EOS Launch is near - this girl is ready, are you?

If you’ve paid attention to the crypto market at all in the past year, you’ve heard about EOS, currently the 5th largest cryptocurrency by market cap despite still being in its ICO. It has been dominating the crypto market recently and as of this writing is up 18.51% in the last 24 hours on over $2 billion trading volume. In recent weeks it has seen steady increases even as the rest of the crypto market has floundered. This exciting newcomer to the crypto world has its sights set on taking Ethereum’s spot as the number one platform for decentralized applications (DAPPS).

The mastermind behind EOS is Dan Larimer, a name you may recognize as the creator of BitShares and co-founder of Steemit. As CTO of block.one, he is – along with CEO Brendan Blumer – “dedicated to closing the gap between the promise and the reality of blockchain technology,” according to the company’s website.

The EOS ICO is finally almost over. EOS’s ICO began in June of 2017 and with just over a month to go it has been the biggest ICO to date, raising over $2.6 billion – $150 million of that in the first five days. The 350-day ICO is ending in June, and on June 2, 2018, at 22:59:59 UTC, EOS tokens will be frozen on the Ethereum blockchain, where the ERC-20 compatible tokens are currently sold.

Anyone holding EOS tokens – currently trading on Bitfinex and Yunbi exchanges – should register them prior to June 1. There are a few ways you can do this, and this post on Reddit explains your options. In short, you’ll need to register your ETH wallet address (don’t use an exchange address or you’ll lose your tokens!) on the eos.io website – note that registration is blocked for IPs in the U.S. Then, after the launch of the new blockchain, tokens will be replaced with the new EOS coins.

What makes the EOS platform exciting is the way it will host decentralized applications and decentralized storage. According to their wiki, “It aims to be the first decentralized operating system (EOSIO) that provides a development environment for decentralized applications.” Imagine a version of Windows with the ability to provide economic incentives in the form of cryptocoins; that’s basically what EOS plans to be. As well, the EOS blockchain will allow “scheduling of applications across many of CPU cores or clusters” according to their white paper.

There will be no transaction fees with EOS – a significant difference from other DAPP platforms. Not only this, but millions of transactions can happen per second on the new platform. Looking at Ethereum’s 20 transactions-per-second capability, this is a gigantic step forward.

Whether this new coin truly knocks Ethereum from its top spot is yet to be seen. Still, it is an appealing technology worth paying attention to.

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