What Is EOS?
EOS is a blockchain-based operating system with features that closely resemble those of Ethereum. However, due to its promise to provide a highly scalable platform with the ability to execute many functions in a few seconds, it’s believed to be the real deal. The optimism in this blockchain network can be shown by the huge amounts of money raised in just a few months through ICOs. No one really knows what EOS stands for right now. Some of the guesses put forward by various cryptocurrency followers include End of Silence, Ethereum on Steroids, and Endless Online Scaling. Let’s go with EOS Operating System for now. It looks a bit realistic.
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EOS’s blockchain will work on Proof of Stake basis. Those with tokens will have more voting rights and other privileges that befits whale investors. A holder of many tokens can change misbehaving block producers, propose hard forks, update smart contracts and even freeze accounts. While having more voting rights is a cool thing, such an arrangement practically goes against the decentralization principles that blockchain stands for. Before you can build an app on EOS blockchain, you will need to prove ownership of their tokens. The resources will be provided for free to token holders. This is one thing prospective are looking to see if it will happen as Ethereum, Bitcoin and other Blockchains charge to use their resources. Apps on EOS network will be able to communicate securely with one another for easy file sharing. Firewalls will be set up as a way to prevent apps from outside attacks.
Pros of EOS
- You can deploy smart contracts – like Ethereum, EOS will allow users to deploy smart contracts easily through the use of their tokens.
- Fast response time – one of the goals of EOS is to allow the creation of scalable Dapps. This means transactions in this ecosystem will happen within 1.5 seconds. Its parallel performance will distribute the workload among existing nodes for quicker execution.
- Has a promising team behind it – EOS is made up of developers, managers, entrepreneurs and other professionals with colorful fieldwork records. For instance, Dan Larrimer, the creator of this project is still the one behind Steem and Bitshares-one of the most useful internet sites. This means EOS is bound to succeed.
- Comes with a constitution – with a set of laws where everything happens on consensus, lawlessness, and use of crooked methods can be averted.
Cons Of EOS
- There is nothing concrete, yet – EOS is still project afoot. They neither have a cryptocurrency or blockchain technology to show forth. This can drive away investors that are looking for a working project.
- No cap on funds being raised – since there is no limit to amount being raised, what would they do with the extra? Could this lead to its valuation being exaggerated?
Those standing as Pros and cons
- Working on Ethereum blockchain – as said earlier on, EOS’s ICO is running on ethereum’s blockchain to fund itself. This is a pro in the sense that Ether blockchain is one of the best for crowd funding activities. Besides, Ethreum’s tokens are quite affordable compared to Bitcoin. On the flipside, EOS promises better services than Ethereum blockchain yet it’s using its services. This tends to signal to potential investors that perhaps Ethereum blockchain is the best after all.
- Longer ICO period – EOS is giving its potential investors almost a year (ending in June 2018) to participate. This is a good thing as it allows prospective to research all there is regarding this platform before backing it up. The problem is, other blockchains like Ethereum and Bitcoin are revolutionizing their services at a fast rate, and by the time EOS launches, the others may have become the dominant market occupants and make it had for it to breakthrough.
Where to buy EOS
There is a detailed token sale guide on EOS’s website showing potential investors how to purchase the available tokens. Note that this token sale is not open to US personnel.
Albeit offering a lot of good promises, EOS is still in infancy so it’s had to tell what may become of it. For the newbies, it’s advisable to watch from a distance until EOS launch takes off. For risk takers, however, you can capitalize on this network’s robust and achievable promises and invest in its ICO before the allocated time elapses.