EOS Price Prediction: Does EOS Crypto Have a Future?

EOSIO is an open-source blockchain platform that helps developers, investors, and businesses build large-scale decentralized applications. As stated in the project WhitePaper the network is capable of supporting thousands of dApps without suffering from the slow confirmation times and high fees. The project aims to be fast, flexible, and forward-driven with the goal to allow developers, institutions, and entrepreneurs to build with confidence. 

The distinguishing advantage of EOSIO is the absence of transaction fees if users want to send and receive the native EOS token. The network is highly configurable, allowing developers easily program them according to their needs with simple and common languages like Python, C++, and Java. It also has a settlement speed of fewer than 0.5 seconds with 99% certainty. The network provides end-to-end authentification, while also maintaining data integrity and security by verification standards. Thanks to the smart contract capabilities, the networkenables developers to create their own dApps

The architecture of the EOSIO network is designed to mirror the performance of a real computer. To power the network. three types of resources are needed: bandwidth — for transmission of information across the network, computation to run a dApp, and state storage — to store data on the blockchain. 

The history of EOSIO started in 2017 when Daniel Larimer and Brendan Blumer cofounded the Block.One company that became the parent organization for the EOSIO blockchain. Larimer is a known blockchain developer that has run three companies before EOSIO. He developed the delegated Proof-of-Stake consensus mechanism used by the network back in 2014. Blumer is closer to the entrepreneurship world and before starting this project founded one of the largest property agencies in Hong Kong. 

Before the official launch of the project, the ICO was held that became the largest to date, raising a record 7.12 million ETH, valued at $4.2 billion at that time with over 900 million tokens sold. 

The network utilizes a delegated Proof-of-Stake consensus mechanism. It generates the EOS tokens through the staking rewards to fund transactions and pay block users. The mechanism is set to 5% of annual inflation, meaning that no more than 5% of the total supply can be issued each year. 

The EOS blockchain is more scalable than most contemporary blockchains. It is able to process around 4000 transactions per second. The smart contract functionality on EOSIO is more friendly allowing developers to get technical resources directly from the blockchain. 

EOS is the native utility token of the blockchain and its cryptocurrency. It is required to purchase all the resources mentioned above, meaning that to run the deployed dApps developers need EOS tokens. The coin is also used for governance and its holders can vote for proposals, thus making the community a real authority over the project. At first, EOS tokens were issued as ERC-20 standard assets, because the network was not launched once the ICO was held. In June 2018 the ERC-20 tokens were frozen and then replaced by the native EOS coins via token swap. EOS is an inflationary asset, with an uncapped supply. 

In 2021 the Block.One company stopped supporting the project, and ENF (EOS Network Foundation) pursued legal action against Block.One for malpractice concerns. After it ENF started to explore coordinating EOSIO-based blockchains.

The EOSIO network is going to be hard forked on September 21. After the event, the community-driven Antelope protocol will be used as an underlying protocol for EOSIO-based blockchains.