Currently, EOS is being ranked as the fifth highest virtual currency according to the rankings carried out by coin market capitalization. The market capitalization of EOS is more than $3 billion.
The digital currency is being bought at $3.7, and so many Cryptocurrency individuals have tipped it off for greatness. But, what really is special about the digital currency?
Introducing The EOS Protocol
For starters, the virtual coin is the traditional coin of a specific Blockchain protocol. This protocol is simply known as the EOS.io, and it was established by Block.io.
The protocol is among the very few initiatives that have completely managed to disrupt and eliminate the concept of transaction cost. What this means is that Cryptocurrency users can utilize their network and not be charged a dime.
If there should be any fee to be charged, it is one initiated by the developers of the application or the creators of the app.
The EOS coin comes with an interesting aim. It aims to offer;
- Decentralized storage of Enterprise solution
- Smart contract abilities
- Decentralized app hosting, and so on
All these are successfully making EOS to stand out as it resolves the issues of scalability that has been existing in both Ethereum and Bitcoin blockchains. The part of destroying transaction fees is also another aim of the EOS team.
Meanwhile, the smart contract platform that is being implemented by EOS can enable thousands, if not millions of transactions every second. The motive of EOS is to build a decentralized dApp platform that is bigger than that of Ethereum.
The platform built by Ethereum is prominently known for its advancement in decentralized applications and its usage of smart contracts to its highest potential. Moreover, it has issues.
The issues surrounding the Ethereum platform has to do with its slow transaction plus high transaction cost. This has always been an issue to the users of the platform. As for the EOS platform, they have made it a priority to resolve this issue.
It can be resolved by EOS as they provide free transactions on every dApp created on their platform.
Can You Mine EOS?
For the fact that EOS virtual currency is not mineable, this alone makes it stand out from every other Cryptocurrency. Additionally, EOS digital currency is not even pre-mined.
The currency only makes use of block producers to handle the generation of blocks. Surprisingly, the Blockchain of EOS is not decentralized like the regular Cryptocurrency or Blockchain.
It, however, enables roughly twenty-one block producers on its Blockchain at a particular time. Going further, the cost of the EOS virtual currency is strictly determined by the situation of the market and not the producers.
In about a year, there will likely be an overall total of one billion EOS virtual coins in the market. The EOS algorithm enables an inflation rate of roughly five percent yearly, and this is only based on the situation of the market.
To Wrap It Up
EOS Cryptocurrency has a steady available supply of 906 million plus an overall supply of one billion. With all its special components, it is clear that the recent operations of EOS are actually genuine.