With so many people now exposed to the world of Cryptocurrencies and the new digital economy, a lot more questions are being asked about the basics. Here we provide a few more answers to those all important queries on EOS:
What Is EOS?
This is one of the most well known and popular Cryptocurrencies which has been only around since 2017. Its ticker symbol is EOS and it was designed to improve decentralized apps (dApps). It is Blockchain based and brings together the best of different technologies to offer the greatest single solution for its users. It can complete thousands of transactions per second and has a limit of 1 billion EOS available. You cannot mine EOS and this is a direct result of how the system has been built.
There are two very vital parts of EOS. One element is the EOS.IO which includes the Blockchain part of the Cryptocurrency. This is the main nuts and bolts of the system which is used to develop whatever is necessary for everything to operate. Here is where the decentralized apps are produced. The other part – EOS Coins – is the sole token of the EOS network.
The Story Behind
There are two main names and faces behind EOS. The company is based in the Cayman Islands with Brendan Blumer and Daniel Larimer heading things up. Block.one is the name of said company and it has caused quite a stir over the way the Cryptocurrency was released and has since progressed. Brendan and Daniel have chosen the non-traditional route which has raised more than a few eyebrows but has certainly been a successful choice. Their experience in the industry has laid the foundations well and truly for how EOS is developing and growing. Both have invaluable insights into the digital economy and this very much shows.
Their approach drew the crowds in with their Initial Coin Offering with 12 months of hard work bringing them $4 billion in capital. Once everything was ready with EOS, the tokens were moved from an Ethereum Blockchain to their own EOS wallet in June of this year.
What’s In Store
The ambiguity behind the name has always captured the imagination of those in the industry. However, there actually is no name behind EOS. It is what it is. This has led to many making up their own minds which is always entertaining.
There is a lot more to come from this new and innovative Cryptocurrency. EOS can reportedly handle over 50,000 transactions per second, which is well above the transactions processed by Visa and Paypal – 1,667 and 193 respectively. EOS chose the “distributed proof-of-stake consensus” which has proved an amazing decision in enabling the number of transactions to be able to be made to be vast.
So after reading all of this, if you are interested in purchasing EOS and investing some hard earned money then have a look on Binance, Coinswitch or Changelly to name a few. The Cryptocurrency industry doesn’t follow any rules as we all know and very often those that make their own paths – and don’t follow the crowds – are the most rewarded. With the start that EOS has had, we could well see this Cryptocurrency soar.