What is EOS?

EOS is an open source platform designed to allow developers to build decentralized applications, also known as dApps and smart contracts. EOS wants to create a platform where big businesses can run their operations without worrying about speed.

EOS is considered the main and direct competitor to the Ethereum blockchain. Currently, Ethereum is limited to 15-20 transactions/sec, while EOS is planning to scale up to millions of transactions/sec. Not only does this make it the most scalable blockchain, but it can also handle any real-world application. In addition, EOS uses a different mechanism to verify transactions. Ethereum uses Proof-of-Work where EOS has developed a new system called Proof-of-Stake.

The ecosystem of EOS

The EOS ecosystem consists of two main elements, namely: EOS.IO and the EOS token


EOS.IO has a rather complex structure. It is like a computer operating system with the function of managing and controlling the EOS Blockchain network. The goal of the project is to make it easy for programmers to grasp blockchain technology. It aims to achieve that by making sure its network is easier to use than its competitors. Another factor that distinguishes EOS from its competitors is scalability. While most of its rivals can handle fewer than dozens of transactions per second, EOS promises to be ahead of them.

EOS token

The EOS token is understood as the cryptocurrency of the EOS network. In order to trade these cryptocurrencies, developers are required to hold EOS coins to ensure the conditions for using network resources to build and run dApps.

Block producers or users generate the required number of blocks and are rewarded by generating new EOS tokens for each block they generate.

EOS tokens can be stored in various wallets, including Ethereum wallets, MyEtherWallet, and MetaMask.

The tokens can then be traded on different exchanges.

Although you can’t mine like BTC, you can still own EOS coins through one of the following ways: Buy on exchanges like Binance, OKEx, Bittrex, Upbit,.. or become “Block Producers” in order to earn EOS rewards.

The points that make EOS attractive

The EOS system uses a distributed proof-of-stake consensus mechanism called DPOS. Therefore, EOS calculates millions of transactions per second quickly and accurately. In addition, it avoids troubles like Ethereum, which was in big trouble because of the DAO attack. The activities stopped and the community split, leading to the hardfork event (creation of the Ethereum Classic ETC coin).

Scalability: As I said above, Ethereum and EOS both have the ability to host dApps backed by smart contracts. However, the main difference is EOS’s scalability. And the reason it can’t handle multiple transactions is because of the way it manages data—each block can only store a certain amount of information.

EOS Coin can help you recover your account by using various methods to verify your identity and restore access to your stolen account.

Transaction Fees: EOS has no transaction fees. The block producers of the EOS network will only receive block rewards, which should give them an extra incentive. It can be said that transaction costs are another challenge for blockchain implementations.

Support server storage and cloud computing: If you are an application developer, you can build and deploy applications based on the cloud storage service and download bandwidth that the system provides => Your creative ideas are free to unfold and come to fruition, no matter what security and bandwidth requirements you face.

With a block-by-block structure (generated every 0.5s) that can be more cyclical, the EOS system is capable of reducing latency and maximizing performance. With this structure, you can send and reply to every transaction within single blocks and between blocks.

It can be said that this cryptocurrency has not really proven its position in the market. Therefore, you should note the following points: Firstly, you should consider this as a complementary investment channel and always follow the updates from the market and the government. In addition, you should choose reputable exchanges and e-wallets. However, with what has been done in terms of ICO fundraising results, growth, and popularity, EOS is still considered a good choice for many people’s portfolios.

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