EOS Wiki ▷ What can the coin do? Crypto currency & more!

Our EOS-Guide gives you everything you need to know about this crypto project. We explain what EOS is, what the project does and give our opinion about the project. We ask you to be careful before making any crypto-currency investments and remind you to do your own research.

What is EOS?

Like Ethereum, EOS is a decentralized application development platform. This means that developers can build applications on their block chain and take advantage of the benefits of this technology.

In contrast to Ethereum, EOS has focused on solving scaling problems from the very beginning and is aiming for an enterprise block chain solution. Ethereum's 15 transactions per second have already proven to be insufficient. The popularity of a single app (Crypto Kitties) meant that the network could not handle the transaction volume. Since then, Ethereum has been working to increase the number of transactions per second to increase the load that the network can handle.

EOS has taken a different path and decided to solve the scaling problem first. It is claimed that EOS will be able to process between 20,000 and 50,000 transactions per second. This means that applications such as Crypto Kitties would run smoothly on EOS. This is great news for app developers and users.

The EOS team knows that most companies and app developers want to use server hosting and cloud storage. So the platform is also designed for this service and is paid for with EOS.

The ownership model for the EOS project means that there are no transaction fees (unlike Ethereum). Once this is combined with significantly higher transaction speeds, it is easy to understand why some call EOS the "Ethereum killer". Many argue that the capabilities of the project make it more attractive for companies than Ethereum to build their block chain applications on it. If so, the project could really replace Ethereum as the primary application development platform in the crypto space.

In which industries can EOS be used?

With EOS, companies can develop block-chain-based business applications for any niche. Public blockchains like EOS can offer companies the following advantages:

  • Accounting: Transactions are stored in the block chain and cannot be manipulated. This means accurate records and exceptionally comprehensible accounting.
  • More efficient movement: The movement of the products can be tracked safely on the block chain. This is more transparent than existing systems and also creates efficiency in product tracking, transfer of ownership, accounting and payment processing.
  • Smart Contracts: Contracts are time-consuming and expensive to create. Digital Smart Contracts can be created and enforced using the block chain. This reduces the need and costs of third parties and saves companies money and time.
  • Fast and global payment methods: With traditional banking systems, it can take 5 days to process a payment. The EOS crypto currency can be processed in seconds, free of charge.

The EOS project can benefit a wide range of companies and their public block chain can be applied in ways we simply cannot imagine at present. However, companies will only use applications based on application development platforms if they can be sure that they work properly. That is why it is important that EOS solves scaling problems from the very beginning and many claim that the project can replace Ethereum.

The Team

The EOS project is being developed under the name BlockOne. The team is led by Brendan Blumer and the technical wizard Dan Larimer.

CEO & founder - Brendan Blumer

Is a serial entrepreneur with a successful track record. Brendan's business journey began when he was just 15 years old when he found a business opportunity in the online gaming market and began selling virtual assets on a website he created. 4 years later the company was acquired by Internet Gaming Entertainment. As Brendan didn't want to miss any opportunity, he moved to Hong Kong to lead the management at the age of 18.

Bulmer then moved to Found Accounts.net in 2007, which focused on in-game avatars. Three months later, the company had 75% market share and generated over $1 million in monthly sales. Brendan then went to Found Okay.com in 2010. This company offered Asian real estate clients a platform to buy, sell and rent real estate. A year later, the business merged with Asia Pacific Properties.

In 2013, Brendan founded a new company ii5, a company that provides software support services to Indian brokers. Within the first 24 hours after the beta release, the company acquired 100,000 properties from over 3500 different brokers.

In 2017, the series founder founded Block.one and launched the EOS project. We think that Brendan is a born winner and all the evidence suggests that he will do the same with EOS.

CTO - Dan Larimer

Dan has held a variety of positions since graduating from Virginia Tech in 2003. In the crypto area, Larimer was responsible for the design, deployment and construction of Steemit. This product was the first social media platform to use Blockchain and Dan was CTO of this project.

Source: https://steemitimages.com/DQmTQRtUcK4wSB19M8FWLTos5NqWLtwZrSDRQc1wXoSp48s/Dan.jpg

Larimer has also spent time at Cryptonomex and was responsible for the technical vision of the company. He wrote technical articles and led the entire development team.

Dan brings a wealth of block chain experience to EOS, and together with Brendan Bulmer we think the project has a very strong team. Both Dan and Brendan have proven that they have been able to achieve extraordinary things.

The future of EOS

The project already has a large fan base and its main network is scheduled to be launched in early June 2018. EOS's success will depend on the number and quality of the companies it can convince to build on its block chain rather than on competitors such as Ethereum.

Source: https://cdn-images-1.medium.com/max/1600/1*5i3SA6pIP2kc7oqUQNqhZw.png

We believe that while Ethereum has an advantage as the first decentralized application development platform, this is not insurmountable. After all, we must remember that even Google was the newcomer as a search engine at a time before you overcame Yahoo in the battle for search engine dominance. Ethereum also talks about the rental fees for Mainnet contracts, whereas these would be free with EOS. This offers EOS a real opportunity to separate projects from Ethereum while offering better scalability.

EOS has already convinced some of the top 100 crypto currencies, such as WAX, to build their marketplace on the EOS Blockchain. Since WAX is currently an Ethereum token, the project was expected to be based on Ethereum. The fact that they decided to use EOS instead may be a sign that other applications could also make the switch to EOS.

EOS has already completed the first phases of its roadmap, including the creation of a test environment and test network that is as realistic as possible.

The EOS ICO

The project has the longest ICO in the history of the crypto currency and was designed for a duration of 341 days. This approach represents a significant departure from the usual ICO model, where projects aim to raise as much money as possible as quickly as possible.


Source: https://i0.wp.com/www.pymnts.com/wp-content/uploads/2018/09/Buoyant-Coin-ndau-ICO-Crypto-Crash.jpg?w=1000&ssl=1

Why the different approach of the ICO?

To understand this, we need to explain the typical approach for ICOs. Typically, projects are funded by setting out their vision, publishing a white paper and setting the funding target required to implement the project. For ICOs it's all or nothing; if the funding target is not met, the investor money has to be returned and the project team admits defeat. This means that cryptocurrency projects running an ICO should underestimate their tokens to secure the money needed.

This undervaluation of tokens creates a situation where investors are interested in buying as many as possible, knowing that they can sell them at a profit on the secondary market. A wealthy investor who wants to buy a large number of tokens can pay a very high transaction fee to put his ICO contribution at the top of the queue and ensure that he receives his ICO token allocation. This gives wealthy investors a big advantage and penalizes the rest. The result is that ICO projects tend to concentrate their tokens in the hands of a limited number of very wealthy investors. Token concentration like this is usually bad news for crypto-currency projects, as these "whales" can have significant control over the price of this crypto-currency. EOS has recognized this problem and developed a solution approach.

How does the EOS ICO work?

The ICO started on 26 June 2017 and started a first 5-day window, during which 200 million tokens were sold. The number of tokens received by an investor was directly proportional to the contribution they made, e.g. Sarah sent 1% of the total contributions and thus received 1% of the available tokens.

After the first 5-day window, the rest of the tokens are released in 350 consecutive windows (23 hours each). In each window, 2 million tokens are available and the tokens are distributed to investors in proportion to the contribution made during that period. This means that the tokens sold are close to the market price and wealthy investors do not receive an unfair advantage.

Should I invest in EOS?

It is entirely up to you whether you invest in the project or not. However, we can express our opinion about the project:

Advantages

  • The platform is much more scalable than Ethereum currently is. EOS is lightning fast and can process many more transactions per second than Ethereum.
  • Other top 100 projects like WAX are already choosing to build on EOS rather than Ethereum.
  • We like the fact that the project focuses on enterprise solutions. We believe that this strategy will lead to a faster introduction of the platform.
  • The project is led by Brendan Blumer and Dan Larimer. We consider these two entrepreneurs trustworthy to lead this project

Disadvantages

  • The public block chain will only be released on 2 June 2018. The valuation of EOS is based on future expectations of success.
  • Ethereum has over 500 crypto-currency projects based on its platform, while only a few have chosen to use EOS. It remains to be seen whether the platform can successfully take over Ethereum's market share.
  • The number of transactions per second is only theoretical. We will only know the actual speed of the platform when its public block chain is released.

The three main buying options for EOS are Binance and Coinbase or the use of a CFD broker such as IQ Option. Fortunately, we have put together a guide for you that explains exactly how to buy EOS - take a look at it here.

Conclusion

We like EOS and we believe that the Ethereum project can really offer tough competition. We think that there is room for several application development platforms to succeed in the crypto-currency market and we don't think it will be a case of one platform taking over everything.


Source: https://i0.wp.com/dollardestruction.com/wp-content/uploads/2018/07/EOS-2.jpg?fit=1024%2C536&ssl=1

Finally, when we look at the traditional technology industry: Windows still has competition from Apple and Linux. We believe that a similar situation will arise in the application development platform sector, where the dominance is shared by a few key platforms, and we expect EOS to be among them.

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Thomas Cormik

Thomas Cormik started with the sole focus of educating his readers about Bitcoin and its potential impact on traditional financial systems. Thomas is proud to offer high quality content to the masses under the Bitcoin-News.one banner.

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