So, you are planning to invest in EOS. Well, EOS is a blockchain ecosystem that has gained a lot of attention due to its exceptional ICO and features. EOS incorporates some of the most appealing characteristics of widely used blockchains. The system combines the security of Bitcoin with the programming convenience of Ethereum. In addition to all of these outstanding promises, the platform has a wonderful scalability.
In this blog, we’ll discuss everything you should know about EOS before buying-
How does EOS work?
A full-featured authentication system is built into the EOS ecosystem. Developers can program their user accounts and assign permission levels directly from the EOS panel.
Additionally, the platform allows businesses to provide everyone on the network access to their databases. On the other hand, companies can extract data from the EOS network and keep it locally. The data is kept off the blockchain in this technique until the company asks for it.
Cloud storage is an important technology included in the EOS development. EOS provides Dapp (or decentralized app) developers with both server hosting and cloud storage. These important components make the EOS ecosystem as one of the best-evolving Dapp protocols today.
The community governance model
EOS’ governance model is another essential feature. Block producers in the EOS system have a lot of control on the network’s trajectory. These block producers vote on important matters. The concerns can include things like which transactions have been confirmed and whether or not an application is working properly.
Why buy EOS?
If you plan to buy EOS, it is recommended to look for a reputed platform. EOS aspires to be better, faster, and larger than Ethereum. While Ethereum’s network can manage about 15 transactions per second, EOS is aiming for millions of transactions per second, which is more than VISA can handle. Furthermore, there are no fees associated with sending or receiving EOS.
Businesses may use EOS to create blockchain solutions in the same manner that they can create web applications. Although EOS appears to have promise, it is still in its infancy. Here are four more reasons why individuals choose to invest in EOS.
The EOS network is capable of processing transactions quickly and without charge. It can also be used to build smart contracts and decentralized applications (also known as dApps). Transactions on EOS are completely free. That’s because owning a 2% share in EOS coins effectively means owning a 2% ownership in the network. Further, EOS aims to process millions of transactions per second. If successful, this would solve a major problem in the blockchain industry, as many people are unable to complete transactions at this speed.
Are there any concerns?
Like other projects, there are certain concerns about the EOS ecosystem. Primarily, the community continues to call out the newly implemented delegated-Proof-of-Stake system’s centralization. Within the network, this system creates 20 block validators. Also, EOS had some troubles with the Securities and Exchange Commission (SEC). EOS probably paid the punishment and carried on with business as normal.
Will EOS ever overtake Ethereum as the most popular Dapp platform? It’s a difficult question to answer. Regardless, EOS continues to gain traction in the industry. For the time being, EOS appears to be focused on achieving its aim of bringing Dapps to the masses in a safe and secure manner.