Blockchain technology’s potential to solve existing issues and realize substantial efficiency is not limited to the financial field. A lot of projects have appeared in recent years, and the possibilities they offer are attracting attention. This article will introduce the EOS platform.
Ethereum Problem Solving – Create an Independant Blockchain
EOS was developed as a new distributed application-building platform that overcomes issues with Ethereum, such as scalability problems and transaction fees. In addition to implementing Smart Contracts, it supports 52 million transactions per second via its advanced information processing capability.
What problems have come to light with Ethereum?
Ethereum requires a transaction fee called “Gas” every time someone sends money or executes a Smart Contract. Ethereum’s transaction fee is rising as block chains penetrate; meanwhile, the popularity of distributed applications (DApps) on Ethereum has has grown – there are currently more than 500 DApps under development. This means that developers incur a high fee for each Smart Contract execution, which can be damning for projects just starting out. Ethereum’s scalability problem and transaction fee problems are gradually becoming noticeable as EOS development progresses.
Solve scalability problems and create a better DApps platform
Adopting advanced information processing mechanisms (such as asynchronous communication and parallel processing) with EOS, transaction processing capability is greatly expanded. For example, it is capable of processing 52 million transactions per second. This makes it possible to develop practical DApps that can withstand large-scale business use. On the EOS platform, the transaction fee for each transaction is set to zero. This will allow anyone in the world to execute smart contracts.
The ICO of EOS
The ICO of EOS that began on June 26, 2017 financed more than 1.6 billion yen in Japanese yen within the first 18 hours. Furthermore, it succeeded in financing nearly 21 billion yen in 5 days. Trading of EOS tokens became possible on the exchange on July 1 and the price of EOS tokens has tripled as of July 3.
The EOS token distributed with this ICO has several notable features. For example, for 48 hours after distribution, it can not be used on the EOS platform nor can it be transferred. Although one would expect a small return, this ICO has counterintuitively amassed a large amount of funds. ICOs have become more about speculation than upfront profits. This can be a double-edged sword: on one hand, anyone can raise funds through an ICO; on the other hand, it is necessary to invest with due caution. When participating in the ICO, it is important that potential purchasers don’t simply read the contents of the white paper. Make sure to also get frequent updates on development and network with members of the development group.