EOS is a cryptocurrency based on a blockchain protocol. EOS.IO. EOS was released in 2018 by Block.One. As of May 14th, 2021, 23:31 EST, EOS is ranked 19 in market capitalization (market cap) at $USD 10.7 billion (CoinMarketCap).
Why is EOS unique?
So, what makes EOS cryptocurrency so unique? It is blockchain technology designed to attract the developers to build decentralized apps (DApps) with a developer-friendly interface so that the programmers could develop an app quickly and the app compared to other competitors. EOS provides learning resources and certification for the programmers on the website. In addition, it is developed so that businesses and users can easily navigate the network.
EOS by Block.One is unique in that it is fast and scalable compared to other coins. The average time that is taken by the node to confirm a block of transactions on the EOS blockchain network is just 1.5 seconds (Zipmex). This is comparable with 5 minutes for Ethereum (Kraken).
How are transactions feeless on EOS.IO? Unlike blockchain that uses Proof-of-Work that charges a gas fee for transactions, EOS uses Proof-of-Stake. EOS uses a consensus model called delegated proof-of-stake (DPos). Unlike Ethereum and Bitcoin networks that require millions of nodes, EOS is able to process transactions at a faster pace due to only 21 block-producing nodes. The Block Producers (BPs) are selected by token holders of EOS. The BPs decide on key factors such as changes to rules. They are held accountable through continuous voting and can be replaced at any time. On EOS.IO the ownership of tokens covers any incidental costs.
EOS Referendum System
How does the EOS referendum system work? Proposals are submitted through the EOS.IO forum, smart contracts can be displayed and voted on a voting portal UI. Then the token holders and proxies vote for proposals on a UI. The amount of EOS staked towards CPU or NET at the time of vote determines the weight of the vote. The vote continues until the threshold is met or until the proposal expires. A vote of 15/21 top BPs validate if a threshold has been met and to enforce the will of token holders.
Inflation of EOS tokens drive the Block.One network. As of May 15th, 2021, 17:00 EST, elected Block Producers and Standby Block Producers are awarded each day in the amount of 1% of the total supply per annum (EOS). This 1% inflation is divided among different Block Producers based on their rank. Since Block Producers (BPs) are funded through the system itself, the users can use the system without transaction fees.
EOS and Usage
On the EOS cryptocurrency website, there are a number of decentralized applications (DApps) and projects using EOSIO software under #BuiltOnEOSIO. OmniOne ventures decentralized ID on EOSIO in April 2021. OmniOne is a publicly traded ICT security software group in South Korea. It uses EOSIO to communicate cryptographically protected information, enabling users to prove their identity without over-disclosing their information.
Ecomatcher is a decentralized application (DApp) and EOS VC grant recipient to promote reforestation with transparency to preserve revenue and cultivate biodiversity. Their aim is to reduce carbon footprints by planting trees through “TreeChain”. Their blockchain records every tree the company plants.
EOS vs Ethereum
As of May 17th, 2021, 7:00 EST, EOS’s is 1,000 transactions per second, whereas Ethereum’s transaction speed is 15 transactions per second (Bitdegree). With only 21 block-producing nodes, EOS cryptocurrency can expedite the transaction process. Ethereum has 8,000 nodes which contribute to a slower transaction speed (Reddit).
The consensus mechanism for EOS is Delegated Proof of Stake (DPoS), but Ethereum is Proof-of-Work (PoW). EOS allows users to vote on Block Producers who verify the transactions. These Block Producers can be replaced. In Ethereum, the miners have to solve cryptographic puzzles in each node to confirm a transaction on the blockchain. The more work done ensures the longer the chain and the higher the block number. This prevents anyone from gaming the system.
The transaction price for EOS is free, whereas Ethereum is $USD 18.63 as of May 17th, 2021, 7:00 EST (Ycharts). Instead of paying gas, EOS users are paid by newly created EOS coins when they verify transactions through inflation as aforementioned. Ethereum gas fees are fees that are made by users to compensate the computing energy required to process and validate the transactions on the Ethereum blockchain.
Ethereum’s market cap is 388 billion as of May 17th, 2021, 7:00 EST (CoinMarketCap). As Ethereum plans to move on to Proof-of-Stake with the ETH2 update, it will be intriguing to see the future outcome of the coin.
How to Buy EOS
You can put an email address and a username for a start. It is as easy as ABC.
Once you have created your account, you will need to verify your account. All you need to do is provide your name, date of birth, and other basic information.
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Then, you need to deposit funds into your VirgoCX account. Funding is as simple as sending an eTransfer. Once your fund is in, you can buy EOS, or any other cryptocurrencies. VirgoCX has a great selection of different cryptocurrencies for Canadians, including Bitcoin, Ethereum, Tether, Litecoin, Stellar, USDC, DAI, DOGE, Uniswap, Bitcoin Cash, Paxos Gold, Chainlink, Curve, and AAVE. VirgoCX has an attractive fee system including 0% trading fees and low withdrawal fees.
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About Author: Jiwon Angela Son is a writer at VirgoCX. She is a marketing professional who has sales, marketing, and advertising experience in innovation-driven industries for 12 years. Prior to working at VirgoCX, she was a marketer at global pharmaceutical companies such as Bristol Myers Squibb and Actelion Pharmaceuticals. Twitter
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