Start your financial journey today
What is EOS (Electro-Optical System)? Launched in 2018 and similar to Ethereum, EOS is a decentralized system based on a blockchain technology. It was developed by Dan Larrimer and works like Ethereum, meaning smart contracts can be coded on it. On the platform, dApps can also be developed.
Why traders use EOS?
It is a decentralized platform with the primary use of developing, hosting, and running dApps or business applications. The tokens are used as a payment system on its network.
But even if it has similarities with ETH, it still beats the latter in some respects, like efficiency and speed. EOS is self-sufficient, meaning it can continuously reward the block producers.
Every year, EOS will also fund proposal for dApps, while ensuring new developers are coming into it to help it grow. This platform offers developers the opportunity to build dApps. Anyone is welcome to build a dApp and allow it to run on the EOS-powered platform.
To power themselves, dApps use smart contracts, but these are not needed anymore with EOS because it uses the dApp transactions.
Traders also use EOS for free transactions unlike with other blockchain solutions requiring hefty fees for every transaction. Services or operations can be done free – no transaction cost. Instead, the block-producer model is used for the service charges of dApps.
Traders also use EOS for fast transactions, and that’s because of its parallel processing, which can process millions of transactions per second.
On a governance structure model, the EOS uses a voting system to keep the system as flexible. It also means that the rules can be changed easily through a voting system. It is one of the plenty of advantages of this blockchain.
It is also ICO- and developer-friendly because it does not require writing smart contracts. It also means that anyone can host an ICO on EOS. Plus, developing dApps on this platform is easy because the developers can use database schemes and web toolkits efficiently, making it quick and easy to develop dApps.
Nevertheless, EOS is a promising cryptocurrency for advantages, including user-friendly development tools, fast transaction speeds, and security. Traders who want an easy to use, secure, and sufficient platform might want to consider this one.