EOS cryptocurrency - The Ethereum competitor
EOS is a blockchain-based cryptocurrency. The cryptocurrency has been operated by the private company block.one since the publication of the white paper in 2017. On 1 June 2017, the associated software was released as open source code. But this cryptocurrency is not only a cryptocurrency, but also a platform for blockchain-based applications. This digital currency wants to set new standards in terms of performance and scalability. It wants to outstrip the crypto competitor Ethereum. Ethereum first introduced the concepts of smart contracts and dApps , and is also the largest platform for blockchain-based applications today.
If EOS.io succeeds in setting new standards in the area of performance and scalability, it will certainly become the role model for Ethereum. Ethereum the role model. But these two cryptocurrencies are not only similar in terms of function. cryptocurrencies. If you look at the geometric logo of EOS.io, you immediately notice the similarity to Ethereum. The developers of the digital currency also see their work as a new or further development of Ethereum.
However, EOS.io does not copy the Ethereum system, but starts from scratch. The focus is always on the implementation of an overall system. Because the digital currency wants to be blockchain not only offer space for its own token, but also smart contracts that can be used as a basis for other digital currencies and blockchain ecologies.
What are cryptocurrencies
In our article about Cryptocurrencies you will learn how they work and their advantages and disadvantages. You should know these before investing.
The development of EOS.io
The cryptocurrency is developed by the company Block.one. Block.one is based in the Cayman Islands. It is the software EOS.IO which the developers call the blockchain operating system. The digital currency system can be used by other developers of cryptocurrencies as a platform for other cryptocurrency developers to create their own systems on the EOS blockchain as a Token as tokens. The development environment for the system is called Dawn.
The token initially existed on the Ethereum platform as an ERC20 token until the official Mainnet was launched.
EOS Token Distribution
The EOS Token Distribution took place from 26 June 2017 and lasted 341 days. In the process, 1 billion (1,000,000,000) EOS tokens are distributed in this schedule.
200,000,000 EOS tokens (representing 20% of the total amount of EOS tokens to be distributed) were distributed over a 5-day period starting on 26 June 2017.
700,000,000 EOS tokens divided into 2,000,000 EOS tokens (70% of the total) were then distributed in 350 consecutive 33 hour periods.
100,000,000 EOS (10% of the total) are reserved for Block.one and can also not be traded on the Ethereum network.
The implementation phase took a little longer than for other crypto projects. The long duration of the distribution was deliberately chosen to give interested parties enough time to get started. But also the opportunity should be used to familiarise oneself with the technology of this cryptocurrency before joining.
What is a blockchain
In our article about Blockchain you can find out how it works and its advantages and disadvantages.
What distinguishes the cryptocurrency EOS from Ethereum?
As mentioned above, the cryptocurrency compares best with Ethereum. There are essentially many innovations compared to Ethereum.
It offers free transactions. Ethereum has always had a small amount as a fee for transactions since its launch. This is not the case with it.
In addition, you want to make it possible to restore the software to an earlier state in the event of a hacker attack or a software error in EOS.IO in order to restore the intact state. In this way, hard forks can be largely avoided. It promises a much higher scalability and performance than Ethereum, but it does not rely on the proof of work system but on delegated Proof of Stake.
How does the system of this EOS cryptocurrency work ?
EOS uses the procedure Delegated Proof of Stake. Proof of St ake means that all nodes in the network contain actual currency shares.
The aim of the developers is to provide a decentralised platform. This is to function as an OS (operating system). There, developers can e.g. dApps create.
The digital currency is already one of the top 20 cryptocurrencies by market capitalisation. It is similar to Ethereum. Like Ethereum, it is a smart platform developed for open source projects and decentralised apps (dApps). The aim of this digital application is to take market share from Ethereum and to create a scalable blockchain with an improved user experience.
It is based on a distributed operating system-like construct in which developers can create their apps and ideas. Ethereum uses its virtual machine, which functions like a supercomputer, for this purpose.
The platform for this was created by Block.one.
The functions of the cryptocurrency EOS and its application
The cryptocurrency offers a range of functions. It has the following core functions:
Scalable: It is possible to support thousands of decentralised apps. Parallel executions, asynchronous communication are possible. It can also separate authentication from execution.
Flexible: EOS offers the possibility to fix and repair damaged applications.
Equal opportunities: An EOS token does not have a fixed price. The price is determined by market demand.
Webtoolkit: For the development of interfaces with self-writing interfaces, EOS has a webtoolkit.
Wide distribution of tokens: The distribution of tokens was scheduled for a period of 341 days. This gave the community enough time to familiarise themselves with the project and to participate afterwards.