The coin’s real-time price is $ 3.55
EOS is a blockchain platform for the development of decentralized applications (dapps), similar to Ethereum in function. In fact, supporters have dubbed it the Ethereum killer. It makes dapp development easy by providing an operating-system-like set of services and functions that dapps can make use of.
EOS is a blockchain capable of decentralized applications — similar to Ethereum. The platform has grown in such popularity that it has been dubbed the “Ethereum killer.” The platform’s main objective is to make it easy to create dApps in an operating-system like format.
The goal is EOS is to bring together the best of both worlds in terms of dApps and smart contracts.
How does EOS Work?
EOS intends to make it easy to build apps on its chain by eliminating the PoW consensus algorithm that Ethereum uses. Instead, EOS uses delegated proof-of-stake (DPoS). So instead of miners having to perform ‘work’ for the blockchain to function, each node competes to become the most trustworthy. A total of 21 nodes are ranked by coin holders to process transactions on the network.
For running a node on EOS, operators are rewarded. Operators are rewarded with transaction fees and other incentives. In a sense, nodes compete with each other for being the fastest, the most accurate, and the most trustworthy among all others.
DPoS allows EOS holders to benefit from the fastest block-producing times available. Blocks are generated every 500ms, which means that two blocks are produced each second. By comparison, this is 30 times faster than Ethereum and 1000 times faster than Bitcoin.
EOS.IO and EOS Tokens
The EOS ecosystem is broken down into two key components: the EOS.IO platform and EOS tokens
How Is EOS Different?
Although there is already a number of different blockchain-based networks such as Ethereum that facilitates decentralized appplicatios, EOS instead focuses on speed and scalability.
As the size of the dApp ecosystem grows every day, it often suffers due to the lack of available resources on the network. These problems are constrained by problems like the network becoming congested or a large number of false transactios used to spam the network among other problems.
EOS claims to support a multitude of dApps without encountering the same performance bottlenecks through the use of parallel execution and asynchronous communication across the network.
EOS.IO also offers flexibility in the ownership structure of its dApps through various features. The structure promotes free use by the user and works to eliminate transaction charges as developers are allowed to use resources in proportion to their stake in the network.
EOS.IO comes with numerous features such as a web tool kit, self-describing database schemas and more. All of these features were designed to make EOS an easy platform to use for creating decentralized applications.
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