Despite the current drop in the cryptocurrency hype, there is no doubt that these coins are here for the long run. So many digital currencies flooded the market in the beginning. With time, however, many have fizzled out, and only those that have intrinsic value have remained, EOS being one of them.
What is EOS?
Developed by Brendon Blumer, EOS is a decentralized operating protocol designed to provide a network for industrial devolved applications. Despite having no centralized offices, the EOS Company is based in the Cayman Islands. Brendon Blumer and his colleagues designed EOS with ambitions of solving the scalability problem and reduce the high fees associated with creating dApps. EOS is a lot like Ethereum except for the slow transaction procedure and the hefty GAS fees.
As a blockchain, EOS allows for the development of high-performance dApps that can be scaled both vertically and horizontally. The operating system of EOS also provides resources such as ledger accounts, databases, seamless intercommunication and data sharing for dApp development. The system operates on the Ethereum network thus supporting smart contracts and allowing for the occurrence of thousands of transactions per second. With such exciting technology and a strong team behind it, it’s only logical that many people will want to join the platform.
EOS uses the delegated proof of work protocol for block distribution and representation of block owners. Because of this, anyone that has coins on the network can elect a block producer.
New blocks are introduced to the blockchain every after 21 rounds. The number of blocks a producer can produce depend on the number of votes he or she gets from block owners. A pseudorandom figure is used to shuffle the producers as to restore the connectivity equilibrium within the blockchain. Also, a fork is not likely to happen since these producers are required to cooperate instead of competing with one another. The mechanism requires full participation from the producers so that transactions are completed faster.
At the moment, you cannot mine EOS. It is only issued by developers. The ERC-20 coin isn’t mineable. Also, the EOS network relies on the Proof of Stake consensus algorithm. However, unlike that of Ethereum and Bitcoin, it is not mineable. Fortunately, since the EOS platform is based on the Ethereum blockchain, you can easily buy Ethereum and trade it for EOS using an exchange that supports it.
EOS Cryptocurrency Mining
Ethereum mining is a great way to join EOS while it is still possible. As no EOS mining pool exists so far, you have to enter an Ethereum one to ensure mining profitability from EOS. Many solo miners make use of a few rigs. Regrettably, due to the prevailing mining complexity within the blockchain, a handful of rigs are cannot achieve the computational power required to acquire a single block.
Mining pools have the merit of combining the hash rate of all miners within the group and thus significantly improving the probability of getting blocks. In other words, even if you don’t succeed as an individual, the pool provides you a consistent payout. Then, you can convert it to EOS.