While Ethereum continues to host the largest number of dApps, its scalability, high costs and low-speed issues have forced many developers to migrate to other network solutions. EOS, which operates as a sidechain to the Ethereum blockchain, is one such network providing an out-of-box solution to developers for developing, hosting, and scaling dApps in a quick and simple way. Let’s learn more about EOS today.
The EOS platform has the second-highest number of dApps hosted over its network. It is designed to allow developers to build and scale thousands of dApps and accommodate the same on its network. It uses the Delegated Proof-of-Stake consensus mechanism. The platform was launched by blockchain company Block.One.
EOS is designed in C++ and enables upgradeable smart contracts to develop apps that are secure, open, and scalable. It has fast transaction rates and sub-second block time latency which empowers developers to process transactions at lower costs.
The network is configurable and useful for maintaining programmable infrastructures for public and private blockchain networks. The EOSIO ecosystem has two public blockchains - EOS and Telos, and hosts over 400 applications such as Defiblock and Upland.
The EOSIO platform also supports the EOS Public Network, where individuals and organizations can access a diverse set of tools to develop and operate large-scale dApps.
EOS is the native coin and governance token of the EOSIO platform. EOS tokens are not mined but traded. The developers need to own EOS tokens to use network resources proportionate to their stake and create dApps. EOS token holders can also rent their bandwidth to earn staking rewards. The EOS token holders manage the governance of the EOS Public Network.
EOS has a maximum supply of 1.05 billion tokens while its circulating supply stands at 984 million tokens.
EOS is priced at $2.48 today and is ranked 51 by market cap overall. EOS has been in a downtrend ever since it hit a high of $14.9 in May 2021. It has struggled to break trendline resistance, however it is now showing signs of bottoming out.
Source: Binance, TradingView
The first higher high since November has now been made, indicating an incoming change in market structure. For a true reversal though, EOS will need to break and hold resistance at around the $3.5-4 mark.
EOS had its share of controversy when its parent company Block.One split away from the EOS community due to differences over the platform’s governance. EOS won the battle riding high over the strength of its decentralized community. The network has achieved several milestones, including the launch of the gaming platform, Ultra and digital advertising portal, Adnode in 2020. EOS has partnered with LACChain and Greenback 2021 to support blockchain diffusion in the financial and banking sector and sustainable distributed recycling management.
While the platform’s strong Defi fundamentals and extensive developments grant it substantial potential, the price trends remain bearish in the short term. EOS can, however, prove to be a good long-term investment.
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Disclaimer: This article was authored by Giottus Crypto Exchange as a part of a paid partnership with The News Minute. Crypto-asset or cryptocurrency investments are subject to market risks such as volatility and have no guaranteed returns. Please do your own research before investing and seek independent legal/financial advice if you are unsure about the investments.