What is EOS cryptocurrency? Features of EOS

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In the previous article, readers explored Cardano cryptocurrency with Mytour. In this following article, Mytour will introduce you to EOS cryptocurrency.

To delve into what EOS cryptocurrency is, how it operates, and the cryptocurrency exchanges supporting EOS token transactions, readers can refer to the following article by Mytour.

Introduction to EOS cryptocurrency

1. What is EOS cryptocurrency?

EOS serves as a blockchain platform for developing decentralized applications (dapps), much like Ethereum. In reality, EOS significantly facilitates dapp development by offering a collection of services and functionalities similar to operating systems that dapps can utilize.
The EOS community aims to provide a simple, user-friendly dapp platform.

How does EOS operate?
The objective of the EOS development team is to construct a blockchain dapp platform capable of executing thousands of transactions per second securely and without errors, while enabling application developers and investors to access the platform.

Simply put, the team's goal is to provide a comprehensive operating system for decentralized applications by offering services such as user authentication, cloud storage, and server hosting.

2. Features of EOS

Authentication
The EOS network is a pre-built platform for applications that allows users to access the system with full authentication features, including user accounts, licensing steps, and locally secured user data. Additionally, users can share database access rights between accounts and store user data on external local servers.

The system also features account recovery for stolen accounts. Users can select and use various options to verify identity and restore access to stolen accounts.

Cloud Storage
Application developers can build and deploy applications on servers, cloud services, and download bandwidth provided by the system.

Developers also have the right to access analysis features for bandwidth and storage capacity on EOS and set limits for specific applications. However, to utilize these features, developers must pay a fee by stacking tokens (basically buying cryptocurrency and storing it in a wallet for a long period of time).

Scalability for Numerous Transactions
Most popular blockchains, such as Bitcoin or Ethereum, employ consensus algorithms, meaning that at any given time, all computers on the network can verify the current state of the entire blockchain. This is to prevent fraudulent transactions. When new blocks are added to the blockchain, nodes on the network will take each transaction from that block and update the status of each address associated with the transactions.

On the contrary, EOS implements consensus through events. In this manner, the platform focuses on transactions rather than state. Instead of verifying the network state at any given time, nodes will sequence events that have occurred up to the current time to track the network state.

This process will take longer because EOS will have to reconfirm the entire transaction history upon restart, but in return, the platform can handle a larger volume of transactions. Specifically, the network can scale, processing 1 million transactions per second on one port on one machine.

Free of Charge Usage
By default, applications built on the EOS platform do not require users to pay fees for transactions and tasks on the blockchain.

No Flaws
The EOS system provides a governance model based on block producers instead of evaluating stars after transactions are confirmed like other systems. The community can upgrade, downgrade, and debug the system.

Swift Transactions
The system reduces latency and maximizes performance by structuring each block (generated every 0.5 seconds) or multiple blocks per cycle. Within a cycle are threads running in parallel. In theory, this structure allows investors to send and respond to transactions within a block and between blocks in a shorter time frame.

3. Roadmap and EOS Development Team

The EOS project is developed by Block.one company. Key figures of the project include Dan Larimer (co-founder of Bitshares and Steemit) and Brendan Bloomer.

EOS Dawn 1.0 was released on September 14, 2017. By December 4, 2017, Dawn 2.0 was released, adding features such as resource tracking and Inter-Blockchain Communication Protocol (IBC). Dawn 3.0 (the official version) was released in April 2018.

Currently, there are over 100 dapps on the EOS network, with the PRA CandyBox app having over 6,000 daily active users. This number is higher than Ethereum, one of the most popular dapps, and the decentralized exchange IDEX, which currently has over 1,000 daily active users.

EOS Token and Transactions
The EOS token distribution began on June 26, 2017, and was divided into 350 stages. For each stage, the total number of tokens allocated for that stage would be distributed to buyers delegated based on the total amount of ETH they contributed.

Buying EOS
Major exchanges like Binance support EOS trading with USDT, BTC, or ETH, as well as platforms like Bitfinex, Huobi, and OKEx.
Exchanges like Gemini, GDAX, and Coinbase support USD trading (and some other fiat currencies) with EOS.

Storing EOS Tokens
Investors can choose and use community-created electronic wallets to store EOS tokens. Greymass and Simpleos are two of the wallets that Mytour wants to introduce to you. The common point of these electronic wallets is simplicity and ease of use.

Moreover, if you are tech-savvy, you can choose to use Command Line Interface (CLI), an open-source electronic wallet provided directly by Block.one.

In this article, Mytour has just introduced you to the EOS cryptocurrency. If you have any questions or need clarification on topics like What is Litecoin cryptocurrency, readers can leave their comments below the article.

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Frequently Asked Questions

What are the main features of EOS cryptocurrency that developers should know?

EOS cryptocurrency offers a variety of features for developers, including robust user authentication, cloud storage capabilities, and account recovery options for stolen accounts. It allows application developers to build decentralized applications (dapps) with high scalability, processing up to one million transactions per second. Additionally, EOS does not charge fees for transactions by default, making it an attractive platform for dapp development.

How does EOS ensure fast transaction processing compared to other blockchains?

EOS achieves fast transaction processing by structuring each block and utilizing parallel threads within cycles. Blocks are generated every 0.5 seconds, significantly reducing latency and maximizing performance. This structure allows the platform to handle a larger volume of transactions efficiently, making it capable of processing one million transactions per second on a single port.

What exchanges support EOS token trading and what currencies can be used?

Major cryptocurrency exchanges such as Binance, Bitfinex, Huobi, and OKEx support EOS trading using USDT, BTC, or ETH. Additionally, platforms like Gemini, GDAX, and Coinbase allow trading of EOS with USD and other fiat currencies, providing a variety of options for investors looking to buy or sell EOS tokens.

How can users store their EOS tokens securely?

Users can securely store their EOS tokens using community-created electronic wallets like Greymass and Simpleos, which are known for their user-friendly interfaces. For more tech-savvy individuals, the Command Line Interface (CLI) wallet provided by Block.one offers an open-source option for advanced users. Choosing a reliable wallet is crucial for the safe storage of EOS tokens.

What is the purpose of the EOS development team's roadmap and key milestones?

The EOS development team's roadmap outlines significant milestones like the releases of Dawn 1.0, Dawn 2.0, and Dawn 3.0, which introduced essential features and improvements to the platform. These milestones reflect the team's commitment to enhancing the EOS ecosystem, promoting scalability, and improving user experience, which ultimately supports the growth of decentralized applications on the network.