- EOS Blockchain helps businesses to develop their own decentralized applications
- It gained the attention of mainstream people due to its scalability feature.
EOS or EOSIO, is a blockchain launched on June 1, 2018, by a private company, Blockone released as open-source software. It shocked the blockchain industry with its first initial coin offering (ICO) and within a period of two years, it established itself in the top 5 cryptocurrencies.
E-blockchain was developed to create decentralized applications. It provided a large variety of tools for developers to develop Apps. Its main motto was to equip creators with user-friendly and business-friendly tools to develop dApps and to fill the gaps that other blockchains failed to fill.
Scalability is a major challenge facing the blockchain as it becomes a mainstream blockchain. For example, the rate of transactions on an Ethereum blockchain is very low, it can do only around 30 transactions per second also gas fees that users have to pay to use dApps built on the blockchain.
These things detach users from the use of a particular blockchain as they have to pay transaction fees at each step of the system. To overcome these challenges of blockchain, E-blockchain provides free use of applications to users. Moreover, it allows the users to make thousands of transactions per second and it is a fully functional and secure blockchain platform.
EOS Pros of blockchain for investors and developers
From the point of view of investors, the company has clearly mentioned its vision and priorities, which helps companies work in a direction in which they can excel in their business globally. It has been clearly mentioned to the authority, which takes responsibility for everyone, what they have to do. Why it is important. This results in efficient decision-making within the company.
EOS seems to be the underdog when we talk about decentralized finance. There are some popular decentralized applications on E-blockchain, such as Pizza, Organix, VIGOR, DolphinSwap, and EOS Marketplace. The trading volume on these dApps is also substantial which affects transaction volume on the blockchain. The blockchain has a total transaction volume of $16.73 Billion and it has a total volume of $2.02 Billion. It proves that the platform is heavily backed by its decentralized application.
Another factor in deciding whether to invest in a token or coin is their trading volume. Trading volume indicates the development of a coin and the confidence of investors in the coin. So year-on-year, the blockchain has shown a significant rise in trading volume. From the beginning of this month, the trading volume is around $3-4 Million.
It solves the scalability problem of blockchain technology. Many mainstream organizations are facing this problem and to solve it, they are adapting to new technological methods, which are also not working out as these methods are lowering the processing speed of the system. It works on the delegated proof of stake algorithm.
EOS Cons of Blockchain From the Point of View of Investors and Developers
The concern with EOS blockchain is the involvement of its parent company in the SEC lawsuit. The SEC filed a lawsuit against Black. one in 2019 for conducting an initial coin offering of unregistered tokens.
Losing high-stakes, people is also a problem for EOS. In the past, prominent figures of the society hampered the growth of coins and tokens. Some popular examples are the tweets of Elon Musk on DogeCoin and reactions from Snoop Dog and Mark Cuban to the adoption of cryptocurrency.
Conclusion
EOS offers attractive features for developers and investors, including scalability and user-friendly tools for decentralized applications. It has gained attention due to its robust ecosystem and impressive transaction volume. However, the SEC lawsuit against its parent company and the influence of prominent figures on its value remain concerns. Potential investors and developers should carefully weigh the pros and cons before making decisions.