Hi steemians !
Through this post, we will try to do a fundamental analysis of the EOS project and see the opportunities for investors and decentralized application developers...
EOS is a project that is based on cryptocurrencies and has the potential to bring in huge returns in the future. This project is based on the smart contracts aspects of the cryptocurrency market. This way, it has an edge over the players that are more established. For example, EOS is scalable and this makes it better than Ethereum. Due to the competitive position that gives it an advantage over Ethereum, it is therefore in a better position to grow fast. The EOS project is new and it has been developed to deal with problems like those faced by Ethereum. Scalability is a problem that is still being worked on the EOS project is expected to grow significantly due to the range of services and solutions it can offer. In addition to the range of services, it also has additional features on top that makes it more suitable. Some of these features include fast speeds of flexibility and transactions.
More about the EOS
This project is being referred to as Ethereum killer. This is because just like Ethereum, it makes it possible for the developers to come up with apps that are decentralized. However, the apps by the project have several slight differences from those of Ethereum. Dan Larimer, @dan is one of the developers of this project. In addition to this project, Larimer has also been involved in the development of other projects that have almost similar backgrounds. He has also been involved in the development of applications including Bitshares and our wonderful platform Steemit @steemit whit @ned, which have been very successful. For the first time a blogging network that is decentralized! That is also an example that you can use EOS to create. On the other hand, Bitshares is an open source public real-time financial platform that is based on the blockchain technology.
The process taken to activate the project too about 2 weeks but the EOS blockchain is finally live. The block activator that is based in the US has given data to show that the blockchain went live on the 14th of June 2018. This happened immediately following the voting of the lock producer that passed the 15% that was necessary to activate the block network. The launching of the main net had been done a week prior to this launch. There were attempts made by the EOS launch groups to activate the network to no avail. This is because the users had to first stake 15% of all the EOS tokens to vote for the producers who have the task of verifying the transaction to be made on the platform.
Only a few users staked their tokens very fast so that barely one third of the total tokens which amount to one hundred and fifty million were staked by Tuesday. The voting further picked over the next few days, and finally the launch was officially done on Thursday. Reports were given by CNN said that blockchain development released what was the first version of this program on the 2nd day of June 2018. This was during the end of the year-long ICO (Initial Coin Offering). This led to the raise of the firm by $4billion.
It was not only after one week that the block producers were able to attempt the launch as they were vying to be among the 21 entities tasked with the duty of verifying transactions. It may also be due to the cryptocurrency exchanges that these producers were able to push the voting to get to over 15% that was required. Bitfinex, on Wednesday, held a voting platform of its own. This platform gave the opportunities for EOS holders to vote on whether the Bitfinex should share their token balances on behalf of their clients temporarily. This way, it would be possible to contribute to the cryptocurrency main net.
please get a look here: EOS Block Producer Voting Statistics (https://eosauthority.com/voting)
However, criticism came not only due to the voting pace. Some of the candidates have hinted that they desire to bring in third parties like google cloud and AWS. These third parties will help the candidates to host their services. This way, the candidates do not build their own data centers that are secure. The critics have said that when too many developers build their data centers by involving the third parties, then the security of the systems will be jeopardized. Some of the users that are on social media have also come out to bring their complaints. It has been noted that most of the producers that have been ranked among the best are based in Northern America, Northern Europe, and Northern Asia. This may lead to the centralization of the cryptocurrencies verification and transactions, seeing that these areas are dominant in cryptocurrency mining.
The EOS has become one of the largest cryptocurrency because it currently has a $7.4 billion market cap.
Why you should invest in EOS
•When choosing a cryptocurrency, it is important to consider the person that is behind the cryptocurrency. The EOS has been able to attract the attention of certain billionaires, meaning it has great potential.
•The design and scalability of the currency. The scalability in EOS has been placed as a top priority, ensuing that it can target the apps that do not require decentralization and sill have no effect on performance. These apps include Twitter.
•The state of the competitors is also important. Ethereum for example, has set a target to become the decentralized world computer. After a while however, they realized that this will take a lot of time and resources and it therefore postponed these plans. The two choices they have are to ether further postpone their apps or look for another blockchain. If they choose the latter, then EOS is at an advantage to benefit from their projects.
•It is based on Blockchain 4.0 which is the fastest, putting it in a position to destroy bitcoins and half of altcoins.
Since running a blockchain is not cheap, there is a need for the development of fund for the development of the blockchain. The EOS depends on inflation that is up to 5% annually. The block one team also put a lot of investment in their ecosystem, to ensure that there are always projects with support and potential. The EOS tokens also allow the use of resources in shared networks. When you invest in this cryptocurrency, you will have access to bandwidth and storage. With EOS, the amount of tokens you have are able to provide a percentage of the space that will be available to you. This is the reason why it is safest and best to invest in EOS.
Latest price from Bitfinex (chart tradingview): $8,35
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.
All the best!