Understanding EOS Blockchain In Brief

If you like to learn about blockchain and cryptocurrencies then you must have heard about EOS. But do you know what it is or what it does? If not, then you are in the right place. In this article, you will find all the details you need to know about EOS and also learn about the live prices of EOS comparing the EOS BTC price charts. we have explained everything in simple words so that it’s easy for you to understand.

What is EOS?

EOS is a new blockchain that is yet to enter the cryptocurrency market. The main aim of the blockchain project is to process millions of transactions every second. It is developed to offer you a free and fast way of carrying out transactions online.

EOS will also allow smart contracts that will enable developers to design apps. Not just that but EOS is also aiming to develop a platform that would work like an operating system.

According to EOS, dApps holds the future. There are thousands of dApps already available on the net and more are being added every day.

What is the EOS coin used for?

Just like any other blockchain project even EOS has its cryptocurrency which is called EOS. They have developed a native cryptocurrency to serve a few purposes.

Owners of EOS coins have ownership over the network. Let’s say you own a 1% stake in EOS coins. This means that you own 1% of the network. In other words, you own 1% of the computing power that is required to process the transaction. This is where the transaction fees are needed.

EOS coins are known to operate in the same way as other cryptocurrencies. With the help of EOS coins you can receive, hold and send funds between digital wallets. It provides you a great payment system online. By using this method you can send or transfer money to anyone in the world for free and that too in a matter of seconds.

Can EOS coins be abused?

As you may already know cryptocurrencies allow you to receive and send transactions anonymously. In other words, nobody gets to know your identity even when you are making the payment.

This can be both advantageous and dangerous. There are always some people who would want to misuse this feature. This, as a result, may lead to several crimes and no one would know who has done it. It could give rise to crimes like selling and buying drugs, credit cards, and weapons.

Another problem with the EOS blockchain is that it is a public database. This means everyone can view the transactions carried on the blockchain. Not just that but people can also see the balance in the wallet. However, the developers have said they will introduce a feature that will hide the total balance of the users. However, the sender’s address cannot be hidden.

EOS is a new promising blockchain which seems to have great potential. If it can handle things the right way, it can go a long way. You can also learn about Steem BTC on the web.

Image credit: eos blockchain via Stanslavs/Shutterstock

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