Crypto Spotlight: EOS

Region: Europe
Nov 4, 2021, 11:00:00 AM Published By Wirex Team

We’re super excited to welcome even more crypto to the Wirex app. One of our latest additions is EOS, which specialises in powering decentralised apps (AKA dapps) on the EOSIO blockchain. Let’s take a further look.

What is EOS?

EOS is a governance token that powers the EOSIO blockchain. It works to gives users the ability to vote on EOSIO software updates, as well as enable developers to run dapps.

Who created EOS?

EOS was founded in 2017 by Dan Larimer and Brenden Blumur.

What does it do?

EOS can be bought on the EOSIO blockchain and can be used to vote on software updates. That, and it also must be purchased if developers wish to run dapps on EOSIO. Developers must purchase and stake their EOS tokens in order to pay the blockchain to perform data processing required by smart contracts.

Specifically, there are three types of resources that users must purchase with EOS if they wish to run dapps. These are:

  • Bandwidth – This broadcasts information across the network
  • Computation (CPU) – This is the processing power needed to ran a dapp
  • Stage Storage (RAM) – This stores the data on the blockchain

What makes it unique?

EOS is unique because it doesn’t simply exist as a native cryptocurrency to just buy and exchange. Rather, it is needed to purchase the resources needed to run dapps, making it an extremely important component to the blockchain.