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The blockchain system EOS uses is similar to that involved with cryptocurrency trading, but don’t make the mistake of thinking they’re the same. While cryptocurrency is a payment, trading, and investment tool, blockchain is a network that facilitates those transactions and stores transaction data.
EOS develops decentralized applications, otherwise known as dApps. These applications are different from apps like those you download onto your phone. Instead, dApps allow for multiple systems and users to communicate on the same dApp, so it performs a specific function, like computing equations.
DApps also store information in a blockchain network, which many people believe increases network speed as the device’s hard drive isn’t bogged down with too many stored items.
EOS is not as defined as cryptocurrencies like Bitcoin or Ethereum. While Ethereum’s function is closer to that of EOS, the two are not the same. EOS was initially founded to take advantage of the increasing popularity surrounding dApps.
It also uses tokens, much like cryptocurrencies, because it is built upon a cryptocurrency system. You can exchange the tokens and purchase items, though not on such a large scale as Bitcoin.
The idea of EOS is to process as many transactions as possible at once —ideally, thousands. To do that, block producers have to create more blocks, sort of like how people mine for cryptocurrency. The EOS blockchain produces two blocks per second, but whether these blocks are created depends on the block producers.
EOS focuses more on the problems within blockchain technology than the tokens used in exchanges. It aims to create higher speeds, better scalability, and more flexibility in the exchange process.
It also uses a smart contract system, which means that it eliminates transaction fees by taking the would-be transaction fees from the stakeholder’s invested percentage. Essentially, it uses what the person has already invested to cover the transaction fee as opposed to taking more outside of that percentage.
Because of the decentralized EOS system, stakeholders own part of the network instead of merely using it. Additionally, EOS tokens can be used to make purchases just like other cryptos.
As with any form of cryptocurrency or blockchain system, the price of EOS is determined mainly by supply and demand. The cap for EOS coin stands at around 1.047 million, which means that there can only ever be that many EOS tokens circulating at once.
The total supply of EOS is much lower than other cryptocurrencies, including Bitcoin, which has a limit of 21 million. Currently, there are about 950 million EOS being traded and created.
The high amount of EOS in circulation implies that EOS isn’t a popular investment option right now. Many people have been leaving EOS for other blockchain endeavors, including Ethereum, which is more established.
In terms of supply and demand, high supply and low demand have led the price of EOS to drop. Right now, EOS stands at $4.32 per EOS with a market cap of USD 4.1 million. Compare that to Ethereum’s current market price of $182.84.
According to the law of supply and demand, if people flock to EOS as was initially predicted when EOS became available for trading, the price will go up. At this point, however, the highest it has ever reached is $20.61.
The short answer is not at this point. However, that doesn’t mean it never will be.
EOS is much newer than Ethereum, so it hasn’t had as much time to establish itself despite its potential to become a more convenient form of the blockchain system. While Ethereum processes 15 transactions per second, EOS plans to process millions in the same amount of time with dApps.
With these transactions, instead of charging a fee, EOS takes from a person’s stake in EOS. Ethereum, meanwhile, charges a percentage based on the price of Ethereum at a given time. At its height, it was charging $4 per transaction, though that’s since lowered to $1.
They also have different methods of transaction confirmation. Ethereum uses Proof of Work, which involves creating a puzzle that miners solve to get the block reward. The problem with this system is that it’s not efficient, and it uses too much electricity, which makes it detrimental to the environment.
EOS, on the other hand, uses Delegates Proof of Stake. Block producers verify transactions based on what percentage of stake they have in EOS. Their stake determines their likelihood of getting the block reward. This system is more efficient, and Ethereum plans to use it in the future, too.
Many experts agree that EOS does have a future in the world of blockchain technology. While each prediction for 2020 and beyond differs, they all show a rise in EOS price charts.
This year, EOS prices should reach $6, though some of the more ambitious predictions say it will hit $10. By 2025, EOS prices could be anywhere from $15 to $106, if you’re especially optimistic. Neither of these predictions assumes EOS will cease to exist, but judging by its slow growth, it may be on the lower end of that range.
The blockchain technology and dApps EOS uses show promise, though. Because its system is efficient when it comes to processing and confirming transactions, that makes EOS more likely to get recognition from traders and investors.
There’s also the issue of security and progression when it comes to EOS. In the past two years, their system has been hacked twice, resulting in hackers stealing 430,000 EOS and compromising security.
EOS also has plans to work with Voice, a social network that has people concerned that EOS will steer away from its initial mission to keep its platform decentralized.
While EOS does have a future, it’s uncertain. Prices could dramatically increase, or they could rise gradually over the next five years. It’s unlikely that you’ll see EOS disappear, but it’s not yet at the top of the blockchain food chain.