All That You Need to Know about EOS – a Beginner’s Knowhow

When you are an industrial entrepreneur and investor, you might face difficulties with the right direction of your investment. While everything needs to be on par with your plan, you need to understand how to tackle the load. This is where data centralization comes into play.

Before investing in any crypto asset, you need to understand the same in detail. This way, you can make an informed decision on whether to invest in it or not. Let us now take you quickly through a brief synopsis on EOS.

What is EOS?

EOS is the native cryptocurrency of the EOSIO Blockchain, a decentralized system. Introduced in May 2017 by block.one, it also supports the decentralized applications or the DApps. Block.one is the brainchild of Dan Larimer, who also founded Bitshares and Steem.

EOS is used both as a token crypto asset and a thorough “stake” for funding the various EOSIO platforms such as DApps. The word “EOS” is not a specific acronym for anything as the developers never defined it formally.

The Grand Launch

EOS was introduced in the world of crypto assets with a yearlong Initial Coin Offering or the ICO through 2017. A total of 20% of the tokens, roughly estimated to be about $200 million, was distributed evenly over five days. The next distribution was worth $700 million and was distributed over the rest of the year. The remaining 10% of the assets, which estimated to be about $100 million, was kept on hold in escrow for block.one.

The Technological Aspect

Similar in line to Apple’s App Store or Google’s Play Store, the EOS protocol emulates most of the attributes of a real-time computer. The system setup of EOS involves hardware (hard disk storage, GPU and CPU for processing, and a local RAM/ Memory). The EOS crypto-asset holders get equal access to computing resources. The best part of all this is that the EOS platform supports an interactive web-toolkit for developing the interface further.

EOSIO already supports a decentralized platform for the DApps. Hence, it acts as a smart contract platform for deploying industrial utilities through its autonomous corporation model. This smart contract platform is capable of conducting millions of transactions every second and eliminates any transaction fee.

The EOS software gives a whole new dimension to the blockchain architecture. It can easily scale decentralized applications horizontally and vertically. The software also various utility programs such as databases, authentication, and accounts. It also supports asynchronous communication and schedules applications across a wide range of CPU clusters and cores.

Mining the EOS

EOS uses a dedicated proof-of-stake system. So, unlike other proof-of-work cryptocurrencies, you can mine it in similar lines. The block producers create new blocks and take EOS tokens as rewards for each block they create. However, they cannot get more incentives or higher rewards to themselves, and cannot go beyond 5% on total token supplies annually. Additionally, the EOS token holders may vote out such block producers who do not adhere to the EOS norms.