What is Eos? And how does EOS work? 2023 edition

The current yearly supply inflation rate is 10.07% meaning 98.92M EOS were created in the last year. In terms of market cap, EOS is currently ranked #10 in the Proof-of-Stake Coins sector, ranked #2 in the EOS Network sector and ranked #23 in the Layer 1 sector. The network’s first whitepaper came out in 2017 and the team ran a year-long ICO securing more than $4 billion in investment. It is one of the largest crowdfunding events in the crypto history, with EOSIO now holding one of the largest market caps of all blockchain systems. A unique aspect of EOS is its approach to governance, or how tokenholders on the network vote and implement changes to the protocol over time. When a new user joins EOS, they must first sign the EOS User Agreement, which defines the rights of users on the network as well as methods for dispute resolution.

Cryptocurrency’s legal status varies by jurisdiction and is not backed by any government. Abra will have no liability whatsoever for any losses said to be related to this communication. Bitcoin, BNB, EOS, QNT and CHZ are flashing bullish technical analysis setups which could lure buyers if the wider market enters a relief rally this week. Despite the downbeat market, blockchain-based tech — from the internet of things to the metaverse — is primed to represent trillions in new value by 2030. We have identified both a Super Trend pattern and a Resistance Breakout on the $EOS / $BTC chart.

EOS Markets

DApps deployed on the EOS network cover a wide range of use cases, including gaming, gambling, decentralized exchanges, freelancing platforms, decentralized information sources , and more. The EOSIO protocol, which is the backbone of the EOS blockchain, was developed by Block.one. One of the chief architects of EOS is Dan Larimer, a software developer and entrepreneur who also had a pivotal role in the development of the BitShares and Steem blockchains. It counts employees and advisors in many countries around the world, with key offices located in Hong Kong, Blacksburg, Virginia, and Los Angeles. The EOS software is released under an open-source MIT software license and Block.one holds 10% of the EOS tokens. EOS is competing against a growing number of smart contract platforms including Ethereum, Cardano, NEO and Tezos, among others.

• Online wallets or web wallets are also free and easy to use, accessible from multiple devices using a web browser.
• Many companies have migrated to the EOSIO network from Ethereum to solve the scalability issues.
• The main competitors of EOS are other blockchain platforms that support the deployment of smart contracts and decentralized applications – examples include Ethereum and TRON.
• How much to invest in EOS is up to the risk appetite of the investor and their comfort with the presented research.

This guide serves as a condensed version of the vast amount of research required to select the right asset to invest in and feel comfortable in holdings and portfolio allocations. EOS and Block.One have among some of the most influential backers and investors in the crypto market. Even they understand how high EOS can go as an investment and what the long term EOS price potential can bring investors for returns. Factoring the total EOS supply, current prices, and the previous all-time high of $22.89, EOS has strong price potential and the future price outlook can only improve from here. The lowest price recorded for EOS was a price of $0.48 per coin, during the early phases of the initial coin offering that resulted in over $4 billion in funds raised. This implies that the protocol may generate additional EOS tokens beyond its existing supply in the future.

August 2023: EOS Price Forecast

After the analysis of the prices of EOS in previous years, it is assumed that in 2024, the minimum price of EOS will be around $2.22. Crypto experts have analyzed EOS prices in 2023, so they are ready to provide their estimated trading average for July 2023 — $1.43. Cryptocurrency experts are ready to announce their forecast for the EOS price in April 2023. The minimum trading cost might be $1.25, while the maximum might reach $1.37 during this month.

Users on the EOS network share their computing resources and have access to them based on their distribution. This is where the EOS coin comes in, as the distribution is handled based on the stake in coin ownership. The higher the stake, the more of the network one “owns.” The coins themselves do not need to be spent for transactions, as the proof of their ownership is sufficient. Scalability – one of the biggest problems of cryptocurrencies is balancing decentralization and scalability. Due to its Delegated Proof of Stake consensus mechanism, the EOS ecosystem has the ability to process around 1 million transactions per second. The EOS project achieves such a high throughput by utilizing parallel processing.

Smart trading terminal and crypto trading bots

While the EOS ICO has given the network a celebrity-like status, the project has received its fair share of criticism, some skeptics have even called the software’s “blockchain” status into question . Here’s why traders expect a 0.75% hike to trigger a crypto market rally. The EOS price page is just one in Crypto.com Price Index that features price history, price ticker, market cap, and live charts for the top cryptocurrencies.

Every https://www.beaxy.com/ is entitled to a part of the network proportional to the amount of EOS coins they have. So, users who do not have a lot of coins cannot use the network efficiently. Since BPs can be changed at any time, any kind of suspicious activity can cause the loss of votes, which could result in losing the BP status. Apart from that, BPs do not compete between each other to generate blocks, like with most other networks. On EOS, they work together and generate their own blocks, which are verified by other BPs.

How Is the EOS Network Secured?

The network uses a delegated Proof of Stake protocol, based on 21 Block Producers , who are voted on by coin holders. Anyone can become a block producer, as long as they have enough votes. It is also possible to replace a BP at any time, since the voting is ongoing.

It was originally published by Block.one, and it’s CTO Dan Larmier, who also founded Steem and BitShares. The main idea behind EOS was to create a product capable of handling thousands of transactions per second while working without direct fees. This communication, including any linked information, is for general informational purposes only and is not intended to provide tax, legal, financial, investment, or accounting advice.

While eos bitcoin.One is EOS’ main developer, it does not control the ecosystem whatsoever. Each user has the ability to vote and participate in the decision-making process, thus decentralizing the whole upgrade mechanism and involving each staking user in the future direction of the project. For example, EOS block producers have the ability to freeze accounts – this is intended to further secure the network against bad actors, however, a power like this could in theory be abused. It should be noted that there is no limit to how many tokens can be minted, with new tokens being released in circulation each time a new block is created. The number of total EOS in circulation can be increased by 5% each year.

Blockchain technology like EOS is new, emerging, and still has many years to go before it shows its true value and revolutionizes industries. When that happens, EOS true long-term price potential will be revealed, and many speculate that EOS future price will have a price target well above the previous all-time high. Cryptocurrencies are digital means of payment that act as an exchange medium under the principles of cryptography to secure transactions and control currency production.

But one of the main differences is that EOS is being built to process thousands of transactions per second while Ethereum is able to process a measly 15 transactions per second. EOS makes this possible because it adds an extra layer on top of Ethereum, solving the scalability issues. However, this also means that EOS market value is permanently tied to Ethereum’s.

The popularity of the EOS coin among developers and the community is one of the reasons why it is still thriving today, years after its launch. As the EOS blockchain protocol has a fully decentralized token distribution system, it gives all governance power to network participants instead ETC of miners. EOS, or the EOS Network, is an open-source platform that uses blockchain technology.

DPoS uses a real-eos bitcoin voting and reputation system to decide who creates the next block on its blockchain. Anyone who owns EOS can help operate the network, but the more tokens you own, the more likely it is that you will be the one to create the next block. EOS reached its current all-time high price of $22.89 on 29 April, 2018. The platform reached its highs in April as opposed to December 2017 or January 2018 (when all the other cryptos created their all-time high levels) due to its strong fundamentals which helped it push up. However, the current price action shows that EOS is on a downward price trajectory.