~ Platform, Smart contracts, Digital currency, Blockchain as a service, Enterprise, Build Apps.
EOS is focused on becoming a decentralized operating system that has the capacity to support industrial-scale decentralized apps. This is a great goal that has already captured the imagination of developers and crypto enthusiasts. What they hope to achieve is to eradicate transaction fees and have the capacity to conduct millions of transactions per second.
For DApps to succeed and gain mainstream adoption, they need certain things from a smart contracts platform.
· First, any DApp that wants to gain mainstream adoption must have support for millions of users. This implies that it should be scalable enough for millions of users to access and use it, especially DApps searching for mainstream acceptance.
· Also, for DApps to gain mainstream audience, they need a platform that allows developers to create DApps that users can use freely. So, users shouldn’t be made to pay the platform before enjoying the benefits of any DApp.
· Another essential factor that DApps require to excel has to do with their future upgrades. A good platform should grant developers the freedom to upgrade their DApp anytime they desire. If the DApp is in any way affected by a bug, then the developers can resolve the issue with the DApp without affecting the entire platform.
· The platform should enable DApps to run as smoothly as possible and provide the lowest latency.
Currently, there are many smart contracts platforms in the crypto market, but not all of them can provide all these features and more. Ethereum is undoubtedly the most popular choice in this field and this is confirmed by the number of DApps already existing on the Ethereum blockchain. But there is the issue of low transaction speed as well as the gas price too.
Well, EOS is believed by many to be the “best of two worlds.”
The core team behind this project is Block.One. EOS officially came into existence in 2017 and was founded by Dan Larimer and Brenden Blumer. Dan Larimer is one of the popular names among blockchain developers and has been involved in various blockchain projects like Steemit, a social media network, and BitShares.
Here are the things that EOS brings to the table:
· Scalability: The team behind EOS claims that the network can efficiently compute millions of transactions per second courtesy of DPOS.
· Flexibility: An attack on the network is unlikely to stop activities on the blockchain or lead to the splitting of the entire community because EOS makes use of DPOS.
· Usability: By adding features such as a web toolkit for interface development, self-describing database schemas, and several others, the EOS platform allows well-defined levels of permission.
· Decentralized Operating System: This is believed to be a critical feature that helps us properly understand what EOS Chain is all about. While Ethereum functions as a decentralized supercomputer, EOS is strategically positioning itself as an operating system, which in some ways makes it a product that’s more focused.
What gives EOS its Value?
EOS powers DApps and governance on the EOS chain. So, for any developer to build and launch new DApps on the EOS chain, they need to use smart contracts. This feature is among the factors that give EOS its value. There are examples of decentralized applications on EOS like EOS dynasty, a role-playing game with actions powered by crypto and Upland, a property trading game.
All DApps on the EOS chain will have to purchase and stake EOS coin to enable them pay the blockchain platform and execute the necessary computation by its smart contracts. DApps can consume a certain percentage of EOS blockchain capacity that’s available, but the available capacity that the EOSIO software would allow a DApps to use will be proportional to the number of tokens they staked for three days.
So, a DApps developer who holds 0.75 percent of its tokens can only use the equivalent amount of the platform’s CPU. This set up motivates developers to always purchase and hold EOS. Perhaps the most important resource that’s driving the value of EOS is RAM since developers who store vital data on EOSIO must hold tokens until they eventually delete the data. Once they delete the data, then the EOS locked in staking contracts will also be removed from circulation, which will boost the value of the remaining EOS supply.
One point that users need to know before choosing to use EOS Chain is the fact that the number of EOS tokens that can be created has no limit. Also, whenever a new block is created, there will be a release of new EOS coins into the market. Based on the software rules, the number of EOS coins that the platform will release every year can be increased by five percent and this may end up putting downward pressure on the price of EOS.
You can see EOS.io as an operating system just like iOS or Windows, while the cryptocurrency that drives the network is EOS. The company claims to have what it takes to handle the demands of hundreds and even thousands of DApps even if the number of people using the DApps was substantial. What drives this level of efficiency include parallel execution and a modular approach. But most critics believe that the extensive involvement of Block.One implies that the blockchain is centralized, which is the opposite of what blockchains and cryptos want to achieve. Crypto exchanges where you can purchase EOS are Coinbase, Binance, and Kraken.
Why Use EOS?
Developers who are interested in building or using decentralized applications will find EOS Chain useful. Also, those who have already launched DApps on other blockchain platforms may find the user experience provided by the EOSIO a better option and may eventually prefer switching to the EOS Chain since the platform does not transfer costs to users making transactions.
As an investor, if you are of the view that EOS would be a preferred platform for running programs in the future and that DApps developers would increasingly use EOS to create new DApps, then adding EOS to your portfolio would be a smart idea. Remember, this article isn’t an advice to buy or sell any crypto; instead, it’s purely for information purposes. The best option is to do your research before investing in digital assets. You will find the book “The Digital World of Crypto Riches” useful when trying to learn more about various crypto assets.
~ The official website of EOS is https://eos.io/
