EOS crypto is taking the world of cryptocurrency by storm.
It’s only been around for a few years, but it’s blowing away the competition. It may not be as famous as Bitcoin, Ether, Cardano, and even Dogecoin and Solana. But EOS has managed to hold its own.
Ready to find out what all the hype is about? Learn all about it in this handy EOS guide.
A Guide to EOS Crypto
First of all, it’s important to distinguish between the EOS.IO blockchain and the native crypto and payment method that operates on it. The EOS.IO blockchain technology is what powers the cryptocurrency, but it also can be used to operate many other online systems as well.
A blockchain is a decentralized system that’s used to track blocks of transactional information. It forms a database of these transactions, which can be viewed and inspected by anyone. In short, it’s a new way to protect against hacking and fraud, creating a trustworthy and verifiable online network.
One of the important factors of EOS.IO is that it’s used to host decentralized applications, known as “DApps.” As the name suggests, these applications can operate without the need for centralized systems, unlike more traditional applications.
So the EOS platform is targeted more specifically toward app and web developers. It even features an array of tools that enables developers to create new decentralized apps with a minimum of training and effort.
Like most blockchains, EOS has its own cryptocurrency, the EOS token. As of late January 2022, the EOS price is $2.25, and it is currently ranked #48 in terms of market cap on the currency exchanges.
The History of EOS
The EOS platform was launched back in 2018—practically the Dark Ages in cryptocurrency years.
It was the brainchild of Daniel Larimer and Brendan Blumer, the executives of Block.one, a software company dedicated to blockchain technology. The EOS.IO system was based on a white paper that the two had authored in 2017. After its launch, the platform attracted the attention of many developers and investors, which powered its growth to a serious Ethereum competitor.
In fact, EOS.IO became popular as an alternative to Ethereum. In large part, this was because it’s a more user-friendly system, with more scalability and a greater rate of transactions. And unlike Ethereum, EOS doesn’t charge “gas fees” to use the platform or its decentralized apps.
Nevertheless, EOS has had some setbacks in recent years. Some of the platform’s initial backing companies have stepped away, citing concerns the EOS crypto was under the state domination of China. Worse, there have been fears that the crypto has not lived up to expectations amid poor leadership by the founding company Block.one.
But with new leadership in the offing, and a potential rebrand on the way, the future of the EOS crypto and its supporting blockchain remains bright.
Keep an Eye on EOS
So there’s our ultimate EOS guide. The EOS crypto has come a long way, and despite a few bumps on the road, it still has a lot to offer.
In the meantime, please check out the rest of our totally awesome site. We’ve got all kinds of crazy stuff on here that’s going to blow your mind!