- The EOS coin is the powerhouse behind its blockchain platform and protocol, EOS.IO. The platform itself is a decentralized system that enables the development, hosting, and execution of commercial-scale decentralized applications (dapps), which it aims to make both easy to use and scalable.
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EOS.IO is a blockchain-based platform for the development and use of dapps, as well as access to smart contract features via its dedicated global infrastructure. The platform’s creators come from the Block.one company which designed the software for the entire EOS architecture. They originally identified the flaws of the Ethereum network in terms of its scalability, transaction speeds and costs, spam and limited computing power, and designed EOS as a technology which aims to correct at least the majority of them. To fund the creation of this ecosystem, the company organized one of the longest-running initial coin offerings (ICOs) in the crypto history, lasting from June 2017 until June 2018. It resulted in the project having earned a total of over USD 4 billion.
EOS is aiming to become a network with the capacity to process millions of transactions in a second, thanks to its use of consensus over events mechanism. Unlike the consensus over state system, the main focus is on transactions, i.e. verifications of the events that take place on the network. Users on the EOS network share their computing resources and have access to them based on their distribution. This is where the EOS coin comes in, as the distribution is handled based on the stake in coin ownership. The higher the stake, the more of the network one “owns.” The coins themselves do not need to be spent for transactions, as the proof of their ownership is sufficient.
Mining EOS coins is not possible due to its use of the delegated proof-of-stake mechanism. The EOS block producers will receive new EOS coins as rewards for the blocks they create. The amount of the coins to be produced will be determined based on the average value of the payment the block producers expect to receive for their work. To avoid inflation, there are caps in place which prevent its supply to go beyond 5% per year. At the moment (October 2018), EOS’ marketing cap has reached USD 4.6 billion (down from its all-time high of 17 billion USD in early 2018), with 906,245,118 coins in circulation.
In other areas, EOS coins behave just like other cryptocurrency units, with the ability to be used for payment without third parties and traded on international crypto exchanges such as Binance . At the moment, EOS is still a volatile currency, whose value is determined based on the supply and demand laws.