EOS is a blockchain platform that develops decentralized applications (dapps). EOS is launched by Block.one ( a company building EOS.IO software). Dan Larimer the Co-founder of two currencies which are successful, Steemit and Bitshare is the developer, EOS community is global and vibrant. Its functions are similar to that of ETH. EOS provide an operating system like a set of functions and services which dapp can use making its development easy. EOS has all the requirements it takes to enable businesses and individuals to create a blockchain based application. EOS is not an official acronym; its developers have not yet formally defined it themselves.
EOS pride itself as the most powerful tool for decentralized applications. It offers permissioning, safe access, usage management, authentication and communication between dapps and the Internet. The EOS concept is to combine the promising and best features of various smart contract technology (e.g., Computing support of ETH, BTC security) into a single simple operable, massive scalable application platform for accustomed users to empower the advance blockchain economy.
EOS aims to lower barriers for developers and other users to enter into its blockchain. It will decentralize web application by offering services like cloud storage, server hosting, and authentication. Application developers can deploy and build applications and web interface with cloud storage, hosting and downloading bandwidth provided by EOS system. EOS platform is a ready-made platform that lets developer tap into a full-featured authentication system. Stolen account recovery process is made in the system as well as with many techniques of verifying your identity and recovering access to a compromised account. EOS updates features ensure shared database entry between accounts and the ability to store users data on local machines securely.
Developers requires EOS coin to build the application on the blockchain. The developer does not need to spend the tokens to access the server resources, what is required is a proof that they hold them. Operations will be hosted in a data center which will also be blocked produced. The block reward in EOS are the incentive for the servers to host EOS applications. EOS blockchain will allow developers to create applications with which end users will easily interact; most users are not aware of the interaction since it will be transparent to users.
EOS tokens are ERC-20 compatible tokens which are distributed on ETH blockchain pursuant to related ERC-20 smart contract (The EOS Tokens). Block.one is launching an EOS.IO software but it will not configure or launch any public blockchain platform adopting the open source EOS.IO software( The EOS platform). EOS token sale takes place over a full year, with 350 days of distribution. EOS price is determined by the market. The total designated tokens for that period is distributed among contributors based on the amount of the ETH they contributed divided by total contribution. The EOS.IO is software that introduces a blockchain architecture design to enable horizontal and vertical scaling of decentralized applications. The software provides authentications, asynchronous account communication, and scheduling of applications across multiple CPU cores or clusters. The resulting technology is a blockchain architecture that has potential to scale millions of transactions per second allowing quick, easy deployment, eliminating users free decentralization application.
Advantages of EOS.
- Its free to use. EOS has no micropayment for the application built on its platform. App developers are the one who determines the fee to be charged which is very low to send messages or perform tasks on the blockchain. Developers are free to come up with charges or to offer free services.
- Transparency. ETH smart contract proves receipt of incoming funds for EOS tokens
- Flexible. It freezes and fixes broken application
- Broad distribution. EOS tokens distribution takes 341 days which provide ample time for the community to familiarize themselves with a project as well as participate in the distribution.
- Offers equal opportunity. EOS has no predetermined price this ensures inclusivity and price is set by market demand.
- The community can downgrade, upgrade and fix bugs in the system securely and democratically.
- Transaction speed is high. EOS network transaction/message rate is 1 million per second.
- OPen developers can bring their ideas into reality free from the demand of bandwidth and security.
- It's self-sufficient and evolution. Its inflation is 5% which is meant for growth.
Disadvantage of EOS.
- Some view EOS as a speculative token. They see nothing to it rather than a short-time buy/sell.
- EOS idea to want other coins to be developed on top of it has not yet gotten a maximum mass adoption from the community.
How to buy
You can buy EOS at a few exchanges like BitFinex, Kraken, Exodus, ShapeShift, etc. Currently, there is no a direct way of purchasing EOS via bank account, debit/credit card on any of the exchanges. Purchase BTC/ETH in coinbase. Currently, ETH has a low transfer and exchange fees compared to BTC. Then get a wallet that supports EOS.
Store your wallet in any ERC-20 compactible wallets. Do not store your EOS on an exchange; exchanges; it's for a short time trading, it is only wallets that offer long-term secure storage. Different type of wallet are available for you. There is MetaMask (Chrome browser add-on), MyEtherWallet, Jaxx, Exodus which are desktop wallets.