EOS: history of creation, features, prospects

EOS is not just another cryptocurrency in a long list, but a new blockchain-based operating system that is based on Ethereum technology and is designed to perform multiple tasks simultaneously. EOS acts as both a digital currency and a financial structure at the same time.

The first round of the ICO started on June 26, 2017 and lasted 5 days. The largest package of EOS tokens was put up for sale - 200 million tokens out of a total issue of 1 billion. As a result, according to coinmarket.cap, EOS entered the top ten most capitalized cryptocurrencies. The structure of the token sale is as follows: 20% of EOS shares have already been sold during the first round. The next 10% is reserved for block.one and cannot be sold or used. The remaining 70% of the total supply is divided into 2 million. tokens, and starting from 07/01/17. evenly distributed over 350 consecutive 23-hour sales periods each. At the end of each period, the amount of EOS coins sold will be distributed proportionally to all authorized buyers based on the total amount of ETH contributed during that period. EOS does not have mining as such; it is possible to buy cryptocurrency on the official website through the Ethereum network, using Ether coins, or on the exchange.

 The goal of EOS is to provide developers with all the necessary functionality to create applications linked to the chain in the same way as for web applications. Due to asynchronous communication and parallel processing, scalability is ensured, up to a million operations per second. EOS uses delegated power of attorney and introduces the ability to correct errors and roll back changes with majority consent. 

Main features of EOS

• EOS is stated as a decentralized operating system, in practice this makes it possible to quickly launch any decentralized service and create unique applications. 

 • Elimination of transaction fees. Users own and have the right to use resources proportional to their stake, rather than having to pay for each transaction. 

 • Scalability to millions of users and millions of transactions per second due to asynchronous communication and parallel data processing.  

 • EOS also introduces the ability to correct errors with consensus prevailing. This is because EOS uses delegated share security, whereby several observer nodes are appointed by the network as representatives to make certain decisions without polling the entire network.. 

Problems with EOS:

 • The current ICO market is increasing competition. The main competitors of EOS: Ethereum, Tezos, Antshares, Quantum. Many have already started developing similar platforms. Ethereum has an advantage because many systems are built on top of it. To remain competitive, Ethereum is already planning to move from POW to POS. 

 • The EOS source code is presented on GitHub, although verification has not been carried out.

 • A working version of the platform was not demonstrated before the ICO, therefore it is impossible to confirm the stated characteristics. Release of version 1.0. expected only in the spring of 2018. 

 • The EOS rate depends on the success of the platform as a whole, this makes it difficult to make a long-term forecast.

 • Now EOS is not completely independent and decentralized, which means it violates the basic principles of cryptocurrency. The development team directly manages the project. 

However, these shortcomings largely apply to most newly created platforms. The novelty and lack of significant projects make the platform controversial for earning cryptocurrency. Until EOS gains mass acceptance, there is not much chance for it in the cryptocurrency market. 

However, it is worth paying attention to it and monitoring the development of events.