The EOS currency was released in June 2018. There is a lot of controversy about this coin. Some experts believe that it has the power to kill ethereum. Others see the project as a scam. Nevertheless, the currency can be exchanged profitably at the link What is EOS, really?

EOS: Who invented the new coin?

The world started talking about the new cryptocurrency EOS on June 26, 2017. That’s when the first round of initial coin offerings began, which lasted for five days. A decent number of tokens were put up for the first round—two hundred million tokens for a total of $1 billion. Within five days of the ICO, the EOS coin made it into the top ten most capitalized digital currencies.

Overall, the EOS token sale set a record among all cryptocurrency presales. The developers managed to raise more than $4.2 billion during this time. Before that, the most successful ICO of the digital coin was considered a presale of TON. There the amount was more modest-1.7 billion dollars.

Interestingly, during the initial sale of coins, the development team did not provide a clear plan for the development of the coin, but users still believed in its prospects. Experts argue that such an impressive investment in a short time allowed for a perfectly timed advertising campaign. 

The rapid acquisition of popularity was also associated with the name of the main developer, Dan Larimer. He already had experience in the blockchain sphere. He launched his first BitShares project in 2014. In early 2016, Dan Larimer began work on the Steemit project. This is a resource for blogs and social networks. His third project was EOS.

Dan Larimer is not the only one behind the creation of the coin. The company is working on the development and improvement of the network. It is engaged in the development of high-tech solutions for businesses, including the creation of blockchain-based software.

The team consists of 35 employees. Key members of the team include Brock Pierce, a venture capitalist, and Brendan Blumer, an investor and entrepreneur. BlockOne collaborates with many well-known companies: Blockchain Capital, Bitfinex, and Fen Bushi Capital.

How EOS works: the essence of the project

EOS is a new blockchain architecture. Its main purpose is to scale decentralized applications. The platform gives an opportunity to:

  • carry out the data authentication process
  • provide application development services across hundreds of clusters

The technology is in the form of a blockchain, which is capable of scaling up to a million transactions per second. Users are not charged a fee.

What is EOS? It is a platform that allows you to create decentralized applications. The project implements the Delegated Proof of Stake (DPoS) algorithm. All blocks in the network are handled by the node that was selected as a result of a vote. 

The change of the leading node occurs once a day, and the top twenty investors in that node receive a reward. This scheme reduces the likelihood of a fork—a branching of a new currency from the main network. Miners do not compete with each other, but join together for one purpose.

All transactions are subject to verification. The data verification process is done using the Byzantine Fault Tolerance (BFT) protocol. It is able to process data asynchronously, greatly increasing the speed of operation. One transaction takes only 0.25 seconds, and after just one second, it cannot be reversed.

EOS is a promising project with a great future ahead of it. So it makes sense to buy tokens from the Alligat0r crypto aggregator site because their price will increase in the future. 

Also Read: Benefits of Cryptocurrency ATMs