EOS cannot be mined like proof-of-work cryptocurrencies because it uses a delegated proof-of-stake system; instead, block producers create the blocks and are rewarded for each block by the creation of new EOS tokens
EOSIO blockchain is a decentralized system that is powered by its native cryptocurrency, EOS, and supports decentralized applications (DApps) on its platform. Its native EOS tokens are often used for business purposes and can be used as a “stake” for funding DApps in the EOS ecosystem. Introduced in May 2017 by block.one, EOS does not stand for anything specific, because its creators have never formally defined it. Dan Larimer, who foundedBitshares and Steem, is the CTO of block.one.
EOS initially held a year-long initial coin offering (ICO) in 2017, with a total of 200 million (20% of the tokens) distributed during a five-day period, 700 million more (70%) distributed over the rest of the year and 100 million (10%) held in escrow for block.one.
The EOS protocol acts like Google’s Play Store and Apple’s App store, emulating most of the attributes of a real computer, including hardware (CPU(s) & GPU(s) for processing, local/RAM memory and hard-disk storage) with the computing resources distributed equally among EOS cryptocurrency holders. EOS also supports a web-toolkit used for interface development.
PARTNERSHIP IN EOS
WORBLI Partners With EOS Canada to Bring dfuse to the WORBLI Network
WORBLI, a compliance-focused blockchain has signed a strategic technical partnership agreement with blockchain industry leaders dfuse and EOS Canada. The Montreal based Block Producer and blockchain API company has been at the forefront of development on EOSIO, boasting one of the largest development teams outside of Block.one. Coming off the recent announcement of a US$3.5M in seed financing, dfuse continues to expand its offering to the most promising blockchain networks such as WORBLI,the EOS mainnet and soon Ethereum.
dfuse enables developers building applications on WORBLI to utilize their suite of cutting-edge infrastructure and tools. The platform offers unique capabilities to applications via WebSocket, GraphQL and REST APIs, which power a myriad of products available to developers. These products include dfuse Stream and dfuse Search, which allow the streaming of real-time network updates, and the ability to search the entire network for data respectively. Of special interest to the fintech applications in development for the WORBLI platform, dfuse Lifecycle can provide an instant transaction settlement feature.
Block.one signs $200m Joint Venture Partnership to Accelerate Asia-Focused EOSIO Ecosystem Development
Block.one, the developer behind the pioneering blockchain software EOSIO, today announces a partnership with blockchain veterans Michael Cao and Winnie Liu that sees the formation of a new US$200 million joint venture fund, EOS Global. EOS Global will make strategic investments in Asia-focused projects utilizing EOSIO, and is the fourth injection of capital through Block.one’s EOS VC initiative which now totals 600m USD.
“The blockchain space is a competitive one, but we are convinced that the speed, scalability and usability of the EOSIO open-source platform will enable rapid and radical innovation previously impeded by the limitations of existing protocols,” says Michael Cao, the founder of a blockchain mining facility in the United States and prominent investor in key blockchain infrastructure throughout the world. “We are incredibly excited to support an architecture that will drive mainstream blockchain adoption and foster new community-driven business models.”
Block.one CEO Brendan Blumer commented: “Block.one is delighted to welcome investment from Michael and Winnie’s fund that will leverage EOSIO to catalyze the transformation of the digital assets space in Asia. EOS VC is expanding its global reach through diverse partners poised to offer EOSIO projects unprecedented international access.”
The new fund follows announcements of EOS VC partnerships with Finlab AG, Galaxy Digital, and Tomorrow Blockchain Opportunities. Block.one has made an initial commitment to deploy US$1 billion in partnership with leading venture capital investors to support development on the EOSIO platform.
The EOS VC program offers developers and entrepreneurs the funding they need to create community-driven businesses leveraging EOSIO.
EOS Cryptocurrency Is More Prepared For Mass Adoption Price Up by 41% Is a Blockchain Throne on the Dice
Several cryptocurrency discussions are expressing high hopes for the capabilities of EOS in terms of its capabilities and speed. They feel it to be one of the most advanced smart contracts blockchain. However, they are also concerned about the slowness in governance. There is also a question on whether it will be improved at all. Despite all the apprehensions, several investors are holding on to their original EOS.
Sydney Ifergan, The crypto expert, tweeted: “It is increasingly important to get to know the cryptocurrency as they are future. Things can get easier for EOS Cryptocurrency and blockchain projects if it will be supported by the National Blockchain Service Network of China – Big Deal.”
EOS PRICE PREDICTIONS
EOS/USD slumps below 4-hour SMA200, focus on $2.54
EOS/USD attempted a recovery above 4-hour SMA200 (currently at $2.65) and touched the intraday high at $2.67. However, the upside momentum proved unsustainable as the price of the digital asset dropped to $2.62, losing over 1% of its value in a matter of minutes. Since the start of the day, EOS/USD has barely changed, though it is still 3.5% higher from this time on Thursday.
The retreat below 4-hour SMA200 has worsened the short-term technical picture and pushed the price inside the recent consolidation range. Considering the downward-looking RSI on the intraday chart, more sell-off may be expected towards the lower boundary of the channel. Let’s have a closer look at the technical picture to see what may be in store for EOS.
EOS cannot be mined like proof-of-work cryptocurrencies because it uses a delegated proof-of-stake system; instead, block producers create the blocks and are rewarded for each block by the creation of new EOS tokens. Block producers are disincentivized from giving themselves higher rewards by a limiting mechanism that prevents total annual token supply from increasing more than 5%. EOS token holders also have the power to vote out block producers that they feel are not adhering to the ideals of EOS.
All opinions expressed in the above article are solely of the author’s and do not reflect the opinion of the Global Crypto Alliance Ltd., any of its affiliations or any other company. This article is for informational and entertainment purposes only and should not be relied upon as a basis for investment decisions. The Global Crypto Alliance Ltd. strongly recommends that readers conduct their own research and due diligence into the company, product or service, if any, that may be mentioned in the above content.