Blockchain projects came and some, most of them, disappeared into thin air due to a lack of tangible solutions to real-life problems. The EON blockchain platform, powered by the EON coin, is one that made it through.
Enough attention has not been given to the EON platform despite being one of the awesome blockchain platforms in existence.
Here we take a look at EON as a platform plus what the EON coin is purposely used for on the platform.
The EON blockchain
From its white paper:
EON is the next generation high-efficiency, secure, developer friendly cyber-smart OS (Operating System). It is designed to scale and to be safe. As the nodes grow in number, the processing capacity of the whole blockchain network actually increases.
From this description, EON was purposely developed to increase the transactional speed of blockchains which has been a major pain point. For EON, a higher transactional speed is achieved by implementing an intelligent way to share the workload among nodes. The workload distribution is enhanced by the implementation of sharding, Practical Byzantine Fault Tolerance (PBFT), and the Verifiable Random Function (VRF).
How does EON relate to EOS and vice versa
EON was developed based on EOS. Actually, EON is a short form of EOS+Network. While EOS is a blockchain 3.0 platform which features efficiency and scalability and strong interoperability, EON is based on a higher blockchain version that has all the industry infrastructure and accommodates more than one blockchain.
In particular, the blockchain communication speed of EOS is a huge challenge for application developers. EOS has solved many problems of Ethereum, but still difficult to create a developer-friendly environment due to the bottleneck of network communication efficiency. In order to meet this demand, EON adheres to the idea of infinite decentralization. The computers form a public network to provide distributed cloud computing services.
EON’s biggest feature: EON Editor
This is one revolutionary aspect of EON. The editor is cloud-based allowing developers to securely and reliably create code. Additionally, by being cloud-based, developers have access to their codes from anywhere in the world. They only need a browser and an internet connection.
Also, the EON Editor enables developers from different parts of the world to collaboratively write code by sharing their development environments.
The EON coin
When it comes to functionalities, activities on the EON platform are fueled by the EON coin. For example, during the submission of their compiled library/module or decentralized applications on the EON security layer, developers need to pay for the gas.
The amount to be paid is however not fixed since it varies depending on the number of resources consumed.
The EON coin, apart from being used by developers to pay for gas when submitting Dapps among other activities, it is also available for purchase.
CoinGecko, a virtual currency evaluation and ranking platform, captures EON coin with a volume of $12.8 million. The maximum supply of the EON coin was capped at 1,000,000,000 coins. Out of the 1 billion EON coins, 90 percent or 900,000,000 coins were given out in a largescale airdrop.
Due to the tight ties between EOS and EON the EON coin airdrop also included EOS users in a directional airdrop that saw one EOS coin matched with one EON coin (1:1 ratio). The EON coin airdropped to an EOS holder was also a way to further the EON ecological development.
Out of the one billion EON coins, the EON team retained 10 percent or 100,000,000 coins. Note that the EON coin has a 5 percent annual inflation
The price of EON coin
The price of EON coin currently stands at $0.000915. A sneak peek of how the EON con has been performing for the last seven days does not show a huge fluctuation from this price.
For example, the EON coin opened the start of the seven day period, March 2, 2019, at a price of $0.000778 plus a 24-hour trading volume of $8,382. The EON coin price dropped to March 3 to close the day at $0.000683 with a volume of $8,070.
Since then, the EON coin price has been oscillating between $0.000778 and $0.000683. However, it gained energy towards the end of the seven-day period to close the week at $0.000915 with a 24-hour trading volume of $13,053.
Considering that the EON platform is still young and the massive potential it has in solving the scalability issue that has plagued public blockchain for the last ten years, the platform is hoisted to gain momentum in future.
On this note, as the EON platform gains momentum, the EON coin usage increases which will have a positive impact on its price. This makes it a win-win situation for both the EON team and the EON investors.