One of the biggest positive movers today from the crypto currency space is EOS with its 23 percent gain on heavy volume to a price of $11.55 per coin. After doing some research on EOS, I see where it offers a new type of blockchain architecture designed to enable vertical and horizontal scaling of decentralized applications. This is achieved by creating an operating system-like construct upon which applications can be built. The software provides accounts, authentication, databases, asynchronous communication and the scheduling of applications across hundreds of CPU cores or clusters. The resulting technology is a blockchain architecture that scales to millions of transactions per second, eliminates user fees, and allows for quick and easy deployment of decentralized applications.
So, what does this all mean? Basically, it is modeled just like a computer program where you can connect all the dots when creating and building out applications relevant to blockchain technology. Also, just so everyone is clear on what blockchain is and even for my continued education on the topic, when someone buys a coin, or measurement of digital currency, there is a buyer and a seller, but essentially all the transactions are done electronically, so there needs to be a verification process to make sure the buyer and seller are both real. Here is where the digital mining comes into play, whereby computers crunch numbers to verify that both participants in the sale of a coin are real people, and when this process is complete, the coin is stamped good and placed into the digital ledger, which is called blockchain. So, blockchain is the digital book for all digital currency or crypto currency transactions and EOS is making a more user friendly and efficient platform to cut out unnecessary fees and latency between transactions.
EOS, as mentioned earlier, was priced at $11.55 per coin, which represented an increase of 23 percent on volume of $1.15 billion. EOS has a market capitalization of $6.87 billion and a supply of 594.93 million coins that are not mineable. Over the past month, EOS has risen from $3.77 (December 10, 2017) per coin to a high of $12.89 (January 7, 2018) per coin before taking a dip and recovering to its current level.
As more and more people inevitably get in on the Bitcoin revolution, faster and more efficient tools like EOS’s platform will be invaluable to mitigate this process. It’s just like the evolution of offences in the NFL from a single, every down running back into it’s current state where multiple different sizes and types of running backs are used to maximize the efficiency on an offence and increase its likelihood of touchdowns. The days of Walter Payton and Barry Sanders pounding ahead and catching screens out of the backfield have long since passed where today, we see Mark Ingram and Alvin Kamara alternating on first, second, and third downs to split the load and keep defenses guessing. So, keep using banks and credit cards if you want, but I think I’ll be a little more open-minded and change with the times to cut out middle men and score more touchdowns…