The company raised $4.1 billion in the initial coin offering and distributed 1 billion ERC-20 tokens at the launch for far-reaching distribution and popularity.
Now this crypto functions in a particular way in coordination with its blockchain platform EOSIO :
- The EOS.IO or EOSIO works like the operating system of the EOS network and manages and regulates the EOS blockchain network.
- The EOS token is the cryptocurrency of the EOSIO network.
- EOS system was created mainly to support decentralized applications or dApps, on a commercial scale. And it performs the following operations for dApps:-
- The platform is used to develop, host, and run business applications, or dApps.
- The network provides the fundamental functionality to businesses for building blockchain applications similar to web apps.
- Besides EOS supports secure access and authentication, permissioning, data hosting, usage management, and communication between the dApps and the internet.
- EOS is supported by a web toolkit store that aims at hassle-free app development.
- In order to meet the ever-growing demand and usage of dApps, the EOS developed its parallel execution and asynchronous communication methodology across the network which means that:
- The authentication process would be performed separately from the execution process.
- This ensures more scalability, flexibility, and usability
- An easy-to-follow web toolkit and interface eases the developer’s job of creating and maintaining apps.
- An app developer has to only hold EOS coins, instead of spending them in order to use the EOS network, its resources and to build and run dApps.
- Token holders who are not running any apps can rent their bandwidth to other participants who need it and they are rewarded for staking their crypto.
EOS crypto tokens are created and earned in a distinct way than normally mined coins like Bitcoin:
- The block producers or users generate the required number of blocks and are rewarded by the creation of new EOS tokens for each block they produce.
- Block producers can publish a desired amount for payment. The number of tokens they create is calculated based on the median value of the likely amount that is published by all producers.
- EOS tokens can be stored in various wallets including Ethereum wallet, MyEtherWallet, and MetaMask.
- The tokens can be then traded on the different exchanges.
EOS is considered to be a major and direct competitor to Ethereum blockchain which also has numerous use cases in the decentralized finance industry. EOS aspires to be better and faster than Ethereum, which gives 15 transactions per second and EOS targets to achieve millions of transactions per second. You can easily buy and trade in EOS on reliable exchanges such as ZebPay,
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Read More: What is EOS in blockchain? Is EOS crypto a good investment? – Times of India