Number 6 in the top 10 cryptocurrencies by market capitalization in March 2018 is EOS at $4.7 billion.
What is EOS?
EOS is designed for vertical and horizontal scaling of decentralized applications with the use of the EOS.IO software. The network is designed to handle millions of transactions per second and the technical details are covered in their whitepaper. The EOS token is ERC-20 compliant and, therefore, the transaction incurs ETH gas fees on the Ethereum network. The token distribution started in June 2017 and ran for 341 days. In June 2018, EOS tokens will become fixed (i.e., non-transferable on the Ethereum blockchain.)
EOS in detail
The EOS software is being developed by block.one and will be released under an open source license when it’s complete. The team responsible for the development is headed up by CTO Daniel Larimer and CEO Brendan Blumer. Larimer previously founded Steemit and BitShares with Forbes estimating his net worth at $600 to $700 million in February 2018.
Larimer designed the Delegated Proof of Stake Algorithm (DPOS) that will be used in the EOS.IO software. It should be noted that block.one will not be responsible for creating a platform to use the software as the intention is for the EOS community to build it.
Circulating supply of tokens is close to 762 million with a maximum supply of 900 billion. The all-time high for EOS was in January 2018 at $18.16, and in late March 2018, it was trading at $6.25. The tokens can be traded on all the major crypto exchanges, and these are the top trading pairs with their associated exchanges:
- Bithumb EOS/KRW
- Huobi EOS/USDT
- Bitfinex EOS/USD
- Binance EOS/BTC
- OKEx EOS/USDT
- Upbit EOS/KRW
- OKEx EOS/BTC
The DPOS algorithm proposed by EOS does have some drawbacks because the voting system associated with the delegated element is open to abuse by super nodes on the network. This abuse is most commonly seen in voter kickbacks where participants receive part of the block rewards for voting in a particular way. EOS New York published an article on Steemit in March 2018 following an online discussion with Thomas Cox of block.one. Cox confirmed that the constitution would be drafted in such a way that prevents votes being bought, and penalties will be imposed by participants that try to flout the rules. Breaking news for EOS can be found via the following social media channels.
Financial analyst, smartphone app designer, technical writer, and crypto enthusiast. Blockchain verified graduate of MOOC 9, DFIN-511: Introduction to Digital Currencies, run by the University of Nicosia.