What is EOS?
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Table of contents:
1. What is EOS
2. Founder(s)
3. Token
3.1 Max. Supply
4. Price prediction
5. Official website
6. Where to buy EOS
7. Crypto taxes
8. MarketCapOfWhat is EOS
EOS.IO is a blockchain protocol based on the cryptocurrency EOS. The smart contract platform claims to eliminate transaction fees and also conduct millions of transactions per second.
Based on a white paper published in 2017, the EOSIO platform was developed by the private company block.one and released as open-source software on June 1, 2018. In order to ensure widespread distribution of the native cryptocurrency at the launch of the blockchain, one billion tokens were distributed as ERC-20 tokens by block.one. This provided the distribution to allow anyone to launch the EOS blockchain once the software was released. The CEO of block.one, Brendan Blumer, announced that block.one would support the EOSIO blockchain with over one billion USD in funding from the token sale and ultimately block.one raised over four billion USD to support the blockchain during the Initial Coin Offering (ICO) period.
The original test net, Dawn 1.0, was released on September 3, 2017, with test net versions Dawn 2.0 released on December 4, 2017, Dawn 3.0 on January 25, 2018 and Dawn 4.0 on May 7, 2018. The name of the cryptocurrency EOS comes from Ancient Greek Ἠώς, “dawn”.
EOSIO’s Dawn 1.0 was launched on the EOSIO mainnet on June 1, 2018, and is currently operating under version 2.1.0.
In September 2019, block.one agreed to settle U.S. Securities and Exchange Commission charges related to the $4 billion unregistered ICO for a $24 million penalty. The settlement did not require a restitution offer, registration of tokens, or any disqualifications.
Founder(s)
The platform was launched by Block.one, a software company specialising in blockchain technologies, and was founded in 2016. Block.one executives Daniel Larimer (CTO) and Brendan Blumer (CEO) authorised the EOS whitepaper. One of Blumer’s first businesses was selling virtual game components. Larimer has also launched a number of cryptocurrency projects, including the BitShares trading platform and the Steem blockchain.
Token
EOS stands for Electro-Optical System. The EOS token is the cryptocurrency of the EOSIO network. EOS system was created mainly to support decentralized applications or dApps, on a commercial scale.
EOS MAX supply
EOS is an inflationary asset with an uncapped supply. The blockchain’s delegated proof-of-stake (DPoS) model generates EOS through staking rewards in order to fund transactions and pay block users. The DPoS mechanism has an inflation cap set at 5% of annual inflation.
In EOS, there are three types of supply:
- Circulating supply: total number of tokens that are circulating in the market and are available to be traded or used.
- Total supply: total number of tokens that have been created.
- Max supply: total number of tokens that can ever be created.
As you may have figured out, both total supply and circulating supply are a Subset of max supply; and circulating supply is a subset of total supply.
So this will always be true:
Circulating supply ≤ total supply ≤ max supply
Max supply and total supply are the easiest to understand and figure out. let’s start there. we can simply send a request to EOS API’s to get them.
$ cleos -u https://eos.greymass.com get table thepeostoken PEOS stat
Returns:
Supply is total supply, which is: 592366008.1388 PEOS
Max_supply is max supply, which is: 767962232.3084 PEOS
So 767962232.3084 PEOS can ever be created and 592366008.1388 of them have been. it makes no difference what the tokens are being used for or who owns them. the only difference is whether the tokens have actually been created. if they’ve been created, they are counted in total supply. max supply includes all of those plus tokens that can be created but haven’t yet.
Circulating supply
Circulating supply is the hard one. you can’t get it via an API and the very method of figuring it out is subjective and prone to errors. however circulating supply is the most common method for calculating cryptocurrency marketcap.
As our definition states:
Total number of tokens that are circulating in the market and are available to be traded or used.
That means all tokens in total supply except those which are:
- not circulating in the market, or
- not available to be traded, or
- not available to be used
An example would be tokens that have been created but wont be released until they are mined. another example would be tokens owned by a project team which aren’t liquid and cannot be sold.
Price prediction 2022
Price predictions are usually made by professional analysts or algorithms that analyze market trends and other factors that indicate a possible price trajectory. Forecasts should be interpreted with caution and should not be an eliminating factor in the individual’s decision to make an investment in a certain asset. Before investing, take into consideration other factors such as the legitimacy of the company, social sentiment, their commitment and works done.
Visit both Walletinvestor.com and cryptopredictions.com for some algorithm generated EOS price predictions (links below):
Website(s)
EOS official website.
Where can I buy EOS
Nowadays buying EOS is very easy as it is available for purchase on many different platforms. See some suggestions listed below:
1. Change Invest;
2. BitMart;
3. Coinbase;
4. Crypto.com;
5. Nexo;
6. Binance;
7. Bitrue;
8. Gate.io
Are cryptocurrencies taxable?
EOS and other cryptocurrencies may be taxed depending on the country you are in. In the USA, the IRS considers cryptocurrency holdings to be “property” for tax purposes, which means your virtual currency is taxed in the same way as any other assets you own, like stocks or gold. Nonetheless, Koinly has got you covered. Check it now, Koinly is the the cryptocurrency tax calculator you’ll enjoy using!
MarketCapOf
Just for fun, you can see what the value of other cryptocurrencies would be if they had bitcoin’s market capitalization. MarketCapOf has one of the simplest tools to calculate if your cryptocurrency is undervalued or overvalued.
The example below shows that if EOS had the market cap of bitcoin today, its price would be around $840,21.
Ledger
Store your EOS coins in a Ledger wallet and take it completely off the network . Ledger wallets are hardware cryptocurrency wallets. Ledger’s hardware wallets are multicurrency wallets that are used to store private keys for cryptocurrencies offline. Ledger offers two hardware wallets: the Ledger Nano S and the Ledger Nano X wallets.
Click on the link below to know more about Ledger wallets and see if you find it a good fit to your needs.
And this is it. ✔️ Now you know a bit more about EOS.
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Disclaimer
Any content contained in these crypto related articles should not be relied upon as advice or construed as providing recommendations of any kind. It is your responsibility to confirm and decide which trades to make. Trade only with risk capital; that is, trade with money that, if lost, will not adversely impact your lifestyle and your ability to meet your financial obligations.
The author is not responsible for any losses incurred as a result of using any of the suggested trading platforms.
