EOS (EOS) Price and Analysis

EOS Overview

The EOS.IO platform was published in 2017 after being developed by the private company block.one. The open source software was released the following year in June 2018.

EOS is a community-driven blockchain that allows the development and implementation of large scale decentralized apps (dApps). EOS is essentially a development platform for dApps which in terms of functionality is close to an operating system. EOS is also a blockchain protocol, which just means that it built its blockchain from the ground up and doesn’t rely on any other blockchain or its technology for their survival. Protocol blockchains are considerably rarer than app blockchains which account for 90% of the market.

The goal of EOS is to be fast, cheap, and highly scalable – allowing for thousands of transactions per second and upwards. Scalability has become extremely important for newer cryptocurrencies, since some of the older ones, like Bitcoin, can’t support high volumes of transactions. If cryptocurrency is ever to become the norm, then high volumes of transactions is a must since no one will see crypto as an improvement to traditional currencies if they have to wait days and days to transfer money.

The EOS platform and its infrastructure also support smart contracts for dApps, and if you’ve been following crypto news for a while, you’ll know that smart contracts are the current buzz word in the industry. This makes EOS a major competitor to Ethereum; however, EOS is more scalable and flexible than Ethereum, although it is less popular so Ethereum doesn’t have much to worry about for the time being.

So what about the cryptocurrency part? The EOS ecosystem is made up of two parts, the EOS.IO platform we have just been discussing, and EOS tokens, the cryptocurrency. The EOS token is the cryptocurrency on the EOS network, the same way Ether is the cryptocurrency of the Ethereum network. Where it tends to get a little confusing in the crypto space is that the platforms and the cryptocurrencies are often used interchangeably.

In order to build and run decentralized apps on the EOS network, a developer needs to hold EOS tokens. Another interesting feature is that a token holder who chooses not to run any apps on the network can rent their bandwidth out to others who may need it to build their apps. This is one of the reasons EOS is considered a community-driven platform.