What Is Cryptocurrency EOS?

  • If you are a cryptocurrency investor, of course, you are no stranger to the latest digital coins that have entered into the listing coins of some of these exchanges. EOS crypto, a blockchain-based digital coin that supports a decentralized system that allows safe and non-centralized storage and processing of user data. EOS provides much-needed core functionality.

    The digital currency that utilizes the peer to peer system is fairly new in the crypto market. These coins were first distributed on the stairs of June 26 in 2017 and are marketed up to the stairs of June 15, 2018. The EOS stamp is estimated to reach 1 billion EOS with a total of coins distributed as many as 2,000,000,000 EOS from June 26 to July 1, 2017.

    Actually, the creation of EOS aims to create a scale that can be done vertically or horizontally. In addition, it is also made to be able to present a decentralized platform and can be utilized by various kinds of software that are being developed by trusted developers.

    Not only that, but EOS also provides databases, accounts, authentication, as well as asynchronous communication as well as scheduling CPU cores or clusters. Because EOS was created with large scaling, it also allows for large transaction sizes to be processed every second. Moreover, EOS also offers a solution in the form of much lower transaction costs for users.

    What is EOS?

    EOS is a software platform with the basic architecture of the creation of the Blockchain designed to enable scaling vertically and horizontally at the same time. A decentralized platform that can be adopted by various software developed by developers.

    EOS provides accounts, authentication, databases, and asynchronous communication, and scheduling applications on several Core or Cluster CPUs. The Blockchain architecture owned by EOS can allow large scaling, so millions of transactions can be processed every second. Moreover, transaction costs can be reduced to micro numbers, or close to zero, so that efficiency in Blockchain use can be achieved.

    EOS is a Blockchain-based decentralized system specifically designed to support all commercial-scale decentralization applications by providing all necessary core functions. Enabling EOS to be adopted on Web and Mobile based applications.

    EOS asynchronous communication and parallel processing provide stable scalability, while the EOS Ownership Model will eliminate transaction costs. This feature makes EOS a serious competitor to Ethereum (ETH), although the EOS ICO takes the basis of Ethereum.

    EOS uses Delegated-Proof-of-Stake, where the ability to fix bug changes and rollback was first introduced with the majority super consensus.

    EOS was created by block.one, which was designed in such a way as to support the overall need for decentralization at the commercial level by providing all the core functions needed, for example, databases, accounts, signatures (scheduling), authentication, and handling of communication between applications that connected on the internet network. So, EOS will make it easier for business people to stay focused on developing their own business rather than focusing on the payment system.

    EOS Crypto Currency Excellent Features

    The two features promised by EOS are truly interesting, considering almost all cryptographic lovers, both traders, investors, and business people.

    Removal of Transaction Fees

    At present in most cryptocurrencies in the top 10 ranks, there is still a large transaction fee. For example, we take Bitcoin (BTC), which is currently ranked first from the ranks of 1,373 cryptocurrencies currently in circulation. Bitcoin (BTC) has data from Earn.com, Bitinfochart, and Bitfinex currently has an average cost of $ 35 per transaction. This makes the transaction worth less than $ 1,000 feel unreasonable because the transaction costs are so high.

    Unlike EOS, which has transaction features without Fee, there is a feature of Ownership Model where users have and have the right to use resources that are proportional to their own shares, rather than having to pay for each transaction. That is, there is a need for someone to have several pieces of EOS to be able to enjoy free transaction features.

    Scalability of EOS

    We take the example again of Bitcoin (BTC) which is currently constrained by severe scalability problems, where each transaction will "jam in the queue" for a period of 38 minutes to 1,188 minutes. This is what makes Bitcoin (BTC) almost impossible to call instant payment because the transaction validation process takes a long time. Especially according to data from Blockchain.info, the Blockchain Bitcoin network is currently only able to process 3 to 14 transactions per second.

    EOS presents high scalability. Millions of transactions can be processed every second with asynchronous communication and parallel processing.

    With the two excellent features above, it is not surprising that EOS in the future can become a serious competitor to Bitcoin (BTC) and Ethereum (ETH), which currently occupies positions 1 and 2 of all cryptocurrencies in the world.

    Fix Bugs and Rollback

    In addition to the two features described above, recently EOS also introduced a capability of "Fix Bugs and Rollback", meaning the ability to fix bugs and rollback can be done by majority consensus, rather than using Hard Fork like cryptocurrencies in general.

    In this case, the EOS uses delegated evidence, which means that many eyewitnesses are nominated by the network as representatives to make certain high-level decisions faster, without having to wait for the overall vote of the entire network

    Whereas other cryptocurrencies that implement Hard Fork, must use a voting system from developers and miners to reach a minimum of 90%.

    Although this feature can reduce the decentralization of the EOS network, the contribution that is obtained will be very beneficial to the ability of mainstream companies to adopt and interact with Blockchain technology effectively and efficiently.

    History and Development

    Despite being said to be a newcomer coin, EOS's achievements are quite brilliant. At present, EOS is ranked number 5 in total crypto in the world, reaching 1,373 coins,

    According to several crypto ranking sites on the web, the growth of EOS coins is very clearly seen especially in November to December of 2017. According to data analysis, EOS has achieved a significant increase of up to 284%, a very large number for new coins. In other words, the growth of EOS assets has tripled from the original price.

    At present, EOS has a valuation of up to $ 2,673,281,539 and is offset by considerable trading volume. Not only that, the circulation of the EOS shows that the most scattered coins reached approximately 565 million of the total 1 billion coins provided. In other words, there are already 50% of coins in circulation in the world. This is good news for EOS to make growth faster and better.