EOS Price (EOS) $0.5586 USD

What is EOS crypto?

EOSIO's blockchain represents a decentralized network that upholds its proprietary cryptocurrency, EOS, alongside decentralized applications (DApps) on its robust platform. EOS tokens are frequently harnessed for business purposes, serving as a kind of "bet" for financing DApps within the expansive EOS ecosystem. EOS made its grand entrance on the block.one website in May 2017. Interestingly, the acronym remains shrouded in mystery, as its creators never ventured to provide an official explanation for the name's origin. Dan Larimer takes the reins as the technical maestro behind block.one's operations, and he's no stranger to blockchain innovation, having previously founded Bitshares and Steem.

Rewind to 2017, and EOS undertook an initial coin offering (ICO) of epic proportions, spanning an entire year. During this event, a whopping 200 million tokens (equating to 20% of the total supply) were disseminated within a mere five-day window, while an additional 700 million tokens (a substantial 70%) found their way into circulation over the course of the year. Meanwhile, a reserved stash of 100 million tokens (10%) quietly awaits its fate under block.one's conditional custody.

Visualize the EOS protocol as a digital playground that bears resemblance to the Google Play Store and Apple App Store. This simulation extends to nearly all facets of a tangible computer, encompassing essential hardware components such as the CPU and GPU for processing, local and RAM memory, and hard disk storage. Remarkably, the computational prowess of this digital realm is equitably parceled out among EOS cryptocurrency holders. Beyond this, it offers robust support for a web toolkit tailored to interface development.

EOSIO plays a dual role as both a smart contract platform and a decentralized operating system, geared toward the deployment of industrial-scale DApps, adhering to the decentralized autonomous corporation blueprint. The smart contract ecosystem seeks to obliterate transaction fees and has the astounding capacity to facilitate millions of transactions each second. The EOS software blueprint introduces a blockchain architecture painstakingly crafted to cater to the vertical and horizontal expansion of decentralized applications. EOS empowers users with account management, authentication, databases, asynchronous communication, and the flexibility to distribute applications across multiple CPU cores and/or clusters.

History of EOS Token

EOS token, a novel blockchain venture, has set its sights on a grand objective: crafting a network capable of processing millions of transactions each second. Yet, the EOS ICO (Initial Coin Offering) holds intrigue on multiple fronts.

Firstly, EOS ICO commenced its journey on June 26, 2017, and only drew its curtains on June 1, 2018—an astounding duration of approximately 350 days. This lengthy ICO stands as a record-breaker in the annals of cryptocurrency, granting ample time for every individual to partake and acquire their coveted EOS COIN.

Secondly, the ICO campaign proved to be a financial juggernaut, amassing a colossal sum of over $1 billion. This feat positions EOS as one of the most prosperous ICO endeavors ever witnessed. It becomes abundantly clear that EOS's market performance has captivated the attention of discerning investors. By the time the ICO concluded, a staggering 700 million tokens had been unleashed into the wild, constituting around 70% of the total coin supply.

Moreover, EOS token boasts a cadre of battle-tested team members, with Daniel Larimer leading the charge. Larimer's track record extends to co-founding BitShares and Steem, cryptocurrency projects that have commanded astronomical valuations, numbering in the billions of dollars.

The entity orchestrating the EOS project goes by the moniker Block.One, recognized in select circles for its impressive track record spanning the realms of both business and blockchain ventures.

The technology of EOS crypto 

EOS crypto, much like several other blockchain networks equipped with smart contract capabilities, has earned the intriguing epithet of an "Ethereum Slayer." This title carries the connotation that EOS token can perform Ethereum's functions but with superior efficiency. As a result, it's worth embarking on a comparative exploration of the technologies underpinning these two cryptocurrencies.

To commence our journey, it is well known that both Ethereum and EOS possess the capacity to host decentralized applications (DApps) supported by the smart contract functionality. However, the crux of differentiation lies in the network's ability to process a predefined number of operations within a given temporal window.

This crucial aspect is referred to as "Scalability," a paramount consideration when evaluating the potential of any blockchain.

Ethereum, at present, has the capability to process approximately 15 transactions per second, a far cry from an optimal outcome for a project aspiring to secure widespread adoption across diverse sectors. Although crypto EOS has yet to fully unleash its potential, the project's team aspires to achieve a throughput exceeding a million transactions per second!

Reverting to Ethereum, the constraint on its blockchain's transaction capacity is attributable to its method of data management—each block can accommodate only a finite amount of information. To elucidate this conundrum further, envision an empty cargo container with the capacity to house merely 1000 crates. Due to its spatial limitations, it cannot harbor more than its designated allowance permits!

Adding to this, within this framework, each container (or block) not only has the capacity to hold a mere 15 transactions but also mandates a specific duration to reach its intended destination!

The technology supporting such data processing bears the nomenclature of Proof-of-Work (PoW), notorious for its protracted processing times, exorbitant costs, and adverse ecological footprint!

The Ethereum team, in their quest for a remedy, explores a multitude of technologies, including sharding and off-chain transactions. However, the quest to identify and implement these solutions remains a work in progress!

Elucidating the intricacies of DPoS can pose a formidable challenge, particularly for those unacquainted with blockchain technology. However, there is no need for trepidation; this does not necessitate bypassing this topic. I shall endeavor to demystify the model employed by EOS COIN in the simplest terms possible:

A reservoir of standby Validators awaits their turn to contribute to network security and, in doing so, earn compensation.

Should Validators falter in their duties or fail to safeguard the network with the requisite diligence, the democratic process empowers their removal via a voting mechanism. This opens the door for standby Validators to assume their mantle.

In essence, this engenders a more efficient system, facilitating cost-effective, expeditious, and environmentally friendly transactions. Remarkably, each transaction can be processed within a mere 3 seconds!

In stark contrast, Ethereum mandates the presence of a dedicated computer node connected to the network for the verification of each transaction block. It is this very requirement that accounts for the protracted duration of transaction processing.

An additional facet of EOS's blockchain that warrants attention is its capacity to freeze transactions. But why does this feature hold such paramount importance?

Have you perchance encountered the infamous DAO hack? This notorious incident transpired when malefactors purloined over $50 million worth of Ethereum coins in 2016, ultimately culminating in a blockchain fork. Had the Ethereum blockchain incorporated DPoS technology akin to EOS crypto coin, this audacious attack might have been thwarted.

Utility of EOS Crypto Token

Similar to the majority of blockchains, EOS boasts its native cryptocurrency, EOS. It serves various purposes, which we will delve into in this section.

When you engage with the Ethereum blockchain, transaction fees are an inevitable aspect. These fees are paid using the GAS token, and as more users flock to the network, the cost escalates.

This predicament arises from Ethereum's structural framework. When individuals utilize the network, they effectively lease a virtual Ethereum machine, which naturally incurs a usage fee.

The EOS model diverges in this regard: instead of "renting" computational power, EOS coin holders possess a form of ownership within the network.

EOS coin operates akin to any other cryptocurrency. You can send, receive, or hold funds in your wallet. This renders it an ideal payment system, enabling you to transfer money to anyone swiftly and free of charge, all within a matter of seconds. Additionally, EOS cryptocurrency itself, along with its market value and potential, makes it an intriguing prospect for investors.

Only a small piece of the puzzle remains to be uncovered. In some capacity, nearly any cryptocurrency can be entangled in illicit activities. Is EOS cryptocurrency susceptible to this?

Future of EOS Crypto

With its innovative features and substantial potential, EOS digital currency has captured a considerable share of the spotlight.

Although its value experienced a decline of over 90% in the past, recent years have witnessed EOS cryptocurrency maintaining a relatively steady course. Numerous experts hold the conviction that this token is on the verge of experiencing a resurgence in value.

Those contemplating an investment in this virtual currency find themselves divided into two distinct camps: one faction views acquiring EOS cryptocurrency as an exceptional investment opportunity, while the other contends that engaging in trading activities represents a more secure approach.

The cyclic nature of the cryptocurrency market is a well-acknowledged facet among its participants, hence the majority gravitates toward trading. On the flip side, given the optimistic prospects surrounding EOS cryptocurrency, virtually everyone stands to benefit in some capacity.