The ECO blockchain is meant to help developers create decentralized apps, combining all the good parts of smart contract technology with a single and fast dApps system. EOS was actually setup in 2017, and they established a one-billion supply limit. EOS cannot be mined, but there are a lot of other helpful details about EOS that are important for beginners to know about this cryptocurrency.
Here's 7 Facts All Crypto Token Holders Must Know
The Key People
According to the information that was published in 2017, the original creator of Block.one, which is led by Brendan Blumer (CEO) and Daniel Larimer (CTO). This twosome both have a lot of information about cryptocurrency apart from Block.one. Larimer was part of the development for social media platform Steem.
The EOS abbreviation does not actually stand for anything, according to the founders. There is no real explanation, but many people in the community have come up with possible interpretations, like the Ethereum Operating System.
There are two major components to the EOS ecosystem – EOS.IO and EOS coins. The EOS.IO is the blockchain architecture for the platform, which works the same way an operating system would. EOS itself is the native token for the network, and anyone that holds it is eligible for storage or additional bandwidth.
EOS managed to keep a one-year ICO running from 2017 to 2018, resulting in the accrual of $4 billion. Once the ICO ended on June 2nd, 2018, but the MainNet launch happened only 8 days later. Any EOS tokens can be used on any wallet, since they were originally created as an ERC-20.
Decentralized Operating System
Every single app that developers create within the EOS platform can be a decentralized application, depending on if they have the EOS coins needed first. By owning tokens in the first place, any user has new access to the resources that the EOS blockchain provides. As long as the user can prove ownership, they have access.
The scalability of any platform is crucial, because it must be able to withstand the demand that the market has. Bitcoin only is capable of a maximum of 4 TSP. Ethereum is only slightly better at 20 TSP. However, since EOS has a proof-of-stake protocol, the creators say that it can handle 50,000 TSP.
Delegated Proof of Stake
This protocol allows users to decide who they trust to validate their transactions. The users with the highest votes have to validate the transactions, but the voting power of users can vary and be transferred.
Ongoing EOS Value
Back on April 29th, EOS’s price reached its height at $22.89. Right now, as of 1:00pm PST on September 11th, the price is $4.86. The current market cap is $4,403,952,656.