EOS

What is EOS?

EOS is a decentralized operating system based on blockchain technology.  It is designed to support decentralized applications on a commercial-scale by giving all the required core functionalities. This enable businesses to fabricate the blockchain applications in a manner that stays similar to that of online applications. This blockchain network has also claimed to remove transaction fees and conduct millions of transactions within a second.

How to Mine EOS?

EOS is can’t be mined and is only created through inflation. Block producers are users who validate blocks on EOS and are rewarded for their efforts. Non-block producers can vote for block producers who pass down some of the rewards.

Advantages of EOS:

Let’s check out some of the advantages of EOS:-

• Fast Transactions- EOS uses parallel processing that can perform potentially millions of transaction. Parallel processing helps in increasing the transaction speed and scalability.
• Governance- EOS has a governance structure based on a constitution of mutually accepted rules that oversee the framework, along with a process for altering those rules if needed via voting processes. Many cryptocurrencies have a very difficult time reaching consensus on what to do in a given situation, but EOS seems to have an elegant solution to this problem.
• User Friendly- It is quite user-friendly and allows the user to take advantage of built-in features and services like cloud storage, server hosting, authentication, etc.
• Easily Accessible- The platform makes it very easy for developers to join and start working on new projects. This means that people can anticipate even more creative projects along the way.

Disadvantages of EOS:

• Many Competitors- Besides Ethereum, EOS has many other competitors, including NEO, Rootstock RSK and Rchain. There may be room for more than one successful platform of this type, or there might not.
• No Guarantee- There is no guarantee that this project will become as promising and ubiquitous as people think. It does have the capability of ousting Ethereum, but there’s an equal probability of it falling on its face.
• Too Young- While the EOS platform inspires great admiration from users and developers; it has only been developed recently. This means that even people who consider it as an alternative to other top cryptocurrencies might want to take time and assess the stability.

EOS has come at a time when more people are starting to accept cryptocurrencies as an alternative to fiat currencies. While the crypto is one of the latest in the market, the founder has brought a new impetus by allowing developers to own a piece of the network resource. Its potential is really huge, and one would rather join it to become part of the emerging shift in the Cryptocurrency world.