What is EOS Crypto and how does it work?

EOS.IO is a simple blockchain protocol that is based on the cryptocurrency EOS. It is an innovative contract platform that claims to eliminate transaction fees and conduct millions of transactions every second. It is undoubtedly a highly performant open-source blockchain platform built to support and operate compliant, safe, and predictable digital infrastructures.

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The EOSIO platform was released as open-source software on 1 June 2018 but was developed by a private company in 2017. To ensure the widespread distribution of this cryptocurrency at the launch of the blockchain, around one billion tokens were distributed as ERC-20 tokens. It provided the distribution to allow any person to launch the EOS blockchain after the release of the software. The CEO of this block one, Brendan Blumer, announced that one would support the EOSIO blockchain with over 1 billion USD in funding which would be from the token sale and ultimately, it will raise over four billion USD for supporting the blockchain during the ICO (Initial Coin Offering) period. 

The original test net (Dawn 1.0) was released on 3 September 2017 with the test net versions (Dawn 2.0) on 4 December 2017, Dawn 3.0 on 25 January 2018, and Dawn 4.0 on 7 May 2018. 


The name of this cryptocurrency EOS comes from the Ancient Greek world ‘dawn’ as EOSIO’S Dawn 1.0 was launched on the EOSIO platform and is currently operating under version 2.1.0. Also, in September 2019, block one agreed to settle the U.S. Securities and Exchange Commission charges that were related to a $4 billion unregistered ICO for a 24$ million penalty. This settlement did not require a restitution offeror registration of tokens or disqualifications. 

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How does EOS work?

The EOS is a public blockchain that powers the EOSIO blockchain platform and it comprises smart contact capabilities that are similar to Ethereum that enables the developers to create their own dapps on this platform. Dapps are basically applications that operate autonomously and are not managed by a single company. 

Furthermore, this platform is more scalable when compared to other blockchain networks, with the capability to process 4,000 transactions every second with no fees. The intelligent contract functionalities built into the EOS are more developer-friendly, letting the dapp developers to get some technology resources directly from the blockchain. 


Why should you go for EOS?

Following are some of the distinctive features of EOS that will make you believe why is it better than other cryptocurrencies present in the market: 

  • Highly configurable- The EOS is designed to allow for a higher degree of configuration, specify values for the creation as well as the management of programmable architectures. Deploy private, public, or permissionless blockchain infrastructures. Implement custom governance and business logic via executable smart contracts
  • Fast and Efficient- The EOS cryptocurrency provides industry-leading transaction speeds with a second block time latency rate that offers the ability to support mission-critical applications. Perform transactions at a lower cost through efficient resource management to yield more significant benefits from digital integration.
  • Developer Focussed- Whether you are an expert or a blockchain novice, you can quickly onboard and scale projects on EOSIO with the help of experts. You can also get access to the ever-expanding sets of features, products, and tools with extensive training courses to improve your skills.

Security and Compliance- You can get benefits from the latest in blockchain and web security verification standards with an end-to-end authentication that enables superior data integrity. Moreover, it is built to accommodate varying compliance and regulatory frameworks with a wide range of permissions.

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