Eos’s platform was designed to solve problems of scalability, flexibility and speed. The crypto space emerged with Bitcoin and Ethereum and while their offering shook the world, it was soon made clear that their technology is far from perfect. At the time when the blockchain space was new and exciting, there wasn’t much activity going on. So, problems like scalability were not widespread. During 2021, the cryptocurrency market exploded and it received acceptance from various important key figures in the finance sphere.
Where major players like Wall Street players and big banks were wary of the cryptocurrency technology, the market sentiment shifted immensely and tech giants jumped in the crypto bandwagon. The current year has seen widespread adoption of cryptocurrencies and as activity on networks surged, scalability became an issue. Ethereum’s blockchain is the DeFi hub and the network – not being designed to handle such large number of transactions – suffered with transaction fees skyrocketing. This is where cryptocurrencies like Eos step in.
How does EOS work?
Eos was released as open-source software in 2018 – founded by Block.one. Eos is a software based on blockchain. It acts like an operating system of a computer. The software – called EOS.IO – aims to facilitate the creation and use of decentralized applications. EOS is the native token of the network, used as a payment system on EOS.IO.
EOS.IO is called similar to an operating system because of its ease of use. The usage is near identical to that of applications on a computer. The software is also similar to Ethereum but with its technology of parallel execution and asynchronous communication, thousands of dApps can run on the network without compromising on the performance. EOS also divides the different phases of dApps creation to ensure the platform does not clog with simultaneous processes.
Moreover, since it aims to facilitate developers or anyone who wants to create decentralized applications, EOS’s network has a ready toolkit which makes the job of a developer much easier. The network has self-describing interfaces and database schemas as well as a declarative permission scheme.
Is EOS a good investment?
Eos had been one of the top ten cryptocurrencies initially after its launch. However, the cryptocurrency’s performance turned lackluster. While it is not the top ten anymore, the cryptocurrency is still considered one of the top coins with its market ranking of twenty-nine. It has a market capitalization of $4.69 billion.
The bull run of 2021 resulted in cryptocurrencies skyrocketing and breaking their ATHs. However, Eos had been unable to break its all-time high of $22.89 established in 2018. It was only able to secure a 52-week high of $14.88 during the peak of the bull run. This may raise warning bells for some investors as it indicates a low price threshold during bull runs but the price predictions for the coin are still majorly bullish. Digital Coin Pricepredicts the coin will break its ATH in 2028.
