If you’re familiar with the cryptocurrency industry, then you’ve undoubtedly heard of the cryptocurrency and platform known as Ethereum. Ethereum revolutionized the cryptocurrency industry by providing a platform that allowed users to build smart contracts and transfer information rather than simply operating as a payment system, which is what the previous cryptocurrency platforms were restricted to.

The release of this technology spurred innovation in the industry and led to the development of many other projects that sought to meet the same needs while also building upon and improving this technology. One of these projects, although not as well known to the crypto community, is known as EOS. Let’s dive into what the EOS platform is, how it functions, and what it seeks to accomplish.

What is EOS?

To put it simply, EOS is a decentralized, blockchain-based project that allows web app developers to develop, host, and execute commercial-scale decentralized applications, also known as dApps, on the EOS platform. In addition the building applications on a large scale, EOS is also said to be able to execute hundreds of thousands of transactions within a single second and solve some major issues that can be found in other blockchain-based technologies.

In regards to the cryptocurrency produced by the platform, which is also referred to as EOS, it functions as both a payment mechanism and an asset that developers can use to engage in EOS’s proof of stake system and hold computer power that they can use to develop, host, and execute their decentralized applications (more on that later). As an asset, the EOS price is currently at $5.40 at the time of writing and is ranked fifth in terms of overall market capitalization. Much like other cryptocurrency offerings, EOS holds more use as the driving force behind the EOS project rather than as a standalone asset.

How EOS works and its advantages

EOS is essentially an operating system that gives developers an opportunity to build and release web applications for free — all of these services are paid for when you hold the cryptocurrency EOS and the more you hold, the more you’re able to do. Using the platform, developers create applications and host them in the cloud without having to worry about typical issues such as storage and bandwidth. The developer’s information and applications are secured through user accounts that are secured on the platform and backed-up to ensure security and safety in the event that an account should be hacked or lost. The network is maintained by each of the holders of the EOS cryptocurrency, which makes sure that the network functions as desired and remains maintained.

The advantages that come with the EOS platform are numerous. Some of the biggest advantages that have been noted by enthusiasts include the potential for the platform to scale up and handle millions of transactions per second, the ease-of-use for developers, the strict governance conducted by stakeholders, and the ability to prevent attacks or issues occuring in the ecosystem.

Overall, EOS is a sound platform with desirable features that could lead to an entirely new web ecosystem. With the potential for mass scalability, the ability for any holder to come into the platform and develop web applications, and features that help the platform to avoid common issues that token and coin platforms run into as they grow, EOS is definitely one project and cryptocurrency that investors and enthusiasts should keep their eye on as it continues to grow and move forward.

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If you’re familiar with the cryptocurrency industry, then you’ve undoubtedly heard of the cryptocurrency and platform known as Ethereum. Ethereum revolutionized the cryptocurrency industry by providing a platform that allowed users to build smart contracts and transfer information rather than simply operating as a payment system, which is what...