What is EOS coin? Should you invest in EOS coin?

• What is EOS coin?
• Who is the founder of EOS coin
• EOS Coin Ecosystem
• EOS.IO
• EOS coin
• What are the outstanding features of EOS coin?
• Pros and cons of EOS coin
• Compare the differences between the Ethereum and EOS blockchains
• Explain why EOS coin is so “cheap”?
• Where to create a wallet to store EOS coins safely and how to create a wallet?
• List of exchanges to buy and sell EOS coins
• Evaluate the potential of EOS coin, should invest in this coin or not?
• Social network
• summary

What is EOS coin?

EOS is a blockchain platform designed to allow developers to build smart contracts and Dapps, similar to Ethereum.

However, the special thing about the project is that it can simplify the process of building complex applications based on blockchain technology, helping organizations and even individuals to deploy Dapps on their own. easily adopts an “operating system”-like structure for decentralized applications. 

This structure includes an account system, validators, and a database to synchronize and schedule applications across multiple CPU cores or clusters. 

Who is the founder of EOS coin

EOS Coin was launched in 2017, by the company Block.one. In particular, the factors that laid the initial foundation for the project are: Brendan Blumer and Daniel Larimer. Both are core members of the Block.one executive team, Blumer as CEO and Daniel Larimer as CTO.

Blumer is also known as a prolific entrepreneur who co-founded Okay.com, a digitally focused real estate agent in Hong Kong.

Larimer is a talent in the field of software programming. Prior to founding EOS coin, he had experience implementing a series of crypto projects such as BitShares cryptocurrency trading platform and Steem blockchain.

EOS Coin Ecosystem

The EOS ecosystem consists of EOS.IO and EOS coins.

EOS.IO

EOS.IO is an open source platform that allows developers to process transactions at a faster speed and at a lower cost than other blockchains, thanks to an efficient resource management mechanism. It can be compared to an operating system with the function of creating and managing a programmable infrastructure of Dapps.

Smart contracts on EOS.IO are written in C++ and are upgradeable without disrupting the operation of the blockchain network.

EOS coin

EOS is the official coin of the EOS blockchain platform. Block.one held its initial EOS ICO in June 2017 and ended in June 2018. This was also the longest ICO in crypto history at that time with a duration of up to a year.

If you want to use the resources on the EOS network to build smart contracts or launch Dapps, the developer is required to own EOS coins. At the time of writing (May 7, 2022), the entire market has about 988,817.313 million EOS coins in circulation and the total maximum supply of EOS is 1,054,041,019 coins.

In addition, coin holders have the right to vote on any possible changes to the EOS blockchain, such as a protocol upgrade.

What are the outstanding features of EOS coin?

Industry leading performance and scalability 

The EOS.IO protocol uses a decentralized consensus algorithm Delegated Proof-of-Stake (DPoS) to ensure the performance of applications on the EOS blockchain platform. According to the DPoS algorithm – delegated proof of stake, anyone can become a block producer if other coin holders vote for them. 

EOS.IO also allows block production times to be shortened to 0.5 seconds. 

Fast, flexible transaction processing with high accuracy

Thanks to the DPoS mechanism, EOS.IO can process transactions in an average of 0.25 seconds with an accuracy of up to 99.9%. In addition, EOS.IO runs the asynchronous Byzantine Fault Tolerance (aBFT) model concurrently to monitor block execution and finalize commits twice per block.

What are the outstanding features of EOS coin?

Pros and cons of EOS coin

The biggest advantage of EOS is its ability to simplify the process of building complex applications for users. The company Block.one also said that EOS has the ability to meet the needs of thousands of Dapps at the same time with an unlimited number of users.

Besides, EOS also focuses on improving the experience of users and businesses. The project team has been constantly working to increase security and reduce usage hassles for developers, as well as improve flexibility for businesses.

However, there are many who think that Block.one's over-involvement in this project has made EOS somewhat centralized, contrary to the goal that blockchain and cryptocurrency are aiming for. This is the weak point of the project that needs to be changed.

Compare the differences between the Ethereum and EOS blockchains

EOS is considered a “worthy competitor” to Ethereum. That's because both provide a platform that allows users to deploy smart contracts and Dapps based on blockchain technology. However, the two have many differences such as:

• Scalability and Transaction Processing Speed: While Ethereum is limited in terms of transaction volume and can only process up to 20 transactions per second, EOS has outstanding scalability, handling millions of transactions. translate every second. 
• Transaction costs: Almost everyone knows gas fees on Ethereum are notoriously expensive. However, EOS allows free transactions. Instead, block producers on EOS will receive a block reward for their contributions. This helps to attract users to the EOS coin ecosystem, but it is easy to cause inflation in the economy of this project.

What is EOS coin? Why is it called a “worthy competitor” of Ethereum?

Explain why EOS coin is so “cheap”?

Dubbed a rival to Ethereum, why is EOS trading at such a long distance below ETH? It must be known that at the time of first fundraising, this project raised a huge amount of up to 4.02 billion USD and reached ATH on 29/04/2018 at the price of 21.54 USD US (according to CoinMarketCap). 

The biggest cause of this decline was that after EOS was fined $24 million by the SEC (US Securities and Exchange Commission), the EOS founding team had an unresolvable dispute about future of the EOS coin, causing it to delay its launch. This made many investors worried and sued EOS to get their initial investment back.

When everything seemed to be over, EOS co-founder Daniel Larimer suddenly resigned, abandoning the project in January 2021.

These events have caused EOS to continuously decline and completely lose its initial luster.

Where to create a wallet to store EOS coins safely and how to create a wallet?

Investors can store EOS coins in the following crypto wallets:

• EOS Wallet: You can download EOS wallet to your phone and store EOS coins flexibly. However, currently EOS only supports the Android operating system.
• Exodus Wallet: Exodus wallet is quite popular and used by many people. You can install it directly on your computer or download it to your Android/iOS phone with a beautiful interface, quite easy to use.
• SimplEOS Wallet: This is also a wallet that can be installed on computers and supports platforms: Mac OS, Windows, Linux.
• Exchange wallet: You can also create popular exchange wallets such as: Binance, Bitfinex, OKEx… to store EOS Coin.

Instructions on how to create an EOS coin storage wallet 

Step 1 : Go to CH Play to find and download EOS wallet.

Step 2 : You select “ Settings ”, then register an account with a personal email, create a password and start using the EOS wallet.

List of exchanges to buy and sell EOS coins

EOS coin is one of the oldest cryptocurrencies, so you can buy/sell EOS coin on most cryptocurrency exchanges, but the most popular are: Binance, OKX , MEXC, Bybit… 

Evaluate the potential of EOS coin, should invest in this coin or not?

If the project team makes more efforts to complete the goals set out at the time the new project comes into operation, then EOS coin will certainly be an attractive destination for all investors, bringing the project to a level that can be compared with leading platforms such as: Ethereum, Polkadot ...

However, until now, the project has not made any really impressive breakthroughs to fulfill those plans. On the other hand, Ethereum is also constantly improving every day to overcome their inherent limitations. If EOS continues to maintain its current rate of development, you should consider carefully before deciding to join this project. Because it may take a long time for your investment to bring the return you expect.

Social network

To learn more about the project and get more research data before giving your analysis and evaluation of the project, you can refer to EOS coin's information on the official social networking sites. like:

Website | Twitter | Reddit | Telegram

summary

Through the above article, TraderH4 hopes to give investors the basic knowledge to learn what EOS coin is and from there can make analysis and assessment of the potential of the project. However, you should learn more about similar projects on TraderH4 before making any investment decisions.

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