What is EOS crypto?
EOS has played a great role in reforming the blockchain industry since ICO was launched in 2017. It soon established itself on the top five cryptocurrency list within two years of launch. EOS provides good competition to the market leaders like Ethereum as well as new entrances such as NEO and Tron.
This guideline will help you to know what is EOS crypto, the general introduction, prominent features, and important aspects associated with EOS, which has made it a promising and rewarding blockchain platform. This platform can be used to build scalable dApps at the enterprise level and helps develop Decentralized applications at an industrial scale. This platform has a robust infrastructure that helps in supporting the process of developing DApps. The main purpose of EOS is to offer business-friendly and user-friendly tools to build DApps and even overcome the challenges of traditional blockchain platforms like Ethereum.
Scalable and secure solutions
One prime drawback preventing blockchain technology from emerging and coming into the mainstream is the Scalability feature. For instance, the transaction rate that can be done with the Ethereum platform is quite low. In addition, users of traditional platforms have to use huge gas fees to build DApps on their platforms. This has made the platform ineffective since users will not pay a transaction fee at every processing step. EOS makes its applications free for the users by employing horizontal and vertical scaling. The platform provides scalable and secure solutions to run transactions within a few seconds. EOS is a completely secure and functional blockchain platform that can be used to deliver different web services like the following
- Cloud storage decentralized applications
- EOS smart contracts
- User authentication
Promoters and developers of EOS have witnessed important selling points of this platform like the following
- Removing transaction fees completely
- Capacity to conduct transactions in huge numbers within a few seconds
What are the important factors that have led to introduce the dApp platform?
Some significant factors have helped to contribute the success of dApp platforms.
- Supporting a huge user base
DApps platform needs to be scalable so that millions of users can access it simultaneously and seamlessly without undergoing any performance problems.
- Free Usage
Decentralized applications on blockchain platforms must facilitate free usage for the end users and should come with the ability to offer an easy upgrade facility. Transaction fees discourage users from using the dApp platform.
- Low Latency
DApp platform must run with the lowest latency to offer a good customer experience.
- Sequential and parallel performance
The dApp on the blockchain platform must offer sequential and parallel performance to distribute workload, save time, and avoid double-spending errors.
What are the significant technical features of the EOS platform?
EOS blockchain platform offered several technical features like
One main drawback for the majority of the blockchain platform is scalability since blockchain transactions require every network node to go through a consensus. This affects user experience negatively. For instance, Visa can manage 1667 transactions every second, whereas PayPal can manage only 1993 transactions every second. In the same way, Bitcoin can manage 324 transactions every second compared to Ethereum, which is a little bit better and can manage 20 transactions every second. The EOS platform performs millions of transactions every second because of its proof of stake mechanism.
In the year 2016, Ethereum exploited a code vulnerability that made the whole system come to a standstill. It caused siphoning off a minimum of one-third of funds held by DAO. In contrast to Ethereum, EOS claims to offer better security from code vulnerabilities due to the DPOS mechanism.
- Permission Schema
The comprehensive permission mechanism is featured in EOS for building permission schemes for many business situations. You can make custom permission to protect EOS smart contract’s specific features. The smart contract function of EOS across different accounts allows developers to make dApps without requiring any wheel.
EOS blockchain platforms are upgradeable. In other words, users get authorization to add or change features, deploy code fixes, and change the application logic. Developers renew applications without being attached permanently to a bug. Irreversible EOS smart contracts can also be deployed.
- Less consumption of energy
The EOS blockchain platform is a low energy consumption platform because of DPOS compared to other platforms.
Governance can be maintained in the EOS platform through jurisdiction and choice of law. Governance can be maintained with the help of the constitution. Every EOS transaction needs a hash of the constitution that is attached to the signature and binds users essentially to the constitution.
- Parallel processing
EOS enables parallel processing in terms of smart contacts, achieved through asynchronous communication and horizontal and vertical scalability. The transaction rate can improve horizontal stability by adding computers and systems to the resource pool. The transaction rate can be increased by vertical scalability by adding processing power.
- Decentralized operating system
EOS functions as a decentralized operating system that helps this platform to provide several user-friendly and business-friendly features.
What are the concepts of wallets and accounts in EOS?
EOS wallet is a store of private and public key pairs that help sign actions on blockchain within the EOS infrastructure. The EOS program, which helps store private keys and manage EOS wallets, is known as Keosd. Cleos is a command line tool of EOS which helps in accessing wallets. A unique structure for maintaining wallets and accounts is followed in EOS compared to other types of cryptocurrencies. Several individuals can own EOS accounts depending on permission. There are two permission in the EOS account by default-
Nodeos manages to publish all accounts and the associated action on the EOS blockchain platform. No inherent relationship exists between wallets and accounts.
How is cost determined for building daps on the EOS platform?
The cost associated with developing dApp on the EOS blockchain depends largely on three factors-
- Type of resource
- Resource usage
- Resource allocation
When it comes to decentralized application accounts, they have 3 resource types. They are as follows
- Network Bandwidth
This is consumed each time user sends a transaction. Network bandwidth is calculated in bytes as an average consumption over the previous three days.
This includes data like account balances and books.
- CPU Bandwidth
This is consumed temporarily every time user sends a transaction or action. CPU Bandwidth is calculated in microseconds as average consumption over the previous three days.
The CPU Bandwidth and Network Bandwidth are allocated based on several tokens held in the three-day smart contract.
What is EOS crypto and its unique features?
EOS differs from its competitor Ethereum and is much better, faster, and bigger. The goal of EOS is to make millions of transactions every second compared to Ethereum, which can handle only 15 transactions every second. As the size of the DApps ecosystem is expanding on a blockchain network, restricted resource availability is a big issue. EOS addresses such problems by providing major scalability, usability, and flexibility features via its unique system.
What are the prime benefits of EOS crypto in the blockchain industry?
EOS is considered the most popular cryptocurrency at present, and the US network has released it recently, which is going through a quick transition.
The following are the benefits of the EOS blockchain
The blockchain network allows users and developers to build decentralized applications. EOS is a modern decentralized platform that allows people to build the dApp and even run the dApp on EOS powered blockchain platform. While dApp uses smart contracts for powering themselves, this is not the case with EOS, as no smart contracts are required here. EOS utilizes dApp transactions that are considered to be more efficient compared to smart contract.
- Free Transactions
Every blockchain solution needs fees related to the transaction; however, this is not the case with the EOS blockchain network. Services and operations in EOS can be done completely free without any associated costs.
EOS is a flexible model since it utilizes a voting system on the governance structure model.
Rules on EOS can be modified with the help of a voting system. This is an incredible feature of EOS as necessary changes can be made, which is not the case with Ethereum because there is no voting system on the governance model
- Easy usage by developers
Developers find using dApp and developing them on EOS blockchain to be a very simple and quick task. Developers can efficiently use database schemes, WebKit, and other types of functions to make decentralized applications.
- Low risk
EOS blockchain network ensures that the ETH-ETC fork situation doesn’t happen to this platform; therefore, in case of a conflict of interest, the platform becomes frozen by the block producers. The platform will remain frozen till the underlying issue is addressed and resolved. EOS mechanism is quite critical, and it makes sure that the EOS community is always in a better situation so that it can combat DAOG-like similar situation.
- ICO Friendly
ICO is the prime feature behind the success and popularity of blockchain platforms like Ethereum and EOS. EOS is ICO-friendly in nature which means that anyone can easily host ICU on this platform, and there is no requirement to write any smart contract; therefore, this platform is developer friendly.
The EOS platform is quite self-sufficient. Block producers will be rewarded continuously for their dedication and hard work. The dApp proposal will also be funded by the EOS platform from the community, and this will ensure that new creative ideas and developers are attracted to EOS, which will help the platform grow.
How can a business benefit from EOS crypto?
Is your business gaining profit or suffering from huge losses? Business health normally is measured in financial success terms. A clear vision and a dedicated team are required to work together and successfully meet the business’s objectives. Incorporating an EOS system in your business can make your business model more healthy, profitable, and successful.
The team leaders need to employ team management strategies so that everyone can stay on track, especially if they are working remotely. Without coherent goals, an established process, and a solid framework achieving objectives can be a major challenge. This is where the benefit of the EOS model comes into play. Incorporating an EOS model virtually for your company or business can keep your team on the same page, even if they are separated physically. EOS systems can be implemented by companies struggling to achieve their long-term and short-term goals. The principles and tools of EOS keep your business ahead of the competition and helps you to develop your leadership skills. Accountability can be maintained in your remote team by implementing the EOS model in your business.
How can you buy EOS crypto?
To buy EOS crypto, you must set up an account and a wallet on a cryptocurrency exchange. You will get plenty of options for a crypto wallet, and you just need to ensure that the crypto wallet holds EOS tokens. Security should be your main concern when selecting a crypto wallet for EOS crypto. Crypto wallets are different from physical wallets as they do not hold coins themselves, and your tokens can be stolen or lost in case your computer fails, or the private access keys get into the wrong hands. Providers of EOS crypto wallet comes with Coinbase and Ledger. It is important to choose a reputable cryptocurrency exchange where you can create this exchange if you don’t have an account. Binance and coin base are some popular cryptocurrency exchanges. You will be required to buy EOS depending on the type of platform that you choose with another cryptocurrency like Ethereum or Bitcoin. The foremost step is converting your Fiat currency for purchasing EOS. The EOS platform is gaining good support from developers as it comes with multi-enterprise use cases starting from social impact, tracking, and logistic projects.
The potential of EOS as an advanced blockchain-based platform is quite big; however, this network is still in its development stage. Experts claim that this blockchain network can handle 100000 transactions per second. With any other cryptocurrency blockchain, the EOS space will rise and will continue to attract more investors in the upcoming years.