What Is EOS In Blockchain And How Is It Different From Others?

EOS.IO is an open-source platform that’s designed to allow developers to build decentralised apps

The rise of cryptocurrency over the past two years has been undoubtedly astonishing. Yet, the number of people entering the market or trading in cryptocurrencies is showing no signs of fatigue. Today, there are more than 16,000 virtual coins traded, which are based on various blockchain networks, according to CoinMarketCap, a market research agency. EOS, which stands for Electro-Optical System, is just one of them. Launched in June 2018, the blockchain rapidly picked up steam and attracted the attention of investors and programmers alike. At one time, it was even considered an “Etherum killer”.

What is EOS?

The EOS.IO is an open-source platform that’s designed to allow developers to build decentralised apps, also known as dApps. The cryptocurrency that derives the network is called EOS. A year before its launch, the whitepaper for its software was released. The project’s goal is to make it simple for programmers to embrace blockchain technology. It aims to achieve that by ensuring its network is easier to use than rivals. The other factor that distinguishes EOS from rivals is scalability. While most of its rivals can less than handle a dozen transactions per second, EOS promises to be way ahead of them.

Who are its founders?

The platform was launched by Block.one, a software company specialising in blockchain technologies, and was founded in 2016. Block.one executives Daniel Larimer (CTO) and Brendan Blumer (CEO) authorised the EOS whitepaper. One of Blumer’s first businesses was selling virtual game components. Larimer has also launched a number of cryptocurrency projects, including the BitShares trading platform and the Steem blockchain.

Why is EOS different?

The company claims that it has the capacity to handle the requirements of at least hundreds of dApps. EOS crypto tokens are also created and earned in a unique way compared to Bitcoin mining. Users create the required amount of blocks and are rewarded with fresh EOS coins for each block they create. The EOS blockchain is often regarded as a major and direct competitor to the Ethereum blockchain.

There are more than 936 million EOS coins in circulation today with a total supply of 1.02 billion coins. Block.one began an initial coin offering for EOS in June 2017 and it lasted for a year. A total of $4.02 billion was raised

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