EOS is one of the fastest-growing blockchain projects in the world, and it’s going to revolutionize the way we interact with blockchain technology.
Let’s take a look at why you should invest in EOS and all the benefits it has to offer.
What Is EOS?
EOS, which stands for Electro-Optical System, and was created by Dan Larimer, has quickly garnered attention since its ICO kicked off in June 2018.
Developed by Block. one, EOS aims to solve the scalability and usability issues faced by major decentralized systems like Bitcoin and Ethereum.
One of its main qualities that sets it apart is that it runs as a blockchain-based operating system—similar to Windows or Mac OS—rather than a standalone cryptocurrency such as Bitcoin or Ether.
It’s designed to support decentralized applications (DApps) with all kinds of data-intensive functions, including databases, cloud storage, and communication services that can be infinitely scaled without any downtime.
The team behind EOS has received accolades from leading blockchain experts and investors.
For example, billionaire investor Tim Draper called EOS the first-ever trillion-dollar company, while Thomas Lee of Fundstrat Global Advisors said it could become bigger than Ethereum.
As an open-source software project developed by Cayman Islands-exempted company block. one, EOS has no formal structure or mechanism of governance.
It is currently managed by block. one CTO Dan Larimer and COO Brendan Blumer, both of whom are highly respected blockchain experts with several successful projects under their belts.
EOS Market Trends
EOS raised $4.1 billion in crypto in its Initial Coin Offering for Block. one, making it the second-largest ICOs at the time, only outdone by Filecoin.
Since then, EOS has continued to increase in value and interest among crypto enthusiasts and investors.
If you’re interested in investing in EOS, take a look at the current price and EOS price prediction so you can make an informed choice.
The Benefits of EOS:
Here are some reasons why you should consider EOS:
The biggest challenge facing every blockchain is that they simply cannot process as many transactions per second as centralized systems. For this reason, scalability has long been a major problem for blockchain technologies.
However, EOS uses Delegated Proof of Stake (DPoS) and other consensus algorithms which enable it to handle thousands of transactions per second.
This makes it the perfect platform for apps like gambling or social media where real-time processing is key. It also gives EOS far more potential than most existing blockchains.
2. Free Transactions
The EOS network uses horizontal scaling and parallel processing to create high transaction throughput as well as allow for user-friendly smart contracts.
As a result, it has the capability to support free transactions, which allows more users to use its dApp ecosystem without having to worry about gas fees.
That means that there are no transaction fees on either end. It also means that you don’t have to pay a gas fee every time you transact on EOS’s blockchain.
For example, if you want to send your friend $100 worth of tokens via an Ethereum smart contract, you would need to pay around $1.50 (or 0.00045 ETH) as a gas fee.
However, if you wanted to do something analogous with EOS tokens via their blockchain, you wouldn’t need to spend any money at all!
Being an early adopter of a blockchain can be rewarding, but it also comes with risk. If you jump in too soon, you may find yourself caught up in a project that isn’t ready for prime time.
One of the most frequently cited benefits of blockchain technology is how adaptable it is; once developers have created an initial platform, they can make changes to suit the particular needs they have.
This means that if you choose a less popular blockchain—or one that hasn’t yet been fully developed—you might end up with more flexibility than other investors enjoy.
However, as long as your chosen network has a strong development team behind it, there are a few downsides to choosing an established platform over something new and unproven.
Unlike many other cryptocurrencies, EOS features a staking system that keeps it decentralized and secure. It’s expected to be self-sustaining without users having to spend any extra money.
If a user holds enough tokens and can stake them, they’ll receive an annual payout. The best thing about staking is you can pool your tokens with others to make it worth your while.
For example, if you pool together with 25 other people, you would all benefit from each other’s contributions.
EOS may still be a relatively young project, but it has already proven itself as one of the most popular blockchains out there.
Boasting more than $1 billion in market cap and over 1 million users, it is without a doubt one of the strongest projects around. The future’s bright for EOS and its investors so right now might be high time to invest.