EOS is progressing fast, ranking ninth on the global coin ranking list.
This scenario poses the question: Is it possible for EOS to overtake Ethereum in value in the coming months?
When discussing EOS, it’s much easier to compare it to Ethereum. This cryptocurrency functions the same way as one of the biggest decentralized networks in the market, which is probably why this coin is capturing so much attention. Launched in 2017, EOS is the first blockchain in the world to have its own constitution. With a software that implements a new architecture in the digital payment system, its principles are scalable, flexible and usable.
While ETH currency has Ethereum as its main platform, EOS has Block.one, with the EOS tokens ERC-20. Block.one is a decentralized platform based on blockchain technology. It has the ability to host several applications that EOS token holder developers can easily upload. The platform allows fast transactions with full encryption and with a warranty that all transactions are safe, secure and with no third parties earning on the transactions members of Block.one are making. The main aim of this platform is to create a programmable patchwork.
- As mentioned earlier, the EOS principles are scalable, flexible and usable
- Scalable – The platform separates authentication from action. EOS operates with a parallel execution system that makes the process of authentication easier
- Flexible – In case of an attack on your account, the blockchain stops the application until the problem is resolved
- Usable – EOS designers are still updating their technology to the self-describing interface. This allows users to customize permissions to all their actions.
The EOS Team
Block.one led by Dan Larimer (co-founder of both Bitshares and Steemit) and Brendan Bloomer are developing the EOS project. Both add valuable experience to the crypto world and have been active in public promoting the whole technology. The EOS community is energetic and global, with lots of trust from investors and contributors alike. Meetups are common, the Telegram group is active and EOS communities have a presence on social networks.
How does the EOS work?
The goal of EOS is to create a blockchain dapp platform that can secure and scale smoothly thousands of transactions per second, while providing access to app developers, users, and entrepreneurs. The aim is to provide an operating system for decentralised web applications services such as cloud storage, user authentication, and server hosting.
Benefits of EOS Blockchain
- Because of EOS technology, it’s now possible to achieve millions of transactions per second. This is in contrast to Bitcoin which limits users to only 3 transactions per second and Ethereum to 30 transactions per second
- To process millions of transactions per second comes at a cost for users. This is opposite of EOS new advanced technology which doesn’t charge any fees
- It functions as a decentralised platform thus users don’t need an intermediate for payments
- The platform operates the same way as smart contracts: horizontal scalability, asynchronous communication, and interoperability. Users get account permissions, authentication security and web-communication
- EOS innovated the first blockchain operating system. You’ll receive a database, indices and other bonuses on the EOS website. Developers can design apps without buying the software or different programming languages
- This revolutionary EOS technology will create strong competition for all existing blockchains.
EOS Token Sale
So far the EOS token sale works the same way as other token sales. The token sale began on June 26, 2017, and is expected to go on for over one year, with 350 periods of distribution. At the end of each period, contributors will receive EOS tokens designated for that period based on their ETH contribution divided by total contribution. During this period, EOS tokens will be listed on the major exchanges thus the price will be determined by the market. The sale is open to anyone giving plenty of time to assess development and progress of the EOS before contributing. This has, in turn, made it one of the highest funded token sales with a high token growth rate.
The EOS token doesn’t perform a function. To develop applications on the EOS platform, developers will require EOS tokens to generate their specific application tokens, with each application’s acceptance on the EOS platform depending on voting by EOS token holders.
Block.one and EOS.IO
One of the reasons that influenced the rapid progress of EOS could be the recent collaboration between Korea’s EOS.IO and Block.one platform. Korea ranks fifth worldwide as one of the countries with advanced knowledge in ICT. Thus it comes to no surprise the current gains EOS is making, bearing in mind they’re also planning to implement some innovative solutions.
The aim of this collaboration is to have new companies and industries join the EOS network and also implement another valuable token that’s compatible with the Block.one decentralised platform.
EOS vs Ethereum
Can a platform such as Block.one with EOS as its main token take down Ethereum? Yes, it’s possible. At the time of writing this review, EOS is trading at $18 per coin while Ethereum costs 36 times more per unit. Investors are more likely to buy EOS rather than Ethereum. This is a normal scenario given an investor will gain more EOS than Ethereum from a $1,000 investment.
Despite an earlier decrease EOS price is appreciating, threatening Ethereum with a platform that does the same work but at an improved pace. The rapid transactions of EOS of more than 1 to 10ms of runtime could be contributing to this increase in value.
What to Expect from EOS in the future?
Considering that EOS has managed to make remarkable progress in a few months since its launch, the crypto coin is promising to become a top coin in the market. Add to the fact that the price of Ethereum has been decreasing, EOS has the potential to overtake Ethereum by year end. But this can only happen if Block.one performance is topnotch, as this will attract new investors and help retain older investors.
EOS is an exciting project in the dapp ecosystem, with a proven team, promising future and innovative features. Investors need to watch how this coin will develop over time while at the same time make wise investment decisions. If you are a believer in the EOS technology and growth, look out for the stable release around Spring 2018. Follow their social media updates, and buy some tokens from their token sale website or from an exchange.