Cryptocurrency

What is EOS?

June 20, 2019

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What is EOS?

Blockchain is one of the fourth industrial revolutions and is a type of decentralized, distributed ledger that records digital transactions done with cryptocurrencies. These transactions are recorded in “blocks” which are secured and linked together using cryptography.

What is a distributed Ledger?

A distributed ledger is a consensus of synchronized, shared, and replicated digital data spread across multiple sites, computers, countries, and/or institutions. These recorded “blocks’ are stored in a linear chain. As earlier stated in the definition, each block contains data (Eg EOS or Bitcoin transactions) which is cryptographically hashed and time stamped on the blockchain.

When a new block is added to the Blockchain, this block is linked to the previous block using the cryptographic hash. This is to ensure that the overall data is not tampered with or altered.

Blockchain technology is a transparent, publicly accessible ledger that authorizes us to securely transfer ownership of funds using public key encryption and proof of work mechanism.

This technology is not centrally controlled by any board, bank institution or government because it uses a decentralized consensus algorithm to maintain the network.  And the larger the network, the more decentralized and more secure it becomes.

According to research, blockchains in the past could not take all these records on the blockchain and that led to the “overloading” of several blockchains, but then came EOS.

What is EOS?

EOS.IO is a blockchain software protocol that powers the cryptocurrency called “EOS”. This Blockchain was developed by a private company called Block.one whose CTO (Daniel Larimer ) is one of the greatest contributors to the blockchain space as stated by Joseph Samuel. EOSIO was released as an open source software in June 2018 and was left to the eos community to vote and activate the #blockchain.

EOS is a platform that provides decentralized application hosting, smart contract capability and decentralized storage of enterprise solutions. EOS blockchain solves scalability issues and has managed to eliminate blockchain clogging, eliminated the payment of fees for users etc. EOSIO run on multiple computer cores and as well as delegated proof-of-stake for its consensus protocol. It has provided several decentralized applications and social network with monetary incentives and its recent product which was launched on the 1st of June, 2019 is called Voice.

EOS which is the native token is a utility token that provides bandwidth and storage to the Blockchain. EOS token holders are allowed to cast votes and participate in the on-chain governance of the Blockchain. The primary resources used to run dapps built on the platform are Ram, Net and Cpu. Ram can be purchased with EOS and you can delegate NET or CPU to someone else or get delegation from someone.

As earlier stated, it’s ranked amongst the top 10 cryptocurrencies on coinmarketcap that is doing well in the market and ranked number one on blockivity.info for its activities on the Blockchain.

EOS is currently trading on over 10 trading/exchange platforms and we just recently got it listed also on our platform because of its massive adoption around the world.

Download the CoinCola APP (Android, IOS) to buy and sell EOS on the go.