It’s the boom in the cryptocurrency industry that many new cryptocurrencies are being introduced frequently and many fade away into oblivion. But some stay to make a mark, and EOS has the potential to do exactly that.
To understand EOS, the simplest analogy would be of Google. EOS is a platform similar to Google Android that allows any software developer to build apps on top of it. It is open-source like Android, but decentralized. All of this is based on blockchain technology that is open to anyone.
The entire model of EOS depends on its popularity. The more people build apps on its platform and gain users, the more successful it will be. Another feature is its use of EOS token as a mode of payment in certain apps, thus eliminating the need of middlemen and any other currency.
To realize this dream, EOS first needs the funds to build the supporting infrastructure. The simplest way for cryptocurrencies to raise funds is the Initial Coin Offerings (ICO). However, there was a very eminent issue with this: a few taking a lot. Rich investors often try to buy maximum tokens during the ICO of any cryptocurrency, which results in a handful of people exerting major control on it. For EOS, which wanted more customers to be popular, this was an absolutely undesirable situation.
However, EOS found an interesting solution for this. Instead of putting up the bulk of their tokens during the ICO, it is making just 2 million of its 1 billion tokens available daily. The tokens are provided to people who have applied for them in advanced. Rich investors, who lack patience, thus left any desire for EOS.
EOS / USD Price Chart (April 15 - May 15)
So, why exactly is EOS so promising? To begin with, EOS rose from $7 to $21 in value last week; a 300 percent increase. However, the real charm of EOS lies in the appeal to software developers. In this current age, the technological viability decides everything- and EOS is just that. It uses the family common C++ for the coding part. The programming environment is adaptable and EOS has shown the capability to process huge amounts of data with considerable speed.
Interesting things are awaiting EOS.