What is Eos the cryptocurrency that aims to create and support dapps, in a decentralized way.
Many of you have surely heard of this cryptocurrency, but you have not yet understood what it is exactly.
It is not easy to follow all the projects that are born on the market every day, especially in this sector that is constantly expanding.
It is very difficult to follow all the projects, but above all to follow projects that have no development makes no sense, so it is better to focus on the important ones.
Eos is one of these and in this article I want to let you know it better, what it is, what it is about and how it can be used in everyday life.
What is Eos
Eos is a decentralized blockchain platform for smart contracts that uses the Eos token to work.
The consent of the transactions and the validation of the blocks takes place through the DPOS consent algorithm (Delegate proof of Work).
For those unfamiliar with the DPOS operation, I refer you to this article.
The company that manages the project is Block.one, and its creator is founder and CEO is Daniel Larimel, former founder of Bitshares and co-founder of Steemit.
Eos started as ICO (Coin offerent initiatives) in 2017 and has totaled over 4 billion Dollars.
In fact, it is one of the most fundraising projects.
It uses the EOS.io platform which is supported by several more well-known wallets including SimpleEos, Atiomic Wallet etc. that interact with you.
The function of the wallet is important for Eos because in addition to the holding of the Eos token, it also acts as Staking to carry out the vote of the delegates.
The total supply of tokens is 1 billion, and is all in circulation but is held by a few individuals.
Only the Block.one company holds about 10% of the availability, the others are divided into around 100 wallets which hold 76%.
So the circulation of Eos is around 14% or 140 million tokens.
How Eos works
First we saw what Eos is now let’s see how it works.
As I said before, Eos uses the Eosio platform to be able to work and to develop smart contracts.
The code is open source and is available here.
This platform uses the Eos token which is of the ERC-20 type, to be able to allocate the Ram and the Cpu / Gpu that are used to operate the network.
This allocation occurs through the DPos where tokens are frozen on the supported wallets.
And with this freezing there are two resources in exchange for being used in the ecosystem, namely Ram and Cpu / Gpu.
These resources are used to make transactions or develop smart cotract, in fact they become very valuable for those who develop dapps.
With an Eos token you have 1 ram and cpu.
In fact there is the possibility of trading the Ram so that there can be liquidity on the market and it does not happen that the system stops.
Consent occurs through the 21 Block producers, who are elected by the network participants through staking.
The production of the block occurs every 500 ms, and each of the 20 delegates can produce blocks in a time interval and if they do not they are discarded from production.
This makes the network very scalable because you have the possibility of doing many more transactions per second, that is 100.000k compared to ethereum which makes 12.
Furthermore there is the reduction of the transaction cost which with this system, the fees are paid with the allocated resources with the possibility of recharging in a time interval.
The function of the Wallet
As I said before, the wallet function is very important for Eos.
In the wallet, in addition to making our transactions and holding tokens, we have the ability to vote and allocate resources for network operation.
But something different if we hold them in exchange wallets where there is no possibility of allocating resources.
A valid supported wallet, is SimplEos and can be reached at this site.
Simpleos works in a similar way to others, the characteristic is that there is the possibility of delegating block producers and exchanging resources.
Registration costs at least one allocation of 1 Eos to the delegation, but it can be removed later.
Also on Eos, the wallet account unlike others that use a code, has a specific name given by us.
If we want to send tokens to a wallet or ours, just enter the name of the account and the amount.
Same thing if you want to watch a transaction on the explorer where you just need to enter the account name.
On the exchange however, you need to add the Memo to the transaction, which becomes very important otherwise you will lose the tokens.
As it can be used Eos
Eos provides decentralized hosting services to companies with smart contract capacity.
It also provides the possibility to create decentralized applications (dapps) in a very simple and functional way, requiring much less management and development costs.
Moreover, by reducing transaction costs, there is a platform that can be very competitive with traditional systems that use a lot of resources to function.
Here you can develop applications that aim to be used by many people who can overload the network.
With Eos this problem would be solved, for example a social network that needs a lot of resources and costs to work.
Furthermore, it is possible to exchange resources quickly and with zero costs through the token and through smart contracts.
Where can Eos be bought?
Eos can be bought in exchanges that support the token like, among the most important we find Coinbase and Binance.
In addition, there are several exchanges inside that exchange smart contracts like WhaleEx.
These exchanges act as internal exchanges of the platform to quickly exchange resources and tokens of the various Dapps on Eos.
Eos also supports Ethereum or Token ERC-20 tokens so it is also supported by exchanges for external smart contracts such as Bancor or Opensea.
The price of Eos is around: