How EOS Will Stir Up The Blockchain In 2018

How EOS Will Stir Up The Blockchain In 2018

People who have kept an eye on the cryptocurrency ecosystem over the past few weeks will have noticed that the EOS project is of great interest all of a sudden.

AN OVERVIEW OF THE EOS PROJECT

EOS is a new blockchain-platform using the delegated proof-of-stake (DPoS) protocol. According to the DPoS algorithm, the holders of tokens in the blockchain system using EOS software select block manufacturers through a system of continuous approval. Any member of the network can participate in creating the blocks proportionally to the votes received.

Developers of EOS have achieved this result due to the creation of a special design that simulates the operating system. WhitePaper of this project announces a new blockchain-architecture, designed for vertical and horizontal scaling of decentralized applications.

The software includes accounts, authentication, databases, asynchronous communication and application scheduling on hundreds of cores or clusters of CPUs. As a result, you should get a blockchain system scalable to a million transactions/sec. that allows you to quickly and easily deploy decentralized applications.

The EOS tokens are distributed on the Ethereum platform from June 26, 2017. Total released 1 billion tokens, which you can still have time to purchase, and 10% of which will be owned by the developers.

Despite criticism from some members of the blockchain community, the startup managed to raise $170 million in the first phase of the ICO. Another 700 million tokens are distributed over 2 million tokens for 350 short periods of 23 hours each.

Now the cost of the EOS token is $10, and the capitalization is $8.6 billion. One month ago, the token was worth $7.69, and in November 2017 - $1.68.

Features of EOS:

  1. Scalability - EOS can support thousands of applications through parallel processing and asynchronous communication.
  2. Flexibility - because EOS will use the DPoS algorithm, if the application breaks down or stops working, the selected block manufacturers can freeze the application until the bug fixes, and after updating the code. All this without the need for a hard-core or stopping other applications on this blockchain.
  3. Practicality - EOS will include a set of web tools for interface development.
  4. Management - in the DPoS algorithm, block manufacturers are elected by the holders. The legally binding Constitution establishes general jurisdiction for the conduct and resolution of disputes. EOS will also include self-financing applications for the benefit of communities that will be selected by voting, assessed by shares. Each account will have to sign the Constitution.

EOS demonstrates itself very actively, developing at a great pace. ICO project will last until the summer of 2018. And despite all the risks, we recommend giving EOS a place in the long-term portfolio!

Information Source: EOS