EOS – cryptocurrency that jumped on 5th position

This article was published on: 04/28/18 10:44 AM

EOS LOGO

If you are really into cryptocurrencies and care about daily changes in exchange rates, you probably use the most popular tool to compare cryptocurrency market capitalizations – Coinmarketcap.

Lately, there have been some changes in top 5 cryptocurrencies and 5th place is now occupied by EOS. It’s a good time to describe that cryptocurrency!

The creators

EOS was created on 1st of July 2017 as a result of ICO. The Initial Coin Offering was organized by block.one which is the company that invented this cryptocurrency. The team of EOS is built up by a bunch of experienced programmers. The company block.one, led by CEO Brendan Blumer and CTO Daniel Larimer, is providing IT solutions for business based on blockchain technology. As you can read on the project’s website, this cryptocurrency is also called EOS.IO or EOSIO.

Main assumptions

EOS is a cryptocurrency based on a blockchain with the main assumption to be a decentralized operating system. The system is to support commercial apps and provide all the needed functions to create and implement new applications.

The cryptocurrency is often compared to Ethereum but the main difference is a philosophy behind these two cryptocurrencies. It is best shown on the compare graphic provided by github users.

Most of all, EOS doesn’t have a fee. So all users can send it without bearing the costs. Instead of it, the owners of EOS by purchasing this cryptocurrency are becoming the owners of a part of the system. So far the scalability of it is kept.

To describe best how that system works let’s imagine a situation in which you own ¼ of all tokens in a pool. That means that you can use the power of ¼ of the whole system.

The pool of EOS is 1 billion and for today (05.2018) about 920000000 EOS is already in use. To get EOS all you have to do is either buy it on cryptocurrency exchange platform or take part in EOS distribution program. The distribution has started on 06.26.2017 and will last for another 341 days.

The rules of distribution are simple.

  • 200,000,000 EOS Tokens (20%) distributed during a 5 day period beginning on June 26, 2017 at 13:00 UTC and ending on July 1, 2017 at 12:59:59 UTC (the “First Period”).
  • 700,000,000 EOS Tokens (70%) will then be split evenly into 350 consecutive 23 hour periods of 2,000,000 EOS tokens each beginning on July 1, 2017 at 13:00:00 UTC.
  • 100,000,000 EOS (10%) will be reserved for block.one and cannot be traded or transferred on the Ethereum network.

If you got interested in that project, listen to CEO and CTO of the project answering why you should choose EOS.IO!

 

Main photo: ethereumworldnews.com

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Last modified: April 28, 2018

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