The field of cryptocurrencies is expanding at an undying rate. As a result, a plethora of options are available to invest in. One of the most promising cryptocurrency to have emerged on the scenes is EOS. EOS is a network based on the much-famous Ethereum blockchain. This is from where it gets its unofficial name i.e. Ethereum Operating System. In cryptocurrency industry, there are basically three types of technology which attracts the buyers to invest in.
The first is closely related to the most common feature of cryptocurrencies i.e. their ability to be used as a mode of payment. Second wow-factor is based upon the decentralized applications (dApps) that the network can support. And third type of plus-point that people look for is the revolutionary measures introduced on the protocol level itself, on which the dApps are supposed to operate. EOS targets this third category, as it is a protocol in itself, sometimes dubbed as an updated version of Ethereum network, only decorated with more improvements and enhancements. EOS is a revolutionary technology as it provides an utmost level of autonomy to build their applications on the eco-system.
One of the widespread criticism linked with Bitcoin was that, it is perhaps not practically scalable. Ethereum came in to address this scalability issue, and while it considerably improved the transaction rate, it still was not enough to host applications like Facebook or Visa, who have fairly high transactions per second. EOS, founded by Dan Larrimer under the hood of Block.one, proposes to tackle exactly this limitation. It provides a whole operating system, with a renewed protocol design for the development of decentralized applications, with added services like user verification, cloud storage and server hosting.
The concept of EOS first surfaced in to the crypto-markets in 2017, when its whitepaper was released. The whitepaper sheds light on all the technical nitty-gritties of the technology; how it allows horizontal scalability, how it uses parallel processing to avoid traffic congestion, its completely decentralized operating system and its self-sufficiency, reliance and sustainability.
EOS.io is backed by a strong research and marketing campaign by Block.one, who are also credited for running the longest cryptocurrency ICO in the history. EOS ICO lasted for a whole year from June 2017 to 2018, and is cited as one of the most successful ICOs of all time. The ICO raised a humungous amount of $4.1 billion, because of which EOS had to face many concerns over the source and credibility of this huge amount. Nevertheless, the amount showed the confidence the people had in the technology and the revolution it is going to bring in to the crypto-space. At present, EOS is the seventh largest cryptocurrency by market capital.
EOS.io makes use of the “Delegated Proof of Stake” (DPOS) method to scale its network. DPOS is being used in many blockchain applications globally and is becoming extensively popular. The same concept has produced some of the largest smart businesses in the world, notably Steem and BitShares.
With the backing of Block.one, EOS.io has a team of experienced and credible individuals who are looking after the development of the technology. The technology holds a lot of potential, which is reflected by the consistent good performance of the technology among the crypto-markets. The team is visionary, and its community equally tech-savvy. This makes it a promising technology which can perhaps easily become one of the most widely used blockchain protocols.