Bitcoin: BC Bitcoin is a bitcoin broker situated in the United Kingdom. With quick payments and withdrawals and a strong emphasis on customer support, BC Bitcoin is rapidly growing in popularity as a place to buy and trade cryptocurrencies.

 

PROS CONS
UK residents are eligible for local support  Limited operational hours
Users can buy or sell crypto assets using GBP or EUR directly from the platform There is no live chat offered
Direct deposit options are available  
The interface on the web trading platform is user-friendly  
There is a range of digital assets that can be traded  
The platform has built-in buying and selling calculators  

 

5. Switchere: Launched in 2019, this Tallinn, Estonia-based crypto exchange is founded on a simple concept: it acts as a convenient and quick conduit for exchanging fiat currency such as euros for cryptocurrencies.

This occurs rapidly and effortlessly. Users have access to these assets easily and transparently, which is what blockchain technology aims to achieve.

 

PROS CONS
The platform offers cashback and referral programs to its users There is a limited selection of crypto assets offered
There is a non-custodial exchange service offered There is a limited selection of support fiat currencies
The exchange employs industry-grade security features There is no mobile app available yet
There is 24/7 customer support offered  

You can buy EOS safely from these cryptocurrency platforms.

Does EOS use coin burns?

Yes, in 2019, EOS.IO burnt 34 million EOS tokens which were locked in a savings account. In addition, the platform also voted to decrease the overall inflation for transaction fees on the network.

 

Are there criticisms against EOS?

Yes, EOS is subject to suspicion in some ways.

Shortly after the introduction of EOS, block producers blocked seven accounts that included stolen tokens, but EOS lacked the legitimacy to do so. This decision exemplifies another source of contention for EOS, namely its lack of an efficient governance framework.

 

What is EOS’s largest Competitor?

NEO is the largest competitor of EOS.

EOS is a decentralized blockchain technology initiative that aims to increase the versatility of sending DApps. EOS uses the Delegated Proof-of-Stake (DPoS) consensus method, which Ethereum lacks. This redesign allows EOS to reduce transaction costs and increase transaction rates (TPS).

EOS has 3,996 TPS compared to Ethereum's 15 TPS. In TPS, EOS beats Ethereum. A public blockchain and cryptocurrency project in China, NEO (also known as China's Ethereum), inspired by the concept of a smart economy and NEO's DApps environment, is the platform's strongest suit.

NEO aims to improve on Ethereum's features. For example, NEO uses dBFT instead of Ethereum's PoS mechanism. NEO even upgraded to dBFT 2.0 for reliability. NEO can handle 10,000 TPS, indicating notably superior transaction processing than Ethereum.

NEO is the proprietary cryptocurrency that controls the NEO system for DApp development. The EOS.IO blockchain is powered by EOS, its native cryptocurrency.

To create and operate DApps, developers must possess EOS tokens rather than spend them, allowing them to use the organization's assets to create and launch DApps.

From June 26, 2016, to July 1, 2017, 200 million EOS tokens, or 20% of the total, were distributed. Currently, 1.02 billion tokens are continuously appropriated, which means that the platform has 100 million coins in escrow.

 

What is the Staking Process involved with EOS?

EOS, unlike Bitcoin, does not rely on mining. This technology, dubbed Proof-of-Work, consumes a lot of power and is limited in terms of transaction capacity.

Rather than that, EOS sold one billion EOS Tokens in a series of sales. Following that, EOS employs a technique known as Distributed Proof-of-Stake to generate the blocks that comprise the blockchain.

The user votes for Witnesses who are subsequently accountable for confirming transactions in this system. If a Witness behaves badly, the community may vote them out and replace them.

The quantity of tokens created by block producers is dependent on the average price of the projected remuneration stated by all block producers.

This functionality may be readily abused by block makers seeking larger money. To counteract this, a system limits producer rewards tokens at 5% yearly growth. Block producers who want more may be voted out by token holders who vote.

This system complements EOS storage in that all network participants pay for storing files on the EOS platform via yearly inflation. Their EOS tokens will be held up for the duration of time that users store a file on the network.

Block creators may request more value for their labour via increased pay inflation, which token holders accept. Storage demand declines, lowering inflation and preserving the value of held EOS tokens.

 

What can EOS smart contracts do?

Smart contracts are software applications that run on EOSIO nodes and store permanent data in RAM and actions on the blockchain. One of the key features of EOS smart contracts is their ability to reveal executable ‘Actions.'

Each contract is a subclass of the eosio::contract class. Variables specifying the contract's state may be declared as private class members.

These classes' members may be described as ‘Actions.' On EOS, smart contracts may accept messages from other contracts and even call other contracts' activities if granted permission.

 

Is EOS a Good Investment?

That might be the case. EOS's value has nearly doubled in the last year but has since held steady around the $3.40 mark.

However, when seen in a broader context, present performance is unimpressive. The overall crypto trading volume exceeded $4 billion in 2018, with price peaks topping the $20 mark.

Analysts believe that EOS might increase in value and that there is some possibility for growth with EOS. Despite falling short of predictions, slight increases have been seen, and the average EOS price forecast is that this trend would continue.

 

What is the supply and distribution of EOS?

There are currently 936 million EOS coins in circulation and a total supply of 1.02 billion tokens.

 

Is EOS a viable Alternative Coin?

Yes, EOS is a good alternative coin.

  • Hacking – The EOS.IO system has not experienced a successful hacking attempt that compromised its blockchain.
  • Security – EOS is secured by a delegated proof of stake consensus mechanism, one of the most robust in the industry.
  • Transaction speed – EOS can process up to 4,000 transactions per second, which is significantly faster than Ethereum and other competitors.
  • Technology – EOS employs powerful technology that has made it one of the top blockchain projects in the crypto space.

Any cryptocurrency that isn't Bitcoin is referred to as an altcoin.

What are the differences between EOS And Bitcoin?

Bitcoin was launched in 2009, developed by the pseudonymous individual/group Satoshi Nakamoto. EOS was launched in 2017 and was created by Dan Larimer and Brendan Blumer, with notable partnerships with dBancor, Galaxy Digital, and FinLab AG.

Bitcoin is capped at 21 million BTC while EOS is capped at 1.02 billion EOS. Bitcoin supports the C++ programming language, while EOS supports any language that can be compiled into WebAssembly (WASM).

Bitcoin uses a proof of work, while EOS employs a delegated proof of stake to reach a consensus on the network. 

 

  Bitcoin EOS
Price change 20/21 +400% +25%
Market Cap $800 Billion+ $3.1 Billion+
Past Hacks None None
Popularity Very High Medium
Altcoin Rank #1 – Original Crypto #52

 

What are the differences between EOS and Ethereum?

Ethereum transactions have lately come under fire as the popularity of DeFi blockchain applications develops, and the industry expands.

To send payments for stablecoins and other cryptocurrency initiatives, more DApps are embracing Ethereum. Even dealing on Uniswap takes ETH, and the costs have gotten out of hand.

Because EOS has fewer DApps than Ethereum, it can retain fast speeds and low prices. As a result, EOS is now in significantly less demand than other protocols.

Rumors are circulating in the market that EOS will shortly make some announcements that might impact the asset's future. As transaction prices rise, the Ethereum supply has increasingly come under scrutiny.

The maximum supply of Bitcoin is known to be 21 million BTC. However, the maximum quantity of ETH is unknown. Today, approximately 110 million ETH are in circulation, at the cost of over $1800 each.

938 million EOS tokens are in circulation, with a total supply of approximately 1 billion 24 million EOS coins. A smaller total supply and greater price per coin have given Ethereum a bigger market valuation.

 

  Ethereum EOS
Price change 20/21 +880% +25%
Market Cap $460 Billion+ $3.1 Billion+
Past Hacks None None
Popularity Very High Medium
Altcoin Rank #2 #52

 

What are the differences between EOS and Dogecoin?

Dogecoin (DOGE) was created in 2013 as a prank but soon acquired popularity. To tip content providers, it has become a popular cryptocurrency that is used on Reddit and Telegram.

Because the designers had no significant goals for their money, they did not create a roadmap or focus on improving it much. EOS is a new blockchain-based ecosystem that has many similarities with Ethereum.

Block.one established it in 2017, and EOS is a decentralized application hosting platform that offers a wide range of features and services. The platform employs the EOS native token that can be used as a medium of exchange.

EOS aims to eliminate all transaction costs and have a network capacity of millions of transactions per second, but there is much more to accomplish.

This platform's governance architecture is unique, and instead of anonymity, EOS depends on elected and independent block producers in a consensus called delegated-proof-of-stake.

 

  Dogecoin EOS
Price change 20/21 +7,300% +25%
Market Cap $22 Billion+ $3.1 Billion+
Past Hacks None None
Popularity High Medium
Altcoin Rank #12 #52

 

What are the differences between EOS and Neo?

The differences between EOS and Neo are as follows:

  • Native cryptocurrencies – NEO's Genesis Block issued 100 million coins, half of which went to early investors. 200 million EOS tokens were given between June 2016 and July 2017, and 700 million tokens have been released, with 100 million kept in escrow by EOS' founders, Block.one for creators.
  • Transaction fees and speeds – NEO can support more transactions per second, and the EOS blockchain is less powerful than that of NEO.
  • Blockchain protocol – EOS uses a delegated proof of stake where there are role-based permission systems for transactions, which makes it more flexible than NEO.

 

  NEO EOS
Price change 20/21 +160% +25%
Market Cap $1.70 Billion+ $3.1 Billion+
Past Hacks None None
Popularity Medium Medium
Altcoin Rank #69 #52

 

What are the differences between EOS and NFTs?

Nonfungible tokens (NFTs) are digital assets that each have a unique value, with no two NFTs holding the same characteristics or value as another. EOS, on the other hand, is fungible, which means that one EOS has the same value and characteristics as another EOS.

 

What is the difference between EOS and EOSIO?

EOSIO is a blockchain technology powered by EOS. The system emulates a real computer's CPU(s) and GPU(s), RAM, and hard disk storage, with computational resources allocated equitably among EOS token holders.

EOSIO is a decentralized operating system and intelligent contract system designed for industrial-scale centralized software installation. The smart contract platform promises to handle millions of transactions per second.

Aiming to overcome the scalability issues of blockchains like Bitcoin and Ethereum, the platform will provide decentralized program hosting, smart contract capacity, and business storage solutions for all users.

Employing assigned proof-of-stake for its consensus process, EOSIO is both multi-threaded (can run on several PC cores) and multi-threaded.

Steemit, a financial, social network, and Bitshares, a distributed cryptocurrency exchange, are examples of decentralized apps that may be built using EOSIO (DEX).

 

What is a software wallet?

Software wallets are a kind of cryptocurrency storage that resides entirely as computer software files. By creating a wallet, users would already have established an address that serves as their unique “ID.” Users can then obtain cryptocurrency using their designated public key or address.

While software wallets are handy for users, they pose a security concern due to the possibility of malware being introduced to the machine running the software wallet, resulting in a breach and loss of coins. For increased security, hardware wallets are preferable.

What is a hardware wallet?

A hardware wallet is a name given to a physical device that is designed to store the private keys of users in a secure hardware device that is offline. Private keys are critical pieces of information that are used to verify outgoing transactions on any blockchain platform.

The overall principle behind these devices is to provide users full isolation between their private keys and their smartphones and computers, which are extremely susceptible to cyberattacks.

 

Which type of wallet is more secure, hardware or software?

Hardware wallets are inherently more secure than any other options since they are very difficult to hack. However, they lack the flexibility of online wallets since each transaction requires users to carry their smartphones. Additionally, they demand a minimal upfront cost to purchase the equipment.