EOSIO is known for its revolutionary technology, and its ICO was one of the longest-running in the crypto space. It was started in mid-2017 and was completed in mid-2018. Its ICO was able to raise more than $4 billion for the company. EOSIO chain is now used to develop dApps, and lots of people use it to make regular payments online.
Briefly about EOSIO Network
EOSIO was developed by Block One, a firm that is registered in the Cayman Islands. Their chief technology officer is Daniel Larimer, and he is well known in the crypto space. The main purpose of EOSIO blockain is to serve as a platform for the development of dApps and business applications. This blockchain can also be used to develop smart contracts, and since it can process millions of transactions in a second, it is great for smart contracts.
EOSIO is a fast, flexible, and forward-driven blockchain based on DPoS.CryptoLists.com
EOSIO network is one of the biggest competitors of Ethereum, and this is because it is able to process millions of transactions per second. In contrast, Ethereum can only process about 15 transactions every second. The platform has been around since 2018 and has been tested widely. Its native cryptocurrency is also available in major crypto exchanges and has high levels of liquidity.
Utility of EOSIO Network?
EOSIO blockchain is primarily meant to be used by developers of dApps or decentralized apps. Some factors that have drawn developers to the network include its ease of use, the high transaction speed, and the high level of scalability. With the free transactions on the EOSIO network, regular people use it to send and receive funds online.
EOSIO Network
EOSIO Network Consensus Method: Delegated Proof of Stake
Release Date: January 31, 2018
Advantages at EOSIO Network
+ EOSIO offers fast transactions.+ You can send money for free on the EOSIO blockchain.
+ EOSIO uses proof of stake and is better for the environment.
+ Developers find it easy to use.
Disadvantages
- Few wallets hold a bulk of the available EOS coins.- EOSIO has to compete with established dApp platforms.
- The parent company has been involved in an SEC settlement.
- The future of EOSIO is highly uncertain as Larimer left BlockOne.
Costs
▪ Rated at 10/10One of the biggest benefits of EOSIO blockchain is that it does not have any transaction fees. While the transactions are free, users are required to stake some of their coins. This way, you will own a percentage of the computing power of the network, and this is what you will use as gas when performing transactions. To make the transactions truly free, without the need to stake EOS coins, a number of developers have come up with suitable wallets and platforms. With these platforms, you will be able to transfer cryptocurrencies without staking coins.
Reputation and Buzz
▪ Reputation rated at 9/10▪ Buzz rated at 9/10
This platform is highly respected in the crypto community. Since it is backed by one of the most influential people in crypto, it has been fairly easy to market. It has been noted that its ICO was among the most successful in the history of crypto. At the moment, the official Twitter page of the platform has more than 260,000 followers, and many people use this social media site to discuss the blockchain. The only thing people are uncertain about is whether it will be able to beat the competition. Ethereum is especially a major competitor as it has been around for a longer period.
FAQ
Is the blockchain called EOS or EOSIO?
The new name for this blockchain is EOSIO, since the end of 2021.
Why did they change name from EOS to EOSIO?
Canon's brand EOS is very similar to the old name of EOSIO, when it comes to the characters and exact match. Canon digital camera brand, EOS, has been around since year 2000. While nothing is official, Crypto Lists would NOT be surprised if Canon made trademark complaints and requests that this blockchain should change their name. Why would the former EOS blockchain otherwise change name to EOSIO? Well, one other possible reason could be the lip balm brand called EOS, that also got at least two trademarks. While EOS is a more memorable word than EOSIO, the blockchain still use EOS.IO as the main URL and got EOS as their native coin. Hopefully it will stay like that now, since the blockchain name was adjusted.
Who created this Blockchain?
EOSIO was developed by Block One, a company that was started by Brenden Blumer and Dan Larimer. At the moment, Brenden works as the CEO of the company, while Dan is the CTO. Dan was notably involved in the creation of the blockchain.
Is this Blockchain proof of stake?
Yes, this network uses the proof of stake system to validate transactions. In order to make transactions on EOSIO blockchain, you will be required to hold some EOS coins, and these will be staked to validate other payments.
Will EOS Blockchain overtake Ethereum?
While this network has solid technology and an influential team behind it, Ethereum is still likely to maintain its position as the top dApp platform. This is because it is already well established and many people will be reluctant to switch to the newer platform.
Is EOS coin based on Ethereum?
These tokens were initially released as ERC-20 tokens, meaning they were built on the Ethereum blockchain. However, with the release of the EOS main net in 2018, the coins were moved to the new blockchain.
Is EOSIO blockchain decentralized?
Like other blockchains, this one is developed to be a decentralized platform. However, at the moment, a handful of wallets hold a large percentage of EOS tokens, and that makes it less decentralized than platforms such as Ethereum or even Bitcoin.
Screenshots from EOSIO Network
