Today we will analyze a blockchain project for creating decentralized applications, EOS, which went live in 2017 and is managed by Block.one. The EOS cryptocurrency is the platform’s native token.
The team has ambitious plans to become the most powerful and functional platform for creating dApps and strives to surpass Ethereum in popularity. And the project has all the prerequisites to achieve its goals: speed, scalability, low fees, innovation, and user-friendliness.
What Is EOS (EOS)?
Since its launch in 2017, EOS has grown rapidly and has shown its strengths. The platform executes smart contracts and creates fully decentralized applications. Although the project has the same goals as Ethereum, the way these goals are achieved is different. In particular, EOS sacrifices a bit of decentralization to improve scalability and lower transaction fees.
Key Features of the EOS Network:
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- The platform is capable of processing up to 10,000 transactions per second, at least according to the developers. If this is not enough, the platform provides an accompanying blockchain that will be connected to EOS and allow more transactions to be processed.
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- EOS provides a completely new way of fee payment. Instead of paying gas fees, users rent tokens to cover transaction fees. The EOS blockchain, in turn, deposits tokens that provide throughput.
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- EOS uses the Proof-of-Stake (PoS) consensus algorithm. In EOS, 21 nodes are responsible for producing new blocks. This system is criticized as insufficiently decentralized, but it improves network performance.
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- Smart contracts can be programmed using any programming language with a compiler. Most often, C++ is used since it is convenient for beginner developers. You can also use Solidity, as in the Ethereum network.
In theory, EOS could replace Ethereum as the dominant smart contract platform, as it solves major issues related to transaction fees and scalability. However, a more centralized model significantly hinders development and causes much controversy.
Prospects for EOS (EOS) Cryptocurrency
EOS cryptocurrency has always enjoyed great interest from investors and traders. It is volatile enough to serve as an effective trading tool in the crypto market and promising enough to expect long-term investment returns.
EOS price forecasts from well-known analytical services:
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- Digital Coin Price: average price in 2023 — $2.94, in 2024 — $3.04;
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- Trading Beasts: average price in 2023 — $2.4, in 2024 — $2.7;
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- Long Forecast: average price in 2023 — $1.07, in 2024 — $2.5.
The main growth factors of EOS include innovative technical solutions, the professionalism of the team, and the support of large financial institutions and venture investors. Well, the EOS concept and method of project implementation already attract users.
Where to Buy EOS (EOS): Switchere Exchange
If you’re wondering where to buy EOS (EOS), you should definitely think about buying it at Switchere. On our platform, you have an opportunity to buy EOS in the fastest and most convenient way using any available payment method. Moreover, we offer some surprising bonuses! Users of our platform enjoy a 0% service fee for the first order.
How to buy EOS with fiat? At Switchere, you can buy crypto for fiat money or swap crypto for crypto. In addition to traditional purchases with a bank card, you can use alternative payment methods available (SEPA, SOFORT, Apple Pay, and local Asian banks).
Here is an easy step-by-step guide on buying EOS (EOS) with a credit card at Switchere!
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- Visit our website and log in to your account.
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- Choose the currency pair for exchange as well as a payment method and enter the amount. Don’t forget to check the transaction details by clicking on ‘Details.’ Once you’re done, click the ‘Buy’ button.
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- Specify your EOS wallet address and Memo ID and click on the ‘Buy’ button.
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- Enter your card details and click on the ‘Pay Now’ button. Please take into account that you have a limited amount of time to send your funds. Otherwise, the transaction will be cancelled automatically.
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- Once you send the funds and your transaction receives the required number of blockchain confirmations, the amount of purchased EOS will be sent to your provided wallet address accordingly.
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- Congratulations! The transaction is completed, and now you can check your EOS wallet.
Usually, Switchere transactions take 5-30 minutes. If you have any issues with the exchange process, let us know at [email protected].
Conclusion
From all of the above, we can conclude that EOS is a promising blockchain with its own advantages. It provides high transaction throughput, free operations, decentralized governance, and a robust dApp ecosystem. However, the relative centralization of this network compared to others is a concern. Also, the active growth of the rate is partly hampered by inflation because the issue of coins is not limited. It’s hard to say if EOS will ever replace Ethereum, but the vast community believes so.
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