The EOS (EOS) price is currently $5.28727 in USD, with a circulating supply of 906.25M EOS. Its market capitalization (market cap) is $4.79B. $947.46M worth of EOS has been traded in the last 24 hours, with its price changing by +15.49% over this period.
EOS is a blockchain-based operating system for decentralized applications and smart contracts. While blockchain-based networks like Ethereum exist, EOS focuses on solving the critical problems seen in first and second generation blockchain networks. These problems include speed, flexibility, and scalability.
When it comes to creating decentralized applications, EOS combines the best of both worlds. While Bitshares and Steem have good throughput, they are not suited for smart contracts. Ethereum is great for smart contracts however they have problems scaling. EOS combines tremendous throughput with smart contract cababilities. The platform is also designed to allow developers to create blockchain-based applications easily, in a simple manner like web-based applications.
Furthermore, the third generation blockchain does not have any transaction fees, while despite significantly increasing transactions per second.
The core team behind EOS, Block.one, is highly respected in the cryptocurrency community. The CEO Brendon Blumer has been involved in the blockchain industry since 2014 while the CTO Dan Larimer created delegated proof-of-stake (DPOS), EOS’s consensus mechanism. He was also responsible for decentralized autonomous organizations (DAOs) and was the creator of BitShares and Steem.
EOS’s delegated proof of stake (DPOS) is different from Proof-of-Work (POW) or Proof-of-Stake (POS). In DPOS, block producers are continuously voted on by the network of witness nodes. Witness nodes consist of dapp projects that stake their tokens for computational resources. Block producers are automatically voted on every 21 blocks. Block producers are paid rewards from the blockchains built in currency inflation.
The DPOS system mitigates the problems in POW and POS. It helps speed up transactions and block creation, while maintaining the decentralized incentive structure within a blockchain system.