What is EOS?
EOS acts like an operating system and provides diverse functionalities such as authentication, accounts, databases, scheduling and asynchronous communication. It works across multiple clusters and cores. So, what does it mean for laymen person who doesn’t understand technology? It provides decentralized apps the ability to scale by using the power of blockchain technology. This ambitious goal is aimed to solve the problem of clogged traffic and provide high-quality scaling capabilities across decentralized systems.
EOS – The Most Powerful Infrastructure for Decentralized Applications
EOS plan is to build the infrastructure around decentralized apps. Three key feature that the infrastructure will offer is a below.
- Scalable — The infrastructure will offer parallel execution, asynchronous communication, DApps.
- Flexible — The infrastructure is flexible which means mistakes can be rectified and improved over time.
- Usable — Offers user-interface for easy development. The interfaces will be self-describing, declarative and support database schemes.
EOS in Short
- Start Date: 26 June 2017
- Coin Supply: 1,000,000,000 EOS
- Blockchain technology, decentralized data, decentralized apps
- Funds accepted: ETH
- Ownership model.
- Delegated Proof-of-stake invented by Dan Larimer
- EOS White Paper
How does EOS works?
To get a complete understanding of EOS, we need to understand how it works. As we have already discussed, it offers infrastructure for decentralized apps. To perform an action, the EOS token holder needs to spend coins for funding an action or application development. For users, participating in the infrastructure is free.
To ensure minimal transaction fees, EOS uses its own delegated proof of stake system. The POS ensures that storage, computation, and bandwidth resources are allocated according to the stake in the application. Delegated proof of stake (DPOS) also ensures that the apps can handle millions of users without halting in operations.
EOS Team: Who is working on EOS Project?
The future of any project depends on the team working on it. The software is currently being developed by block.one, an offshore company with great talent.
The CEO of EOS is Dan Larimer who also happens to develop Steemit and BitShares system. Both the projects have been successful in many ways, especially Steemit, a social media platform that takes advantage of Steem token.
Other key team members include Brendan Blumer, a serial entrepreneur, Brock Pierce, an entrepreneur and venture capitalist. From the team side, EOS looks strong.
EOS Token is built upon the ERC-20 token. So, if you buy EOS token, you can safely store it in any of the ETH wallets such as MyEtherWallet(Web) or Exodus (Desktop). This is a good sign for EOS as you can safely store your coins in an offline environment.
Advantages of investing in EOS
- It is developed by experienced blockchain entrepreneur Dan Larimer. He has successfully built two blockchain projects in the past, Steemit and BitShares.
- Tokens are easy to buy and store as it supports ERC-20.
- They promise great feature-set including the elimination of transaction fees.
- Enables developers to create apps on top of the EOS ownership model giving them the ability to control hosting costs. This also enables them to develop freemium applications.
- EOS blockchain will see no forks in future; thanks to the ability to create new blocks instead of competing.
Should you invest in EOS?
Yes. EOS is a great project with a good team backing it up. The project is also unique and the ubiquitous nature of decentralized apps makes EOS an extremely promising project. Not to mention the CEO of EOS is already running two successful project, Steemit and Bitshares which in return adds tons of credibility.
So, if you are looking to HODL (hold) for long-term, EOS is a good coin to invest in.
Note: Investing involves risks and you should always do your own research before investing. #DYOR.
How to buy EOS in India?
Currently, no Indian exchange support EOS. However, you can buy EOS at the following exchanges.
- Binance: I use Binance because the transaction fees are reduced by 50 percent.
You will need to buy BTC or ETH from any of these Indian exchanges, and transfer your coins to Binance and exchange your ETH or BTC with EOS.