The Ethereum blockchain, though one of the top crypto ecosystems in the world, suffers from multiple drawbacks, which renders the platform ineffective sometimes. To combat these limitations that traditional blockchain networks face, the founders of 2 already established platforms like Bitshares and Steem came up with a new crypto platform called ESO that works on the PoS mechanism and solves the problems that Ethereum faces. Are you looking for the best crypto trading platform, you can take help from Crypto Signals.
What Is EOS?
EOS is the third-generation decentralized blockchain platform launched via an ICO (Initial Coin Offering) on June 26th, 2017. Currently administered by a leading blockchain organization called “block. one”, EOS was launched by Dan Larimer. Within two years of its launch, EOS established itself among the top 5 cryptocurrencies of the world. With its advanced features, EOS began to give tough competition to crypto market leaders like Ethereum, so much so that it got its name “Ethereum Killer.” Though it was impossible to erase Ethereum from the crypto industry quickly, it made the Ethereum developers uncomfortable. Moreover, the fact that the EOS cryptocurrency supports smart contracts and enables developers to build scalable dApps on the EOS platform (called the EOSIO blockchain) contributes to the growing popularity of EOS.
The primary focus of EOS is to provide a user-friendly platform that supports dApps by eliminating the scalability and flexibility issues that exist in the traditional blockchain platforms like that of Ethereum.
Features of EOS
EOS.IO hosts some of the advanced technical features that help the platform remove the escalated gas fees in the Ethereum blockchain, making the platform robust enough to conduct millions of transactions in a second.
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Scalability
Scalability is the prime concern for most blockchain networks, and each is finding its ways to eliminate the scalability issues. With EOS, scalability has never been an issue because EOS.IO uses the delegated proof-of-stake (DPOS) consensus mechanism that provides scalability to high-level decisions, like freezing and bug fixing of broken dApps. DPOS also makes sure that there is less energy consumption on the EOS platform.
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Usability
EOS allows well-defined permission schemes by incorporating advanced technical features like web toolkits like self-describing database schemas, interface development, declarative permission schemes and self-describing interfaces, etc. This feature enables developers to build robust dApps on the EOS blockchain without reinventing the wheel.
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Parallel Processing
EOS allows parallel processing of smart contracts through asynchronous communication, horizontal scalability, and interoperability. By dividing the program instructions among multiple processors, the running time of that program decreases significantly.
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Decentralized OS
Rather than a decentralized supercomputer like Ethereum, EOS positions itself as a decentralized operating system that makes EOS a more focussed project.
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Governance
The EOS governance is maintained by established jurisdiction that follows a legally binding constitution. Every transaction on the EOS blockchain should include the hash of the constitution attached to the signature that binds the users to the constitution.
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Self Sufficiency
As per the EOS blockchain rules, the software requires generating a 5% inflation per year distributed to the platform’s block producers and the top 3 intelligent contracts receiving the maximum number of votes for the tokens. This makes the blockchain self-sufficient.
Experts View on EOS
According to Cryptonewsz.com’s experts, EOS can overshadow Ethereum in the long run, if not in the short run. The platform has a massive community of developers who believe in the possibility of EOS bringing in a system that can help execute smart contracts efficiently on a blockchain network.
EOS Price Prediction 2021, and Beyond?
Even six months back, some analysts believed that the price of EOS could hit $8 by the end of 2021. But as per recent updates and the success of EOS by leaps and bounds, it would not be surprising if the price of EOS surges to $16.81623 even before the year ends. The price will go up, but it may not be linear throughout the year. Most analysts have presented optimistic EOS price predictions to surge in the long term and might even reach $100 within the next five years.
What Is the Right Time to Invest in EOS?
EOS has a clear vision of its prospects and how it is going to achieve them. Thus, it is a reliable cryptocurrency to invest in. However, given the volatile nature of digital assets, investors must do proper research before rushing towards investments.
Conclusion
Thus, with its advanced technical features supporting smart contracts and decentralized autonomous applications, EOS has created quite a stir in the crypto industry. The technology behind the EOS blockchain is fantastic, and the team behind the project is well worth the hype. Though there were some issues in the past, which is evident for a new platform like EOS, the way the team handled them is commendable. Therefore, EOS can be a good investment to start with.