invest in EOS - Here's why!
EOS is one of the most promising projects in the crypto world. I am not saying you should invest in it, the purpose of this article is to let you know what EOS is. And why I think it's good to invest in EOS for a long term.
When you finish reading this article, you will have an idea why this project is one of the best so far.
What is EOS?
EOS is a blockchain based system that develops commercial scale decentralized applications or dapps under the EOS.IO platform. Its whitepaper says that this is the most powerful decentralized application (dapps) infrastructure.
It is similar to Ethereum which is more advanced, so it is also called Ethereum killer.
There are many features integrated in the EOS platform such as smart contract technologies from Ethereum and Bitcoin's security etc.
The EOS team plans to create a single and easy to use massively scalable blockchain platform that will strengthen the blockchain economy in the future.
EOS has the ability to compute thousands of transactions per second like a ripple.
EOS 'vision is to create a blockhain dapp platform that can process thousands of transactions per second without affecting network security and scalability performance.
They also aim for it to be accessible to developers, entrepreneurs and users.
In other words they want to provide a complete operating system for decentralized applications that includes user authentication services, cloud storage, and server hosting.
The reason why this is a good project with a great future
Scalability
This is perhaps the most major problem of the blockchain platform is the scalability issue. Bitcoin can only process 3-4 transactions per second, Ethereum can process 20 transactions per second. On the other hand Visa can process 1,667 transactions per second.
At present, the blockchain is not yet compatible with Visa or even paypal. (193 transactions per second). Because they are not the same when it comes to work. In the blockchain network all nodes confirm all transactions to be processed successfully.
But EOS will use distributed proof-of-stock (DPOS) which can process millions of transactions per second.
Free to use
On the EOS platform, applications by default do not require micropayments for each user to send transactions on the blockchain.
App developers are free to create how users pay transaction fees.
Decentralized operating system
EOS wants to be the first to introduce a decentralized operating system that will provide a better developmental environment for decentralized applications such as Bitshares, a cryptocurrency exchange platform with a decentralized nature. And Steemit, the social nework sites that run the blockchain and provide incentives to its users.
Progamming language
The programing language used in developing the smart contract and the entire platform is Web Assembly (C, C ++, Rust) and portable machine build in the World Wide Web Consortiem (W3C).
This is the standard programing language used by developers, so they do not need to learn another language to make applications. Unlike, Ethereum that you need to study in the beginning to be able to participate as a developers.
Reliable team
For a blockchain project to be successful it needs a solid team.
Nor is it just the team behind EOS, most of them professional venture capitalists and blockchain developers. They all have the ability to create and develop a solid blockchain project.
The creator of EOS is Block.one, a company that offers blockchain solutions to businesses. Its CEO is Brendan Blumer, a well-known personality when it comes to the blockchain world since 2014.
Dan Larimar is the CTO of Block.One. He invented the POS algorithm and co-founder of Steemit.
This guy's carrer is very successful in the crypto world, and there are also many reviews of his achievements like Bitshares. Many say that this platform is highly deceptive. But this project was completely abandoned by Larimar.
Aside from the two of them, they also include Brock Pierce and Ian Grigg who are venture captitalists.
How to buy EOS?
EOS can be purchased at cryptocurrency exchanges such as Binance, Kucoin, Bitfinex, Huobi and others. It's easy to buy, just put funds in your coins.ph then send it to your favorite cryptocurrency exchange. But you can also buy it at Abra and coinbase.
EOS Storage
-Infinito wallet
-Coinbase
-Abra
There are other options such as EOSIO EOS software and R1 Elliptic Curve. Not very user friendly so the three above are more recommendable.
What makes it different from other Cryptocurrencies?
-One of the reasons why EOS is much better than other cryptocurrencies is that it does not charge any transaction fees.
-EOS is a decentralized platform with inherent scalability.
Offers faster transaction times, and quicker execution.
-The EOS mining process uses proof-of-stake, which is faster and does not require consuming large electricity. Unlike, Ethereum which uses Proof-of-work which we know is a strong power consumption.
-Most blockchain projects have their own specific language that needs to be used to create applications. In EOS developers can use the C ++ language (typically programming language used by developers) to create applications.
Pros:
-No transaction fees
-Scalable
-Consider as a 3rd generation blockchain
-Private keys can be recover.
-Decentralized operating system
-Team
Cons:
-Only have 21 block producers, appearing to be not yet very decentralized.
Is it a good investment?
If you got here and read all of the above, do you think it is a good investment?
For me "Yes." This is one of those altcoins that I think will be profitable in the long run.
Although, its market is very competitive. There are many similar projects behind decentralized applications such as Ethereum, Neo, Cardano etc. Who also offers smart contracts.
But if you believe in the capabilities of EOS and its team like me. This is a good investment for you. But remember investing in EOS is still high risk / high reward, so investors are always told to diversify your portfolio.
Anyway, I am not a financial advisor or an expert, this is for educational purpose only. Always do your own research before making an investment decision.
