EOS (EOS) Update: What You Need To Know

EOS is the largest Initial Coin Offering in the history of digital currencies. Having raised about $4 billion, it promises to become a scalable and very fast blockchain protocol with zero costs of transactions. Even though the Mainnet of EOS hasn’t gone live yet, a lot of investors, analysts, and fans believe that the Mainnet has the potential to become a standard for Dapps that require secure, fast, and free interactions between their users.

If Ethereum is referred to as digital oil and Bitcoin as digital gold, then EOS has been likened to digital real estate. The everlasting nature and unlimited supply of the coins make it an ultimate target for investors that believe in decentralized future. However, the digital currency is still in its early phases, and it should be approached with caution.

The History of EOS

The blockchain of EOS, as well as the EOSIO software, is a project by a private firm known as Block One. Daniel Larimer is the CTO and main mind behind the project. The ICO of the firm began back in June last year, and it is running on the network of Ethereum.

Technical Description

The goal of EOS is to provide a blockchain-based platform that is capable of creating decentralized apps and smart contracts. The platform will function as a decentralized OS just like NEO and Ethereum, where decentralized applications can be built and used by the community.

Use Cases

There are lots of industries where Dapps and smart contracts can have a significant effect, improving the security and efficiency of the market and eliminating the need for centralized third-parties. EOS will be very useful for apps where fast transactions and scalability are key. Examples of such applications include internet services and peer-to-peer services.

Upcoming Projects

The network is expecting a lot of projects, and there are already some decentralized applications in development for the network. Some of the most interesting ones include:

  • Insights Network
  • Bywire
  • Chintai
  • Iryo
  • Everipedia

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.

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