EOS: everything you need to know about EOS

What is EOS?

EOS is designed to overcome the issues of previous blockchains with a faster, cheaper, and more scalable solution. The EOS network was developed by Block.one and offers a unique development environment that supports dApps (decentralized applications) and smart contracts. The EOS token is used as fuel for the network and provides various advantages over other cryptocurrencies, such as high transaction speeds and scalability. This makes EOS a suitable candidate for investors and developers seeking an innovative platform to build and launch their projects.

How does EOS work?

EOS is a decentralized network based on blockchain technology. On the platform, users can build and execute dApps and smart contracts. EOS uses a Delegated Proof of Stake (DPoS) consensus mechanism. In this system, EOS token holders vote to select 21 block producers responsible for verifying transactions and maintaining the network. This ensures fast and efficient processing of both transactions and decision-making.

Unlike other blockchains, EOS does not have transaction fees. Instead, the costs are covered by EOS tokens needed to use the network. This means users must possess a certain amount of EOS tokens to access the network and process their transactions.

EOS also offers excellent scalability, allowing the network to adjust to demand when needed. This makes EOS suitable for large-scale applications requiring high throughput and low transaction costs.

The EOS token

The EOS token is designed to support and incentivize the network. EOS tokens serve as the fuel of the network, used to access the platform and process transactions. The token is also used as a reward for validators and developers and for trading resources on an open market.

Similar to many other cryptocurrencies, EOS employs a governance model where users can stake their tokens to vote on proposals for network changes. This way, the community can participate in determining the future of the EOS network.

The Technology Behind EOS

The technology behind EOS is designed to overcome the limitations of previous blockchains, focusing on scalable, secure, and efficient solutions for building dApps and smart contracts. What are the technical components of EOS?

• Delegated Proof-of-Stake (DPoS) consensus mechanism: 21 validators (block producers) are continually chosen by the community to verify transactions and keep the network running.
• RAM and CPU resources: EOS uses RAM and CPU resources to process transactions and execute dApps and smart contracts. Users can buy and sell these resources on an open market, with prices determined by supply and demand.
• Scalability: EOS can adapt to demand, and capacity can be increased as needed.
• Smart contract platform: EOS supports various programming languages for building dApps and smart contracts, including C++ and Rust.
• EOS tokens: The fuel of the network, used for processing transactions, accessing the platform, rewarding validators and developers, and buying and selling RAM and CPU resources.

The EOS ecosystem

The EOS ecosystem includes developers, users, validators, investors, trading platforms, partners, and a community. Developers build decentralized applications and smart contracts on the EOS platform.

Users utilize these dApps and can contribute to the network's development. Validators verify transactions and keep the network running. Investors contribute to the network's development and vote on proposals. Trading platforms ("exchanges") play a crucial role in EOS adoption and awareness. Partners collaborate with EOS to develop dApps and smart contracts and contribute to the network's growth. The community consists of a diverse group of individuals involved in the network's development and use.

Benefits of EOS

What are the key benefits of EOS?

• Developer-friendly platform
• Very high transaction speeds
• Low transaction costs
• Extensive network scalability
• Innovative earning model

Drawbacks of EOS

Like any blockchain platform, Fantom has some drawbacks that investors should consider:

• It's still relatively small and less known compared to its competitors.
• Centralized validation process.
• Risk of bugs and security issues.

Who is the founder of EOS?

The founders of EOS are Dan Larimer, Brendan Bloomer, and the development team of block.one. The first version of the network, EOS Dawn 1.0, was launched in 2017. The second version, EOS Dawn 2.0, was launched in 2017, adding resource tracking and inter-blockchain communication to the EOS platform. In April 2018, the platform launched EOS Dawn 3.0, marking the official start of the EOS platform.

Price forecasts

In 2026 experts expect a minimal price of €1.95 and a minimal price of €6.43 in 2031.