EOS.IO – Next Generation Dapp Platform

What is EOS?

EOS.IO is a blockchain platform launched by the block.one company with Daniel Larimer and Brendan Blumer as its key figures. Their goal was to create software akin to an operating system for the development of decentralized applications with good scalability and low fees. EOS.IO has been steadily overtaking Ethereum as the go-to Dapp platform and its native cryptocurrency EOS has seen a remarkable surge in popularity and valuation.

The elephant in the room

In terms of transactions per second EOS has one of the fastest blockchains in the crypto world. This is achieved by implementing a delegated Proof-of-Stake consensus algorithm, among the first of its kind. Currently, there 21 nodes at any moment that quickly validate new blocks and share rewards, while a continuous voting process ensures decentralization and active participation of the nodes in their community. Users vote by staking their tokens for candidates they think contribute the most to the platform’s stability and progress.

Network Resources

Building on the idea of “gas” in Ethereum, the EOS.IO team went a step further and devised three commodities that are required when operating on the network. RAM is a measurement of data storage and thus bought and used almost exclusively by Dapp developers. In contrast, CPU and NET can be acquired by staking EOS tokens and represent processing time and bandwidth share required to perform an operation. This might sound complicated, but in the end, it allows for more efficient resource allocation than most other platforms.

Astonishing performance

EOS has received an eye-watering 4 billion USD from crowd sales, a record-breaking amount of capital even with prominent figures like Dan in charge of this project. The network has also been hosting more and more Dapps, having surpassed Ethereum by the number daily Dapp users: as of March 2019, EOS has close to 70 thousand of them. Even John Oliver’s criticism has turned out to be beneficial to the project, as it exposed EOS.IO to a wider audience and attracted significant media attention.

Where to store EOS?

Given its incredible success, EOS has already become one of the top ten cryptocurrencies by market capitalization and has proven to be a great token for investment and everyday use. Magnum Wallet provides you with a user-friendly interface to buy, sell, send and receive your EOS. Some of the features include hardware wallet support, an instant built-in exchange with low fees and support of over 700 different coins and tokens. No one but you has access to your private keys, Magnum gives you full control of your EOS tokens.