EOS

EOS - Coin Of The Week

What’s this weeks COTW? Can you guess based off the logo?

You got it! It’s EOS! 

Our sixth edition of Coin of the Week (COTW) features EOS! The digital currency, EOS, was originally launched in January of 2018 and is direct competitors with wider known platforms such as Ethereum.

About EOS:

The following information and data about EOS is as of August 11th, 2019. The circulating supply is currently 927,024,028 EOS and the current market price is $4.12 approximately. The market capitalization of EOS is $3,818,944,574 and it is ranked 8th on CoinMarketCap

EOS is a blockchain operating system that is intended to support decentralized applications on a massive industrial scale while aiming to handle millions of transactions per second and removing transaction fees. The primary mission of EOS is to create an ecosystem that is capable of handling the needs of decentralized applications in a mass adoption scenario.

Unlike Bitcoin which is only a payment system, EOS is broader platform that allows developers to build decentralized applications directly on top of. Think of it as an operating system that is based on blockchain technology.

5 Interesting EOS Facts:

  1. The company behind EOS is called Block.One and is based out of the Cayman islands.
  2. EOS’s initial release date was on January 31, 2018 and is known for being one of the largest initial coin offerings ever, bringing in over $4 billion in start-up capital. Other than the Block.one ICO, the next largest ICO was $1.7 billion, nearly twice as small. 
  3. EOS was featured on “Last week tonight with John Oliver” during a cryptocurrency special where he warned viewers to be careful of unknown cryptocurrency startups raising money without having a deliverable product. 
  4. The founders of Block.one are well known due to their initial blockchain success, especially in the case of CTO Daniel Larimer.
  5. EOS CTO, Daniel Larimer is well known for having created BitShares and Steem, a popular decentralized public forum. 

EOS touts its ability to handle millions of transactions per second through the use of a delegated proof-of-work consensus mechanism and to eliminate transactions fees on its network through a network ownership model.

Some of the main use cases of EOS are:

  • EOS can be thought of as an operating system that allows developers to build decentralized applications directly on top of. These decentralized applications can include games, gambling, exchanges, advertising & media, and voting & governance to name a few. 
  • EOS uses what is called a delegated proof-of-stake (DPOS) consensus mechanism. This differs from a regular proof-of-stake (POS) because token holders on the system elect the 21 block validators through a continuous voting system. It is these 21 elected validators that compete to add another block to the existing chain. This is a more centralized version than what Ethereum is using in its consensus mechanism with POS.
  • EOS effectively removes transaction fees because it operates on a network ownership model. This means that you are entitled to a certain percentage ownership of the network that is based on the percentage ownership of tokens to your current stake. If you own 1/300th of the current stake in EOS, then you as a developer on the platform are entitled to ownership equal to 1/300th of the total computing power of EOS. You can think of this as owning a shed on a large piece of land with which you can build your apps inside of. 

The main goal of EOS is to build an efficient ecosystem that will be able to support the user demand of decentralized applications in a mass adoption scenario. Any developer can build on EOSIO now! 

Thank you for reading this week’s Coin of the Week and we hope you have learned something new!

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