Glossary

EOS

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Glossary Crypto Heroes EOS Lesson

EOS is a blockchain platform that is used for the development of different decentralized apps commonly referred to as dapps. It functions just like the Ethereum platform and has in recent times been dubbed the Ethereum killer. It eases the process of developing dapps by offering an operating system like setup that is compatible with dapps development. The EOS community aims at offering a simple to use and massively scalable dapp platform to be used by everyday users in different programs.

Brief History

The EOS project was muted by a firm known as Block.one. The firm is led by Dan Larimer who is also the co-founder of Bitshares and Steemit and Brendan Bloomer. The two have an intense expertise and experience in the crypto space and have been advocating for the use of blockchain technology to solve various problems in the world.

The project runs a controversial ICO that run for a whole year starting on June 26th, 2017 to June 1st, 2018. The company was able to raise $4 billion and Block.one has committed to using $1 billion to make the project a success.

During the ICO period, a total of 1,000,000,000 EOS tokens were distributed where 90% were distributed in the market while Block.one withheld 10% of the tokens.

Major Aims of EOS

To start with, EOS aims to process transaction faster than other decentralized blockchains which will be free. The company aims at making it easier for developers to create dapps that operate just like an operating system which will also make it easier to use.

The EOS network aims at processing millions of transactions every second. This will help in solving a major problem that other blockchain networks cannot perform at that rate. For instance, the Ethereum platform, although the most popular, can only process 15 transactions every second.

EOS also solves the problem of usability. In other blockchain platforms like Steem and Bitshares, developers are unable to add basic functions like account recovery measures or task scheduling. However, through the use of an operating system protocol, EOS incorporates these core functions.

EOS Trading

EOS token is listed by the majority of the major crypto exchanges and market forces determine its price. After the end of the ICO the EOS price experienced a sharp decline from a high of $4.85 to just over $0.50. However, while the majority of cryptocurrencies have undergone a major tumble in 2018, EOS reached an all-time high of $21.46 in April 2018. The price of the token has stabilized and is currently trading at around $5. The surge in price at the end of April 2018 was largely due to the launch of the platform’s main net and the eosDAC airdrop which took place on April 15, 2018.  As more EOS dapps are developed and used, it is expected that the price will go high. Partnership with more enterprises that will push the use of the platform high will also enhance the prices in the future.

Eos tokens can be bought in major exchanges using USDT, BTC, or ETH.

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