EOS – the fastest blockchain transactions in the world
Blockchain is known for high level of safety — actually, that is why it is so popular among cryptocurrency developers and their users. However, in most cases the use of blockchain means very low speed of transactions. There are people who send funds many times per day and they are interested in both high speed and proper security. Finally, there is a solution for it — a new cryptocurrency called EOS.
Its creators claim the EOS is something totally new which has never been introduced before. Well, the same we heard from dozens other companies which launched their coins, but where are they now?
OK, let's finally turn to the history and principles of EOS and then you will make your own conclusion.
Background
EOS was officially launched in summer 2017 and it has been at the ICO stage which is supposed to finish in summer 2018. Now users have all the chances to get EOS coins at very attractive price.
Daniel Larimer, the creator of EOS, was always sure that blockchain can be used for much faster transactions than it is used now. For example, only 3 BTC transactions can be performed within 1 second. Ethereum system works much faster — 30 operations per second. But EOS offers millions of transactions within 1 second! This result is unbeaten.
Actually, Larimer used Ethereum model as the basis for his innovative system. Together with his team Larimer managed to achieve really impressive results.
The main difference between EOS and Ethereum is that Ethereum works basing on globally distributed computing, while in the core of EOS we see a new operating system where developers can create applications. There are now multiple applications for this unique operating system which allows for making millions of transactions every second.
Without a doubt, with such a significant advantage EOS has all the chances to become a leader of the crypto world.
Where to get EOS
As we have said EOS is now at the ICO stage. Major exchanges offering EOS tokens are Kraken, Binance, Bitfinex and many more. In other words, it is very easy to purchase EOS coins now. To store these you need to create an account at the official EOS website. After account creating you will also get an automatically created wallet.
There is absolutely no risk to lose any personal information because you do not have to specify it when creating an account at the EOS website.
EOS tokens can be purchased right in your EOS wallet, but there is an important disadvantage — high commission. It is more profitable to buy coins at exchange services, however we recommend using only major exchanges with good reputation. As it often happens with new coins, fraud attempts are often successful. Don't try to save too much, otherwise you will have to pay twice.
Advantages and disadvantages of EOS
The main advantage — outstanding speed of transactions — has already been mentioned. No other blockchain cryptocurrency has similar transaction time! Try to check yourself.
However, traders are a bit uncertain and suspicious about EOS. Finally, it is a new cryptocurrency launched half a year ago and its future is absolutely unclear. The only objective thing which confirms serious intentions of Mr Larimer and Co is the fact that the developers reserved 10% of coins for themselves. Usually it means that developers will keep on working hard as they are interested in passive income just like anyone else.
There were huge investments into EOS and, frankly speaking, there are no reasons to worry about its nearest future yet — looks like they keep on developing the system, and the exchange rate looks optimistic. After steep fall in July, 2017 and crawling in the bottom in September and October, 2017 EOS is now gradually growing. Traders see potential in this currency and invest their money. Of course, mostly these are short-term investments, but the general trend is positive.
EOS website looks very minimalistic, however it is informative enough — we highly recommend all newcomers start with the FAQ page. There you will get more information on how actually EOS operates and learn about plans of the developers.
There are certain risks, of course. For example, Ethereum developers issue regular updates for their system, and it is quite possible that they will manage to achieve good transaction speed too very soon. Ethereum is a reputable coin all traders know, and they would certainly prefer to invest more in Ethereum than in EOS.
The other serious risk is connected to a small number of people who actually control EOS and the process of coins issuing. Everything is in their hands. We do not know much about the creators of EOS except for the leader — Daniel Larimer. From the other hand, the same may be said about all cryptocurrencies we have on market today.
EOS has something that many others do not have and it lets this new coin stand out. But we do not know for how long EOS will be able to keep the leadership.
Conclusion
Experts are unanimous — EOS is really an innovation. But the thing is that EOS creators set the bar very high right after the coin launch and now they will have to do their best to remain on the top. It is relatively easy to build hype and to earn on short-term investments, but if EOS developers want their coin to grow they will have to invest a great amount of money, time and effort.
Immediately after launch EOS exchange rate slumped and we hope it was a good lesson for the EOS team. Now they need to make EOS attractive for long-term investors who will consider this currency as a way to store money.
Ethereum blockchain is a valuable asset of EOS, no doubts. Good reputation is another significant benefit of the new cryptocurrency. The year 2018 will be crucial for this cryptocurrency and determine the direction of its development.
By the way, probably you wanted to find out what EOS stands for, didn't you? We don't know! What's more, EOS developers do not know either. They say that it is up to users to imagine what EOS could mean. Maybe End Of Slavery? Who knows…
