Cryptocurrencies

EOS Token Cryptocurrency

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EOS (ticker symbol: EOS) is a blockchain built from the ground up by Block. one to be an operating system for decentralized applications (dApps) allowing developers to create, launch, and host decentralized applications and decentralized autonomous corporations (DACs). It adds several improvements over existing Blockchain applications, mainly scalability and speed.

In October 2020, Google Cloud announced that they would be joining the EOS as a block producer candidate.

Overview of EOS Token

The platform aims to provide smart contract and decentralized storage enterprise solutions that solve the scalability issues of blockchains like Bitcoin and Ethereum, as well as eliminate all fees for users. EOS.IO accomplishes this by being both multi-threaded (able to run on multiple computer cores) as well as using delegated proof-of-stake for its consensus protocol.

It aims to be the first decentralized operating system that provides a development environment for decentralized applications like Steemit.
EOS claims to be “the most powerful infrastructure for decentralized applications.” EOS is (or, rather, will be) a blockchain technology much like Ethereum. They plan to create their blockchain with a long list of impressive features. Some are even calling EOS the “Ethereum killer.” But along with all the hype and excitement about EOS, there’s also a large amount of skepticism coming from the crypto community.

EOS applies Graphene (blockchain technology), which is a blockchain framework technology based on DPoS. With Graphene, a blockchain can deal with up to ten thousand transactions per second (TPS).

The EOSIO platform provides functionalities such as accounts, authentication, databases, asynchronous communication, and the scheduling of applications across multiple CPU cores and clusters.

EOS Token

The native token, EOS, is a utility token that provides both bandwidth and storage on the blockchain, in proportion to one’s total staked tokens (owning 1% of EOS tokens allows for usage of up to 1% of the total available bandwidth). EOS tokens also allow the owner to cast votes and participate in the on-chain governance of the blockchain, again in proportion to the owner’s staked tokens.

To ensure widespread distribution of the native token at the launch of the blockchain, one billion tokens were sold over one year on the Ethereum blockchain by Block.one. This provides a distribution that anyone can use to launch the EOS blockchain once the software is released, while the CEO of Block.one, Brendan Blumer, announced that Block.one will support the EOS.IO blockchain with over 4 billion USD in funding from the token sale.

History of EOS Token

Based on a white paper that was published in 2017, the EOS.IO platform was developed by a private company, Block.one, and was released as open-source software on June 1st, 2018. The official white paper for the EOS.IO platform was first published in 2017. At the time, the platform was being developed by Block.One and was officially released on June 1, 2018. The network uses EOS as its cryptocurrency and it has gone on to become one of the most prominent in the industry. The original testnet Dawn 1.0 was officially released in September 2017 and full versions were released both in 2017 and 2018.

On November 29, 2017, at BlockShow Asia Block.One revealed a publicly available testing environment called EOS.IO Single-Threaded Application Testnet (“EOS STAT”). Block.

On June 2, 2018, the pre-sale ICO ended and the ERC-20 tokens were frozen for the mainnet launch.

On June 9th, 2018 the initial group of block producers voted “yes” to officially launch the mainnet block producer voting system.

On June 14th, 2018 15% (15,000,000 EOS) of EOS tokens were staked and used to vote. By reaching 15%, the network-enabled all functionalities and was considered the official chain.

How to Buy EOS Token

How do I buy EOS Token?

While some cryptocurrencies, including bitcoin, are available for purchase with U.S. dollars, others require that you pay with bitcoins or another cryptocurrency.

To buy cryptocurrencies, you’ll need a “wallet,” an online app that can hold your currency. Generally, you create an account on an exchange, and then you can transfer real money to buy cryptocurrencies such as bitcoin or Ethereum. Here’s more on how to invest in bitcoin.

Coinbase is one popular cryptocurrency trading exchange where you can create both a wallet and buy and sell bitcoin and other cryptocurrencies. Also, a growing number of online brokers offer cryptocurrencies, such as eToro, Webull, and Sofi Active Investing. Robinhood offers free cryptocurrency trades (Crypto.com is available in most, but not all, U.S. states).

The Author

Oladotun Olayemi

Dotun is a financial enthusiast who specializes in first-in-class financial content, including crypto, blockchain, market, and business, to educate and inform readers.