What Is EOS? All About The Cryptocurrency That Was Once Called The 'Ethereum Killer'

EOS tokens can be traded on different exchanges and also can be stored in various wallets such as Ethereum, MyEtherWallet, and MetaMask

EOS, which stands for Electro-Optical System, was at one time considered an ‘Etherum killer. Image:Getty

New Delhi: Cryptocurrencies have taken the world by storm. The rise of the digital currencies in the past few years has been amazing. One such is EOS.

EOS.IO is an open-source blockchain platform, built to support and operate safe, compliant, and predictable digital infrastructures. Out of over 8,000 cryptocurrencies in the world, EOS was launched in June 2018 by Dan Larimer as an open-source decentralised operating system on blockchain.

After its launch, EOS gradually picked up pace and attracted investors’ and programmers’ attention. Its open source software was developed by Cayman Island’s private firm Block.one.

EOS, which stands for Electro-Optical System, was at one time considered an ‘Ethereum Killer’. Its goal is to make it simple for programmers to embrace blockchain technology. It aims to achieve that by ensuring its network is easier to use than rivals.

The other factor that distinguishes EOS from its competitors is scalability. While most of its rivals can less than handle a dozen transactions per second, EOS promises to be way ahead of them. EOS tokens can be traded on different exchanges and also can be stored in various wallets such as Ethereum, MyEtherWallet, and MetaMask.

Here are some good new for EOS investors. Several analysts offer positive EOS predictions. Coin Price Forecast is estimating $4.21 for the end of 2022 and $7.36 for the end of 2025. Wallet Investor considers EOS a 'very good' long-term investment. 

According to EOS, it has the capacity to handle the requirements of at least hundreds of dApps. dApps are the computer applications that run on a decentralised computing system. DApps have been popularised by distributed ledger technologies such as the Ethereum blockchain through the use of smart contracts.

According to reports, EOS crypto tokens are also created and earned in a unique way compared to Bitcoin mining. Users create the required amount of blocks and are rewarded with fresh EOS coins for each block they create. The EOS blockchain is often regarded as a major and direct competitor to the Ethereum blockchain.

There are more than 93.6 crore EOS coins in circulation today with a total supply of 1.02 billion coins. Block.one began an initial coin offering for EOS in June 2017 and it lasted for a year. Around $4.02 billion was raised.