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Complete guide about the EOS project 2022


 What is EOS?

EOS is a decentralized, blockchain-based platform used to develop, host and operate decentralized applications or dApps.

EOS was launched in June 2018 after an initial coin offering that raised $4.1 billion in cryptocurrency for Block.one, the company that developed open source software called EOS.IO that is used on the platform.

EOS tokens are used as a payment system on the network.

Understanding EOS:
EOS supports core functionality that allows businesses and individuals to create blockchain-based applications in a manner similar to web-based applications.

EOS provides secure access, authentication, permissions, data hosting, usage management, and communication between dApps and the Internet.

EOS is powered by a web tool store that aims to develop trouble-free apps.

EOS.IO and EOS Basics:
The EOS ecosystem consists of two main components: the EOS.IO software and the EOS tokens.

EOS.IO is similar to a computer operating system, in that it manages and controls the EOS network.

The software uses the blockchain architecture for vertical and horizontal scaling of DApps.

The EOS token is the cryptocurrency of the EOS Network.

The developer only needs to hold the EOS coins, rather than spend them, to use network resources and create and run DApps.

Token holders who are not running any applications can allocate their bandwidth or rent it to other participants who need it.

The EOS blockchain is currently owned by block.one. EOS was launched by “Dan Larimer”, who is also the founder and builder of existing platforms including:

Bitshares and Steem.

How is EOS different?
EOS is seen as a direct competitor to Ethereum, with the ambition to be bigger, better, and faster.

While Ethereum is said to handle 15 transactions per second, EOS aims for millions of transactions per second.

Note that this is a goal, not a fact.

With the ecosystem of DApps growing in size every day on blockchain networks, the limited availability of resources is a major issue.

EOS.IO attempts to address these issues by offering more scalability, flexibility, and ease of use through its unique mechanism.

EOS.IO Features:
EOS.IO claims to be able to support thousands of DApps on a commercial scale without experiencing performance bottlenecks through its use of parallel execution and asynchronous networking methodology.

Efficiency is further enhanced by separate modules involved in the work of DApps.

For example, the authentication process is executed separately from the execution process.

EOS has key usability features – including a web toolkit for interface development, self-describing interfaces, self-describing database schemas, and a declarative permission system.

All of this makes the developer's task of creating and maintaining applications easier.

EOS Economy:
The EOS blockchain does not use the familiar mining concept used by Bitcoin.

Instead, block producers create the required number of blocks and are rewarded with creating new EOS tokens for each block they produce.

Block producers can publish the number required for payment, and the number of tokens they generate is calculated based on the average value of the expected payment published by all block producers.

Since block producers clearly want higher salaries, this advantage can easily be abused.

To counter this, it has put in place a mechanism that sets a maximum limit for awarding bonuses from producers so that the total annual increase in the supply of tokens does not exceed 5%.

Token holders, who vote on the matter, have the power to vote for the block producers who demand more.

This mechanism works in a complementary way to EOS storage as all holders of cryptocurrency pay to store files on the EOS network.

As long as they store a file on the network, their EOS tokens will be suspended and will lose their value at the rate of inflation.

The more storage space required, the more blocks will be demanded from block creators, who can claim more value for their work through higher wage inflation, which digital token holders agree.

If the demand for storage decreases, inflation will be lower, reducing the loss of value from the stored EOS tokens.

EOS tokens can be held in multiple wallets including Ethereum, MyEtherWallet, and MetaMask.

Tokens can be traded on trading platforms including Bitfinex and YoBit.

EOS faces criticism over central block producers.

The system is said to support holders of large cryptocurrencies, or whales.

Governance Issues:
EOS faces doubts in other ways.

Shortly after its launch, block producers froze seven accounts containing stolen tokens, but EOS has no legitimate authority to do so.

This move illustrates another argument surrounding EOS, which is that it lacks an effective governance process.

In June 2019, Brock Pierce, an early member of the Block.one team, broke the news when he suggested that EOS was now ruled by “Chinese whales.”

While it is true that the majority of block producers are in China, the concern is more about the risks posed by centralization.

The main complaints about existing blockchain producers is that they do not prioritize building new DApps that will attract other users to the blockchain.

In terms of governance, EOS has since settled on a system in place to hold a vote across all EOS holders, but the New York Times said it was "just a way to gauge the interests of holders."

EOS Globally:
In May 2021, the price of EOS rose by 50% after the news that Block.one had created a subsidiary called Bullish Global (after which the price fell sharply at the end of the month).

Bullish Global intends to create a new blockchain-based cryptocurrency platform.

Notable investors in Bullish Global are:

Peter Thiel, Mike Novogratz, Alan Howard, Christian Angermayer, Louis Bacon, Richard Li, and the Nomura and Gal Foundationsaxy Digital.

EOS is ranked 29th among cryptocurrencies by Coin Market Cap. It closed at $4.46 on August 6, 2021.

EOS FAQ:
What does EOS stand for in crypto?

EOS is a decentralized operating system based on blockchain technology.

What is the purpose of EOS?

EOS is designed to support decentralized applications, known as dApps, on a commercial scale.

EOS provides the basic functionality for companies to create blockchain applications in a manner similar to creating web applications.

Could EOS Go to $1,000?

Difficult and doubtful.

In early 2021, EOS was bearish at $2.63, but the price had risen to $12 by May.

Like all cryptocurrencies, EOS is volatile.

However, a few experts are of the opinion that the price of EOS will hit $1,000 anytime soon., but it remains a hard-to-believe prognosis.

CoinPedia expects the price to reach $18 to $24 by the end of 2021, and possibly $45 by 2022.

With potential cooperation and various partnerships, the currency can reach $160 in five years.

While WalletInvestor believes that the price of EOS will not exceed $14 by the end of 2025.

Digitalcoin sees the price reaching around $19 to $24 by 2025.

Longforecast sees a price of around $45 by mid-2025.

in conclusion:
There appears to be some potential for EOS as a token-based network, but it is still in its infancy stage.

Some are skeptical about bold claims about 100,000-per-second transaction speeds, and requiring users to hold EOS tokens to complete a transaction could devalue EOS.

As with all blockchain networks, this space will continue to fascinate and attract many investors over the next few years.
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