EOS at a glance
EOS is a blockchain-based cryptocurrency. The cryptocurrency EOS has been operated by the private company block.one since the white paper 2017 was published. On June 1, 2017, the associated software was released as open-source code. But EOS is not only a cryptocurrency, but it is also a platform for blockchain-based applications. EOS wants to set new standards in terms of performance and scalability. EOS wants to outstrip the crypto competitor Ethereum. Ethereum first introduced the concepts of smart contracts and dApps and is still the largest platform for blockchain-based applications.
If EOS manages to set new standards in terms of performance and scalability, it will surely surpass the Ethereum model. But it is not only in terms of the function that these two cryptocurrencies are similar. If you look at the geometric logo of EOS, you immediately notice the similarity to Ethereum. EOS developers also see their work as new or further development of Ethereum.
However, EOS does not copy the Ethereum system but starts a new beginning. The focus is always on the implementation of an overall system. The EOS not only wants to offer space for its own token on its blockchain but also smart contracts that can be used as a basis for other didactic currencies and blockchain ecologies.
What´s the development of EOS?
EOS is developed by Block.one. Block.one is based in the Cayman Islands. It is the EOS.IO software, which the developers call the blockchain operating system. The EOS system can be used by other cryptocurrency developers as a platform to implement its own systems on the EOS blockchain as a token. The development environment for the system is called Dawn.
EOS initially existed on the Ethereum platform as an ERC-20 token until the official mainnet was launched.
What is the difference between EOS and Ethereum?
As mentioned above, EOS is best compared to Ethereum. There are essentially many innovations compared to Ethereum.
EOS offers free transactions. Ethereum has always had a small transaction fee since its inception. This is not the case with EOS.
EOS also wants to make it possible for hacker attacks or a software error in EOS.IO to return the software to an earlier status in order to restore the intact state. Hard forks can thus be largely avoided. EOS promises far higher scalability and performance than Ethereum, but EOS does not rely on the proof of work system but on delegated proof of stake.
How does the EOS System work?
EOS uses the Delegated Proof of Stake process. Proof of stake simply means that all nodes in the network contain actual currency components.
EOS aims to provide a decentralized platform. This should act as an OS (Operating System). Their developers can e.g. create dApps.
EOS is already one of the top 20 cryptocurrencies by market capitalization. EOS is similar to Ethereum. Like Ethereum, EOS is an intelligent platform that was developed for open source projects and central apps (dApps). EOS pursues the goal of taking over market shares from Ethereum and creating a scalable blockchain with improved usability.
EOS is based on a distributed operating system-like construct in which developers can create their apps and ideas. For this Ethereum uses its virtual machine that works like a supercomputer.
Where can I buy EOS?
EOS is a well known and a well established cryptocurrency on the market. I recommend Coinbase to buy and manage EOS. At the moment you can also earn up to 50$ in EOS by taking part in the legendary Coinbase Earn Airdrop.