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What is EOS? – An In-Depth Guide

  1. EOS wants to make enterprise-grade decentralized applications scalable and highly-efficient. 
  2. The EOS ICO ran for 350 days, and it makes it one of the longest-running ICO in the history of cryptocurrencies. 
  3. The price of EOS tokens have fallen from the highs of over $10 and is down to $2.3 now.

EOS, pronounced as E-OS, has been making waves in the crypto world since introduced. It has created quite a buzz, and that got people curious about EOS. So, what is EOS? We have brought this article to answer your question. If you want to know more about EOS, you have definitely come to the right place.

This guide will explain what is EOS in a very simple manner. Regardless of your technical affinity with the cryptocurrencies, this guide will be able to explain the EOS blockchain and EOS token in the simplest way possible.

What is EOS? A Quick Look

EOS is known for its unique characteristics and is a next-gen blockchain ecosystem. The EOS is built on the open-source MIT software license. The credit for building EOS goes to its developer community. They built it on the EOSIO protocol of Block.one. 

Due to its features and characteristics, EOS has become one of the top-most names in the crypto world. The EOS blockchain was developed with a purpose and both the team, and its community stand by its goal. 

EOS wants to make enterprise-grade decentralized applications, scalable and highly-efficient. How would this be achieved? EOS.IO has simplified the programming aspect of developing DApps. It has also simplified the integration of smart contacts into DApps.

One other interesting feature of the EOS.IO platform is that it leverages a unique structure to eliminate transaction fees virtually. EOS is also known for its scalability as the reports confirm that it is hugely scalable. 

Many reports also prove that EOS.IO outperforms major credit card providers when it comes to transactions per second. This is why EOS is one of the leading options for DAPP development. 

EOS Blockchain – A Powerful Network

As we described the objective of EOS above, the EOS blockchain wants to be a go-to choice for building enterprise-grade DApps. Today, it is a leading choice for any DApp developer that wants to offer their DApp users very fast transactions. 

For fulfilling its goal, the EOS blockchain will have to process millions of transactions every second. It is of course possible! How? The EOS network has only 21 nodes. This is very beneficial for processing millions of transactions per second. It’s because there are only 21 nodes and with these many nodes, the consensus for block formation will be faster. 

On the other hand, Ethereum has millions of nodes, and hence, the same is not possible on Ethereum blockchain. The delegated proof-of-stake (DPoS) model is a core part of the EOS ecosystem, whereas the Ethereum blockchain is still dependent on the proof-of-work model. It will change once ETH 2.0 is implemented.

EOS Tokens

Source: ICOHolder

The EOS tokens are an integral part of the EOS ecosystem. It helps the DApp developers in using EOS network resources and building decentralized applications. The EOS token holders can rent their computing powers to others if they don’t run apps themselves. 

There’s no mining on the EOS network. Instead, the number of required blocks are generated by the block producers. In return, they are rewarded with EOS tokens. They can publish their desired sum as an expected reward. The current circulating supply of EOS tokens is 946,584,893

The EOS Story

EOS software is a product of a company known as Block, and it is involved in many blockchain projects. The EOS ICO ran for 350 days, and it makes it one of the longest-running ICO in the history of cryptocurrencies. The ICO ran from June 26th, 2017, and ran till June 1st, 2018. 

The EOS ICO proved to be a tremendous success as they were able to generate more than a billion-dollar. It makes EOS ICO one of the most successful ICOs of all time.

After completion of ICO, a total of 700 million tokens were released. It is 70% of EOS’s total supply. The team behind EOS includes many high profile names from the crypto world. It includes the likes of Daniel Larimer. 

Who is Daniel Larimer? He is Co-Founder at two well-known companies – Steem & BitShares. Both of these projects are today worth over billions of dollars. 

EOS Price Movements

Source: Blokt

EOS token was launched in 2017, and on 9th July 2017, each EOS token was worth $2.24. Within two months, its price decreased by 20%. The price of an EOS token was 1.37 on 24 August 2017. By 1st December 2017, EOS’s price more than doubled to $3.23.

In June 2018, the EOS prices tripled to more than $10. By March 2019, the EOS prices decreased considerably and were around  $3.71. During most of 2020, the prices of EOs tokens remained within $1.5 to $3.0. The current price of EOS is hovering at around $2.3.

The Road Ahead

The prices of EOS tokens have fallen from the highs of over $10 and is down to $2.3 now. But it hasn’t deterred the EOS community from its goals. EOS is continuing to be one of the leading competitors to Ethereum blockchain. 

EOS still has a lot of goodwill towards it. The EOS proponents have a strong belief in the potential of the EOS blockchain. If EOS continues to develop its blockchain and maintains its momentum, we expect EOS to keep on growing. It’s going to be very interesting to see if EOS would be able to dethrone Ethereum or not in the future. They have the chops for it. 

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