EOS is a new ICO (Initial Coin offering) that have launched on the 26th of June, the year 2017. Initial Coin Offering primarily refers to the fundraising process a platform creates for investors. It is a project that is delegated proof of stake, which means that the computing power will be shared, thus produces less power consumption.
The accounts are separated from keys, which means that you are not going to lose your account in case if someone gets your private key. It is one of the reasons why many crypto enthusiasts found EOS intriguing. The feature of letting the users recover their keys when stolen is one of the significant innovations going forward in the blockchain world.
How EOS works?
EOS’s founder is Dan Larimer, who also founded Steem and Bitshares, so basically, this is Larimer’s third crypto project. The blockchain system is designed to support the commercial applications, which will be all decentralized. People who are going to launched apps on EOS will allow them to freeze and modify their applications giving them the freedom to make app updates when they wanted to.
Eos video explanation
EOS is free for app users because of its token emission feature, which means that each token can fund a certain amount of app development on the system permanently. For instance, if an EOS user has ten tokens, these tokens can be used to run his/her app forever on the system, then app developers will just buy enough token to fund their application, which will be set up permanently.
EOS is capable of parallel processing, which means that there is no chance that EOS will one day force the system change for everybody whether they like it or not. According to crypto experts, its parallel processing feature is one of the things that makes EOS interesting.
As of 1st of July EOS will available for trading on Bitfinex .
The bitfinex announcement, ”We will be adding support for EOS (EOS) exchange trading through EOS/USD, EOS/BTC, and EOS/ETH pairs. Margin trading for EOS pairs will be enabled in the coming days as the order book develops suitable liquidity”.