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EOS - a cryptocurrency created for over $ 4 billion

EOS - a cryptocurrency created for over $ 4 billion

created Michał SielskiDecember 26, 2019

Own constitution, elected authorities and freezing of funds that may come from theft. Which country does that? It is not the state, it is the rules of the community centered around the network and the EOS cryptocurrency, which broke the all-time record, acquiring more than USD 4,2 billion for its development.

EOS is not only a cryptocurrency, but also a platform based on blockchain technology with the same name. You can create applications on it, and its long-term plans are to completely eliminate transaction fees. So far, no top cryptocurrency has succeeded. Although in many cases they are negligible, none of the major players on this market has yet reached zero. What's more, virtually no one - except EOS - announces this. So where does the belief that it will be successful this time come from?

To answer this question, you need to look at the details of the technology that has been developed since 2017, as well as who is behind it. We have global giants among the leading developers. These include Google, Apple, Microsoft and Mozilla. At least for some of them, it is a testing ground before introducing their own cryptocurrency.

Be sure to read: Libra paves the way for cryptocurrencies

How EOS was created

However, a smaller company - Block.One - is responsible for the beginnings of the platform and the eponymous cryptocurrency. From the beginning, it was assumed that there would be a maximum of 1 billion tokens in circulation. All their owners, however, must adhere to the jointly developed constitution.

On June 26.06.2017, 0,99, fundraising began and USD 11 was paid for one token. The collection lasted almost a year and one could have reservations about interest in the project, were it not for the fact that for 4,2 months a huge amount of USD XNUMX billion was collected. Thanks to this, we managed to switch to our own blockchain (earlier EOS worked on blockchain Ethereum). This, in turn, meant that token holders had to register their funds. Alternatively, they could not transfer them to the largest cryptocurrency exchanges, which at least partially automated the registration process. The problem is that all unregistered tokens from Ethereum have become inalienable. Who did not manage to register them by 14.06.2018, was left with nothing. Of course, there was no shortage of such people, because the information campaign did not reach everyone, which translated into a decrease in confidence in cryptocurrency.

Technical details of the cryptocurrency

Today, EOS works on a similar principle to most cryptocurrencies. Open source blockchain is enlarged by block makers adding more tokens. 10 percent out of 1 billion tokens is intended for prizes just for them. Block makers are chosen by the EOS community, voting in proportion to the number of EOS units they have. Currently, there are 21 block producers, so as of today we cannot speak of a full decentralization of the EOS network. Especially since the disputes resolved by the EOS Core Arbitration Forum (ECAF) clearly show that all irregularities are not dealt with from the bottom up, but by a "government" democratically elected and operating according to strictly described rules. It also has its advantages, such as freezing funds or addresses that may have come from a hacker attack.

EOS quotes

The maximum price of the described token was on April 29.04.2018, 22,89. Back then, you had to pay $ 23 for each token, which is almost 23.12.2019 times more than during the issue. As of 2,56/2,42/945,5, EOS is priced at $ XNUMX with a market cap of $ XNUMX billion. Most of the units are already available, because you can already trade XNUMX million tokens. Due to its popularity, EOS is listed on most cryptocurrency exchanges in the world.

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About the Author
Michał Sielski
A professional journalist for over 20 years. He worked, among others in Gazeta Wyborcza, recently associated with the largest regional portal - On the financial market, which has been present since 18 for years, it started on the WSE when shares of PKN Orlen, TP SA hit the market. Recently investment focused exclusively on the Forex market. Privately, a parachutist and a lover of Polish mountains.

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