EOS is one of the hot names to come out of the blockchain platform.
EOS is typically a decentralized operating system developed on the blockchain platform. This is one platform used in the commercial market where it gives all the required core functionalities in which it uses a few technological designs known among blockchain communities which are:
- DPoS consensus
- Zero transaction fees
- More than 100,00 TPS
What is EOS all about
It has been claimed that EOS does not involve any transaction fees while being able to produce millions of transactions in as little as one second. Block.One is the company responsible for developing the EOSIO platform where it became an open-source software in June 2018. What makes this all the more remarkable is that its ICO was one of the biggest ever recorded. Currently, it is the fifth leading cryptocurrency in the world.
What is so good about EOS?
To say the least, EOSs technology allows the implementation of smart contracts while businesses can use blockchain to solve issues pertaining to scalability and security. What it wants to do is to be the first decentralized operating system in the market.
Transactions for EOS
Anyone looking to buy the EOS coin can do so through any of the trading exchanges available and pairing it with the likes of BTC and ETH. This includes:
- and many others
Because the EOS platform allows the decentralization of applications in the public domain, scalability becomes possible and easily achieved. This means that thousands of commercial decentralized applications can be supported via the EOS.
What makes EOS so different?
The factor that allows EOS to stand out among other cryptocurrencies is that there are no transaction fees involved. Scalability is one of EOS’ strongest factors. Besides that, EOS runs on smart contracts, similar to that of Ethereum. But EOS claims to have faster transaction times which means execution becomes quicker and more efficient too. It uses Delegated PoS (Proof-of-Stake) in contrast to Ethereum’s PoW (Proof-of-Work) mining model.
EOS – 2021 Updates
The native EOS tokens will have a total supply of around 1 billion. By market capitalization, EOS is at the 24th spot. As such, it looks as if EOS will be among the best investments for the long term since it has a lot of potentials to grow. From the onset, EOS has been on the upscale trend. In late April 2018, the price hit US$22.98 which was an all-time high then. That remains its highest price to date.
Like several other cryptocurrencies out there, EOS has been grouped together as the ‘Ethereum Killer’ (like Cardano). With 100,000 transactions per second capabilities as opposed to about 30 by Ethereum, it has the potential to become a more favored currency as compared to the second-largest token out there (ETH).
Larimer, the lead developer and CTO of Block.One has often been called the Bill Gates of the blockchain industry. He is the man behind the proof-of-stake and DAO or decentralized autonomous organizations concept. Among his contributions include the founding of Bitshares, Graphene and Steemit, all astounding crypto companies.
In terms of pricing, EOS started out at US$0.48 per coin during its ICO (Initial Coin Offering). That has raised up to US$4 billion. At the all-time high of about US$22 in April 2018, it has since calibrated to its current price that hovers around the US$2 to US$5 point which has been much of the case throughout 2020.
2021 has been more positive for EOS meanwhile where it hovers around the US$5.50 price point. In the remaining quarters of 2021, the price of EOS is expected to continue floating at that price although the potential to hit double digits continues to surface. What EOS needs is for a bullish market for it to get above the US$10 mark and analysts are confident that this would most likely occur in the coming 2022-2024 period.
EOS to join forces with Google Cloud
In late 2020, the world’s largest search engine Google announced that its storage service Google Cloud is partnering with Block.one that will be providing the platform for the EOS network. This refers to the infrastructure used to build the EOSIO blockchain protocol. According to Block.one, Google Cloud will be setting out to become an EOS network block producer and that would surely be one of the biggest joint efforts in the tech world in recent months.
A block producer refers to a major component in the EOS network and with Google Cloud onboard, it would represent a major step forward for EOS which has been very excited with the move. It demonstrates the importance and significance of blockchain of the future not only in the money markets but in society, business and government. This planned participation by Google Cloud will see them leveraging on the performance of the EOS network and the resources of the open-source community in its efforts to become a major block producer.
Block.one officials have been extremely upbeat with the potential outcome of this partnership where they believe that the secure oracles, key management and full-node validation features, coupled with the confidential computing infrastructure by Google Cloud will further improve the powerful features of blockchain technology like security and decentralization. This move came is seen as timely for blockchains operating and competing against those in the China market which has been adopting the BSN or Blockchain Services Network, their own global cloud computing initiative.