EOS token If you are a crypto enthusiast, you must probably know about top cryptocurrencies like Bitcoin, Ethereum, Dogecoin, Litecoin, etc. But do you have knowledge about EOS (Electro-Optical System)— once known as the Ethereum killer? If not, through this blog, we aim to provide you with a brief summary of this popular crypto.
Founded in July 2017, EOS, or EOSIO, shook the blockchain community. This is because EOS established itself among the best cryptocurrencies in India, two years after its inception. Leaders in the market like Ethereum, Tron, and NEO had to deal with a brazen new rival which was developed by Dan Larimer, who is also the founder of well-known platforms including Bitshares and Steem EOS token.
What is EOS Blockchain?
One of the most recent blockchains to enter the cryptocurrency market is EOS. Decentralized apps (DApps) like those found on the Ethereum blockchain are supported by the decentralised platform EOS. Furthermore, it is a blockchain architecture specifically built to perform a thousand of transactions per second without incurring on-chain transaction charges EOS token.
Moreover, Block Producers create blocks on an EOS blockchain. They are comparable to Ethereum blockchain miners and are compensated by the EOS network for creating blocks. As a result, there is no fee involved EOS token.
What is EOS cryptocurrency?
EOS crypto works on EOS Blockchain and it is especially employed to support large-scale transactions. Furthermore, EOS does not have any transaction costs when sent or received. The EOS platform rewards the companies that periodically manage the network with new EOS, thereby replacing inflation for transaction fees EOS token.
Not to mention, the EOS token is utilised for governance and gives users and developers the ability to produce the resources they need to run EOS apps.
Features of EOS
Scalability, often known as the volume of transactions processed per second, is crucial for the majority of blockchain platforms. This is due to the fact that for each transaction to be approved, a consensus must be reached among all network nodes.
For instance, Visa deals with 1,667 transactions every second while PayPal handles 193 transactions per second. Bitcoin only manages 3–4 transactions per second, in contrast to these two EOS token.
Due to their DPOS system, EOS promises to be able to support millions of transactions per second which is way too faster than other system EOS tokens.
Decentralised operating system
EOS is a decentralised operating system, it may provide a wide range of features that are both user- and business-friendly. Ethereum, in comparison, operates as a decentralised supercomputer that is less flexible.
Users of EOS can add/change features, modify application logic, and address bugs in the code. Additionally, developers can renew their applications rather than being indefinitely associated with a defect. As a result, any dApp installed on the EOS platform may be upgraded EOS token.
Additionally, you can also create irreversible EOS smart contracts.
Advanced Permissions System
Another feature to know about EOS is that it includes a robust permission system that enables the creation of customised permission structures for a variety of business situations.
For example, users can create unique permissions to protect a particular aspect of the EOS smart contract. The commands needed to supplicate an EOS smart function can also be split up among numerous accounts with various command weights. This function enables developers to construct powerful dApps.
Where to buy EOS crypto?
Due to its increased popularity, EOS is available on top crypto trading platforms in India. For instance, it can be bought and sold at WazirX.
You can check their website to know EOD token price, market share and blogs to get the latest updates regarding the same. Likewise, you can also seek help from an experienced crypto investor to realize which platform to try, when to invest and what are the stakes.