The crypto market boasts the highest trader base in all financial markets. What differentiates the crypto market is the transparency of the blockchain ecosystem associated with it. Newer projects emerge all the time, which add on to existing features of projects like Ethereum. Projects resolve issues and through the issues that they resolve, these projects have been able to amass popularity and value. Ripple Labs’ native digital asset, XRP, facilitates transactions across international borders.
EOS launched in 2018, it is hardly a new project though It is still relevant in 2022. With a $4.1 Billion coin offering and arguably the most loyal community in crypto, EOS never went out of focus. At its core, it solves a lot of problems in the Ethereum blockchain. The purpose of this article is to examine the EOS project and how valuable it will be in coming times.
Proof of Stake Consensus & Horizontal Scaling to Promote Block Producer Harmony & Scalability
A decentralized platform, EOS supports the creation, hosting, and running of decentralized applications. Block.One launched the platform in June 2018 following an Initial Coin Offering. Businesses and individuals can use the platform to develop blockchain applications. This blockchain is primarily designed to help users navigate problems that are present in older blockchains. By doing so, the platform aimed for a higher scalability rate. Using both horizontal and vertical scaling solutions, it provides access for users on the network. As a result, traders can execute thousands of transactions every second without incurring transaction costs.
The EOS ecosystem has a full-featured system for authenticating every action made by developers. The system allows each user to access an application with permission from the developer. A developer can perform this function via the EOS panel, a critical component that every dApp must have in today’s world. In addition, businesses can share access with their workers. Additionally, EOS uses a proof of stake consensus, so there is no competition among miners. In this way, EOS can fight scalability on its network. Block Producers on EOS are responsible for creating new blocks, unlike miners on Ethereum. In exchange for creating new blocks, users are exempt from all fees associated with transactions they carry out on the platform.
EOSIO Features That Set it Apart From Ethereum Blockchain
Although EOS has the same functionality as Ethereum, it has some unique features. Here is what EOS offers:
- Utility: Users who hold the $EOS token have access to storage and bandwidth on the platform. Due to the token being a utility token, users who own 1% of the token will have access to the same amount of bandwidth on the blockchain.
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Scalability: As mentioned earlier, the creation of EOS was prompted by the need for a large-scale dApp in the sector. The network has greater scalability and is easier to use than other blockchains. The toolkit that comes with it for interface development makes this possible.
- Dapps for free: EOS gives developers access to its blockchain so they can create free apps for the public to use. Users would then be able to take advantage of all the platform offers.
- Gas Issues: Besides Bitshares and Graphene’s high throughput, it also has Ethereum’s smart contract functionality. In other words, the network is highly scalable and eliminates gas issues.
How Non Block Producers Can Hold $EOS Coin With DEXs
In case traders do not want to deal with the technicalities of producing their blocks, they can buy them from exchanges. These are some of the exchanges where you can buy $EOS tokens:
- Kraken: Kraken is currently one of the top crypto exchanges on the market. It has a user-friendly interface that allows users to purchase and trade tokens. Traders would need to go through the sign-up process and deposit funds in their accounts to purchase EOS on Kraken.
- Binance: With support for about 1,000 coins, Binance is one of the top three crypto exchanges. Binance has the highest trading volume on the market due to its easy-to-navigate website.
- CoinBase: The easiest way to purchase EOS is on Coinbase. Coinbase is home to a large user base across the globe. Traders can store and trade over 100 digital assets on the platform.
Diversify Your Crypto Portfolio Before Investing in EOS Token
EOS is without a doubt one of the most exciting projects on the crypto market. EOS solves many market issues. However, traders must note that trading a token requires a great deal of sacrifice. You should only buy digital assets with spare cash since the market can change at any time. Furthermore, you should diversify your portfolio if the crypto market experiences a downturn in price movements.
Author
Chris Munch is a professional cryptocurrency and blockchain writer with a background in software businesses, and has been involved in marketing within the cryptocurrency space. With a passion for innovation, Chris brings a unique and insightful perspective to the world of crypto and blockchain. Chris has a deep understanding of the economic, psychological, marketing and financial forces that drive the crypto market, and has made a number of accurate calls of major shifts in market trends. He is constantly researching and studying the latest trends and technologies, ensuring that he is always up-to-date on the latest developments in the industry. Chris’ writing is characterized by his ability to explain complex concepts in a clear and concise manner, making it accessible to a wide audience of readers.
