What's the use of EOS? - CoinCola Blog

EOS Introduction

EOS ICO was the largest ICO in 2017. 4.2 billion dollars were collected by EOS team. The main idea of EOS was to create a fast zero fee blockchain for decentralized applications (dApps). As the founder of the project Daniel Larimer said, EOS should deliver such blockchain which users might not even know that they use applications on the blockchain.

Main principles of EOS:

Flexibility
Scalability
Usability

There are no fees on the EOS network but the dApp developers are paying for the resources to maintain EOS network. EOS is TOP-1 blockchain today by the number of daily transactions, which is definitely because transactions are free.

EOS Technical Features

EOS uses a fast DPOS (Delegated proof-of-stake) consensus algorithm in which only 21 nodes can participate. Therefore, finality for a transaction is 1-2 seconds or up to 5 seconds sometimes. A new block is produced in 0.5 seconds. EOS, thanks to high transaction speeds and zero fees, is well-suited for decentralized applications that need to quickly transfer large amounts of data. Due to a large number of transactions, the EOS blockchain is growing very fast and already takes 4TB. There are only 5 servers today which store the entire EOS blockchain, so the decentralization of the EOS network is far from the decentralization level of its main competitor Ethereum.

EOS DAPPs

The popularity of decentralized applications on EOS is very high. EOS is great for creating gaming and gambling dApps. If you open any website with dApps statistics you will see that EOS dApps are always occupying high places in the ratings for any indicators (average daily users, transactions amount, etc.).EOS has about 112 000 daily users today. It is well ahead of competitors (IOST – 15 000, Ethereum – 30 000, TRON – 52 000.) But it is worth noting that in EOS it is much easier and cheaper to generate fake transactions for marketing purposes. But the number of dApps in the 2019 year is still dominated by Ethereum (50% of all decentralized applications).

EOS governance and EOS economics

Inflation at EOS is 5% per year, 4% of which goes to the EOS fund and 1% goes to those nodes that create blocks (so-called block producers) and those that are in the queue to create blocks. Perhaps, inflation will be reduced to 1% in the future because there are no significant costs for the EOS fund. A huge part of EOS tokens from this fund was simply burned recently.

EOS is governed by voting: there is an EOS constitution, and referendums can also be held. But only the block producers can participate in the voting, which leads to certain centralization. There was already a precedent when block producers violated the constitution to promptly curb fraud.

If EOS maintains its pace of development, then the EOS coin will have very good financial prospects. Development and new technologies implementation in Ethereums is very slow, so EOS can capture the market for decentralized applications even before Ethereum 2.0 with fast transactions and low commissions will appear. However, it must be remembered that in blockchain world it is impossible to talk about something with complete confidence – this market is at a very early stage nowadays.

An important distinction of EOS blockchain from other blockchains is that according to the constitution by the decision of the block of producers, the EOS accounts (wallets) can be blocked in certain situations. This is a very unpleasant feature for early blockchain adopters who are often libertarians. But the problem of phishing and fraud is very acute in cryptocurrencies, so this mechanism to block accounts is aimed to protect ordinary EOS users who have become victims of fraudsters.

How to buy and sell EOS at CoinCola

It is profitable to buy EOS at CoinCola because of low fees and a large number of payment options, among which there is surely a convenient one for you personally.

The ‘EOS Trading Zone’ on CoinCola

It is easy to buy and store EOS at CoinCola. You can just follow these simple steps:

Create an account at CoinCola.com. Your EOS wallet will be created automatically.
Protect your CoinCola account with two-factor authentication (2FA, for example, Google Authenticator which can be installed at your mobile device) or SMS authentication. But note that SMS delivery sometimes happens with a delay due to the fault of mobile operators.
Choose the most convenient way to purchase EOS. If you want to buy EOS for your local fiat currency (USD, EUR, GBP, CNY, JPY, etc), Alipay, WeChat pay, PayPal, MoneyGram, Western Union, Kakao Pay, Payeer then you need choose CoinCola OTC platform. If you want to buy EOS for some other cryptocurrency then it will be more convenient for you to do it at the CoinCola exchange.
Remember that you have separate EOS wallets with different addresses for the CoinCola exchange and CoinCola OTC platform. You can transfer EOS between them instantly and without fees.

Buy EOS Today!

Or Use CoinCola’s Cryptocurrency Converter Calculator Tool to Check EOS Price in USD.