As of February 27, 2018, according to Coinmarketcap, EOS was the ninth largest Cryptocurrency as its market capitalization reached a valuation of 6 billion dollars at the corresponding price which was 8.15 dollars USD/EOS token. Even in the midst of turbulence in crypto verse, EOS has shown relative stability over other coins.
What is EOS?
It is essentially a decentralized smart contract-enabled platform which offers an ecosystem that supports the building of decentralized applications (dApps). Deemed as the fundamental solution to the flaws and issues of the blockchain, EOS integrates a delegated proof-of-stake algorithm that basically acts like a group of dedicated delegates, which are assigned with the responsibility of transactional verification. In contradiction to a conventional blockchain used by any other cryptocurrency, the blockchain of EOS, operating on the DPoS protocol, is equipped of supporting higher volumes transactions with speeds as high as 100,000 volumes per second. The blockchain also claims the capability of keeping transaction fees under check as it allows for non-existent transactional fees and parallel scalability.
The team working behind EOS
In the way that Ethereum is created on the Ethereum blockchain, EOS also is built on its own blockchain which is known as called Block.one. Block.one is essentially a blockchain-enabled platform that supports the process of creation and verification of several decentralized applications. The developers of block.one is working towards the goal of creating a patchwork that can be programmed.to achieve that, they are developing a proof of stake protocol that will aid decentralization of independent organizations on the platform.in fact, the chief technical officer Dan Larimer has been credited as the mind behind this concept.
The EOS.IO software integrates a new blockchain architecture which is built to aid parallel and horizontal scaling of decentralized applications. This scaling is attained by creating a platform along the lines of an operating system, which can support applications. This software offers authentication, accounts, databases, the scheduling of apps across several CPU clusters or cores, and asynchronous networking. What results is a blockchain architecture that can be scaled to enable, on a per second basis, millions of transactions. This technology diminishes transaction fees as well as aids quick and easy implementation of decentralized applications. The establishment of the Cryptocurrency Bitcoin in 2008 paved the way for the launch of the blockchain technology. Since that time, crypto-enthusiasts, investors, and developers have been striving to generalize the technology that is equipped to support a large variety of applications on a singular blockchain platform.
Can EOS overtake Ethereum?
Analysts and observers of the crypto sphere have been speculating about the potential of EOS to outclass Ethereum due to its combination of the EOS Cryptocurrency and its block.one platform. This has helped EOS to earn its share of mainstream attention in the cryptomarket. Ethereum has also earned the reputation in the crypto verse of being the biggest platform that supports Dapps. In spite of this, if EOS may have the potential to surpass Ethereum if it can develop the most powerful block-chain enabled platform that can support decentralized applications. For example, Bitfinex, which is a leading crypto-exchange platform, made an announcement at the beginning of 2018 to establish a decentralized exchange which would be based on Block.one which is EOS’s exclusive blockchain platform. This new decentralized exchange set up by Bitfinex will be known as EOSfinex. Not only will this decentralized exchange facilitate the scalability of EOS as a dApp platform but also tackle the issue of excessive transaction fees that are usually charged by decentralized exchanges.
CEO of Bitfinex, J.L. Van Der Velde has quoted:
“I’m excited to leverage EOS.io to further advance the field of high performance and trustless on-chain exchange. Block.one continues to display an unwavering dedication to improving blockchain scalability through the EOS.IO platform.”
If this project of Bitfinex to launch this new decentralized exchange becomes successful, and EOS platform goes through further up gradations, EOS will be giving tough competition to other cryptocurrencies and manage to overtake Ethereum as well.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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