EOS is a blockchain platform, similar to Ethereum in function, for the development of decentralized applications called dapps. Dapp development is made easy using EOS as it provides an operating-system-like set of services and functions that dapps can make use of. A developer can use the EOS blockchain only if he has EOS coins. Developers will not spend the coins to use the server resources, she/he just need to prove they hold them.
The idea behind EOS is based on the idea to combine the best features and promises of the various smart contract technologies out there (e.g. security of Bitcoin, computing support of Ethereum) in one massively scalable application platform which is simple to use for the everyday user to empower the impending blockchain economy.
How EOS Works?
The main aim of EOS is to build a blockchain dapp platform that can scale to thousands of transactions per second securely and smoothly while providing an accessible experience to app developers, entrepreneurs, and users. They aim to provide and complete operating system for decentralized applications focused on the web by providing various services like user authentication, cloud storage, and server hosting.
Features of EOS:
The EOS network being a ready-made platform for apps allows the developers to enter into an authentication system which is fully featured. The user accounts are more secure as they are completed with different permission levels and the latest EOS updates have enabled shared database access between accounts. Also, stolen accounts can be recovered into the system very easily.
Keep It In the Cloud
EOS system also consists of server hosting and cloud storage which means that applications and web interfaces can be built and deployed by the developers with hosting, cloud storage and download bandwidth provided by the EOS system. This gives the developers the access to usage analytics for storage and bandwidth directly and opens them up to bring their ideas into reality free from the demands of securing storage and bandwidth.
EOS uses “consensus over state,” which means that the current state of the blockchain can be verified at any point on all of the computers on the network I order to prevent fraud and confirm transactions. This means that the scaling of EOS network is up to 1 million messages or transactions per second on a single machine which in turn leads to infinite scaling possibility between multiple machines.
Free to Use
An end user is not required to pay micropayments to send messages and perform tasks on an application which has been developed on the EOS platform. This means that the users are left with low transaction fees and use services for free.
Features, not Bugs
The EOS system provides an interface in the form of governance model which allows block producers to vote on which transactions are confirmed, whether an application is running correctly and on changes to the source code of individual applications as well. This means that the bugs can be upgraded, downgraded and fixed by the community in a democratic and secure manner.
No Trouble Performing
The performance is maximized with reduced latency in the EOS system reduces by structuring each block even more finely into “cycles,” which are sequentially performed. Cycles are further divided into “threads” that run in parallel within cycles. This allows for messages and transactions to be sent and responded to within single blocks as well as between blocks, which in turn brings the response time down.
The current price value for EOS coin price is $13.5768 which keeps on changing frequently. It has a current circulating supply of 624 Million coins and a total volume exchanged of $1,221,820,314 with a market capitalization of $406,329,228 USD in the beginning. But after they released nearly 3x the number of coins that are in current circulation, so the actual market cap if all those coins in circulation in present is $1,370,000,000 USD. This made it as the #10 ranked crypto.
Following are the names of some exchanges which are supporting EOS coins: