The blockchain known as EOS is a smart contract platform operation which deploys autonomous corporations and applications that are decentralized. The development process is still ongoing and is being handled by block.one, which is a private company. On June 1st, 2018, the token will officially be released, and the software will be open-source for programmers to expand upon and make better.
So far, the EOS system helps blockchains using smart contracts to increase the efficiency of their transaction processing. It does this with a processing method known as parallel execution. This method removes the authentication requirements from the execution of transactions. Instead, the execution process is based on role permission. The infrastructure of the smart contracts through this platform has the ability to process more than one hundred thousand transactions in one second.
The purpose of the EOS platform is to figure out the scalability problems of the popular Ethereum and Bitcoin blockchains. It does this through the decentralized storage solutions and smart contracts that it provides. The token is also supposed to get rid of user fees. Right now, their initial coin offering is currently taking place and it will end on June 1st, which is when the open-source software is released. A lot of funding has already been raised by the EOS platform during this time.
The solution of the EOS platform is mainly business-to-business. This is great news for investors because it means big corporations are getting involved and that can only increase the value of the token tremendously. However, some individual investors are cautious about investing in any cryptocurrency that is currently in the initial coin offering stage. If there is any kind of theft or fraud from hackers in the system, there is very little chance that your coins can be recovered.
On the upside, the token was only selling for $0.00114 as the initial coin offering sale is still taking place. Once it officially hits the exchanges on June 1st, the price could easily skyrocket to the dollar range or it could crumble and fall even more decimal places. A lot of investors are staying optimistic and see a lot of potential in this new cryptocurrency. Furthermore, the Ethereum blockchain is where the majority of the tokens are being distributed.
As a result, the EOS blockchain can be launched by anyone after the software comes out in June. In a recent announcement, the EOS blockchain will be supported by block.one with the token sale providing more than $1 billion in funding.