✔️ Information reviewed and updated in February 2024 by Pedro Martínez González
While hearing the word EOS may bring to mind the famous spherical lip balms, here we are talking about something totally different. And is that EOS is one of the many cryptocurrencies that you can find today in the market.
That is why we have decided to create this review for you with everything you need to know about EOS. We will tell you how this cryptocurrency works, what differences they have with others, as well as some points that are important when buying this currency.
➡What is EOS? ✨
As we already anticipated you, EOS is a cryptocurrency, that is, a virtual currency which operates through a different mechanism than conventional money. Built on the Ethereum blockchain, EOS has a blockchain architecture which adds interesting functions and new enhancements to it.
The objective of EOS is very simple, to create a platform that encourages and allows the development of decentralized applications with an interface that is not only simpler, but also commercial. This through the integration of accounts, databases, asynchronous communication paths, as well as other better ones.
One of the most common problems in cryptocurrencies is their scalability, that is, you process more operations over time. This does not happen in EOS, since this platform has managed to integrate improvements to its Blockchain that have given it a processing capacity and scalability never seen before.
This means that EOS can process millions of transactions in a matter of seconds, vastly outperforming other currencies. The EOS ICO has had a great impact on the market, as many investors have turned to see it as the best solution for market decentralization.
➡Value over time✨
Volatility is one of the most common problems among currencies. And it is that the rises and falls of prices can end up affecting the performance and value of the same. EOS has managed to maintain a stable value despite market fluctuations.
Since its launch, EOS has grown well, reaching its maximum value peak at the end of November and then settling in the $ 10 range. Experts estimate that, after its last peak, which allowed it to reach $ 16, the value of EOS could increase even more.
➡Differences between EOS and Bitcoin✨
Undoubtedly, comparing this currency with other currencies is something that we must do yes or yes because the comparison is a good tool to find the best options. That is why we can find different compared to Bitcoin such as:
- Innovation: While Bitcoin could be considered as the pioneer in the Blockchain and cryptocurrencies, innovation seems to have stalled. However, EOS has launched programs such as the development of a well-known Single-Thread Application Testnet (STAT) platform for testing DApps and Software.
- Capitalization: Although tokens as such do not have their own value and do not compete directly with cryptocurrencies, the fact that they are based on Ethereum ERC-20 makes EOS coins easily capitalized. Thus, we find that indirectly the tokens of this platform have capitalizable value in the market.
- Transaction processing: Another difference is that EOS enables millions of transactions to be processed quickly and securely, without collapsing or increasing commissions on data processing. Its power is such that we can achieve this even in a single terminal and without loss of speed.
- Commission stipulation: Applications built within the network of EOS does not have a commission control which gives developers much more freedom. They will be in charge of deciding whether their app will be free, or, on the contrary, will operate with commissions.
- Mining limit: Regarding the mining limit, we can find that the maximum number of EOS Tokens was set at one billion virtual currencies. Once the 900 million mark has been reached, the mining process will be frozen in order to better control the value of this virtual currency.
To work, EOS uses Blockchain technology implemented by Ethereum, as well as the ERC-20 Token which is the base of this currency. In the same way, the Ethereum smart contract system is used, which helps to improve the speed of transactions.
Within smart contracts there is a difference, here a DPoS algorithm is used instead of using the Ethereum PoS algorithm. This algorithm causes the blocks to be validated by a user who is chosen through the consensus of the entire participating network within the Blockchain.. In addition, Rollback actions are incorporated to make this process faster.
➡Mined from EOS✨
The mining process was simple and did not require complex equipment, although this was stopped in 2018. This is due to the fact that the limit of virtual currencies allowed for the mining process was reached.
To mine an EOS coin it is necessary to be chosen by the network, since this is the only one capable of authorizing the mining process. It might sound a bit complex to get consensus across the network, but this mechanism is one of the reasons EOS has remained stable.
➡Where to get EOS? ✨
The most popular option, due to the fact that there is no possibility of mining EOS, openly, to obtain this cryptocurrency is through an Exchange. Being a very popular cryptocurrency, getting it at the main exchange houses is much easier, so you will have many options to choose from.
Note that you will rarely be able to exchange these currencies for fiat money due to their nature and restrictions. Although you will have the option of exchanging these cryptocurrencies for other virtual currencies, yes, we recommend which ones you can make this exchange for.