EOS is Ethereum Operating System, is a blockchain controlled system.
A decentralized system that allows hosting, development and execution of commercial decentralized applications. To understand EOS, one has to understand .
What is Blockchain?
A blockchain is simply a digital ledger that cannot be tempered with and is programmed to record not only financial transactions, but virtually any data of value.
One of the unique characteristics of a blockchain is tha which therefore hard to corrupt the data.
Structure of EOS
Image source(url: https://steemit.com)
EOS comprises of two key elements;
- EOS token
The EOS.IO is the operating system of the EOS blockchain and enables the decentralized scaling of applications. EOS.IO helps developers to come up with blockchain related applications
Smart contracts refer to between seller and a buyer being directly recorded into lines of code. Smart contracts allow trusted agreements and transactions to take place among disparate and unknown parties They make the transactions transparent, traceable, and irreversible.
EOS token is on the hand the cryptocurrency of the EOS network.
EOS alleviates shortcomings with scale while improving the experience of the user when dealing with Ethereum applications. This aids easy execution of small contracts which then enables new types of applications to be built. Lowering or eliminating time associated with executing coding on Ethereum, amounts to valuable market opportunity which has made Ethereum one of the best cryptocurrencies in market capitalization (Seth, 2018).
Aim of EOS
There are already several blockchain based networks existing like Ethereum, which enables decentralized application.
EOS focuses on the solving the limitations of other networks. Its aim is to solve the limitations by;
- Fixing the problem of that can withstand millions of transactions in a split second
- It generates a developer friendly platform for building a new, fast Ethereum decentralized applications.
- It is developed in part by
- The EOS token itself is only Its demand is based solely on the need for EOS, which grows as more products are built on top of the Ethereum blockchain
EOS tries to address the following shortcomings by providing
EOS enables flexibility by promoting free usage by the user which is simply eliminating transaction charges and allowing developers to utilize the network in proportion to their stake; peer-to-peer transaction model. EOS uses .
Proof of work is the validation of work that has taken place and providing prove that it has taken place it mostly followed by bitcoin to authenticate that the chain is effective. . This type of process eliminates challenges experienced in proof of work and is believed to be advantageous in the way that;
- There is no need for costly hardware as a computer will come up with the figures as long its online
- It is power efficient as there is no much electricity consumption
- The validators are loyal and more likely to give accurate results
- It gives fast validations than PoW in general
Price trend of EOS
The highest price was recoded as This coin has much bigger volatility because the trading volume is still very small.
Right now . Compared to the price last year, it has been already 5 times. We can expect the growth of price more if the project can implement more attractive projects.