Home » Crypto » What Is EOS Cryptocurrency | A Step By Step Guide

What Is EOS Cryptocurrency | A Step By Step Guide

The name of the system is “EOS” and it isn’t an acronym. However, some of the suggestions from the eminent in the field are “EOS Operating System”, or “Ethereum on Steroids”.

EOS is another blockchain platform for the development of decentralized applications (dapps) which basically works like Ethereum and was founded by Dan Larrimer. The main motive of EOS is to bring together the best features and promises of the various smart contract technologies, in one simple to use application platform for the everyday users in order to empower the impending blockchain economy.

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In other words, EOS is designed to be a much more scalable and easier – to – use version of Ethereum. However, the functionalities are almost similar. The objective of this blockchain network is to participate safely which does not even require any particular technical knowledge. It offers features such as:

  • A user – friendly software interface for the platform
  • Horizontal and vertical scalability
  • Human – friendly features such as the ability to set delayed transactions

How to buy EOS

There are various ways to buy EOS, one of which is from the exchange such as:

Buy EOS on Binance

Binance is a cryptocurrency exchange which was launched in 2017. It has listed dozens of altcoins, which includes EOS tokens. However, Binance is a little rigid as you can only fund your Binance account with cryptocurrencies.

Buy EOS on Kraken

Kraken is considered to be a little more flexible. Also just like Binance, Kraken has both BTC and ETH pairs with EOS.

The process of registration in Kraken is easier and it also offers comparatively low fees.

Buy EOS on HitBTC

BitBTC is a Europe based cryptocurrency, where it offers various cryptocurrencies such as EOS. One can make a deposit using EUR or USD. This exchange is really easy to use. However, doesn’t have the popularity as many claims that it lacks transparency. Also, it is advisable to use BitHTC with awareness as it is an unregulated exchange.

Buy EOS via Shapeshift

Shapeshift is another most popular exchange as it does not require any personal details like many other cryptocurrencies which requires registration. It allows one to exchange many different cryptocurrencies for EOS. It also requires minimal amount to pay for the convenience and privacy that it offers.

Buy EOS on Bithumb

Bithumb is considered to be the largest exchanges in South Korea and it also has the highest trading volume of EOS. As they only accept KRW, it is probably the best options for people who live in South Korea. The exchange is easy to deal with especially for the beginners. However, it has a little to offer when it comes to advanced trading features.

Buy EOS on Bitfinex

Bitfinex is one of the few cryptocurrency exchanges with an EOS / USD pair, so it’s a popular option for anyone buying EOS. However, it’s a little complicated for beginners as it is not a beginner – friendly platform, since it has a rather complex interface.

Buy EOS with Cash

In contrast to Bitcoin, EOS does not have a feasible way to buy with the cash. Nevertheless, you could always buy Bitcoin with cash on Local Bitcoins and then trade it for EOS on a major cryptocurrency exchange.

Buy EOS with Credit Card

The numbers of cryptocurrency exchanges are very less who allows buying crypto with a credit or debit card. In that case, you can use Coinbase or CEX.IO. After that you can buy another cryptocurrency such as Bitcoin or Ethereum with your credit card / debit card. Later you can transfer it to another exchange, trade it for EOS, or trade it directly to EOS via Chagelly.

Or you can also own them through Wallets

Cryptocurrencies requires wallets in order to store them. At present, EOS is still being handled on the Ethereum blockchain as an ERC – 20 token. However, after a period of time EOS will be migrating it onto its own network. And one can take all their tokens with them when that happens.

How to Choose an EOS Wallet

As we have discussed, there are no official EOS wallets, EOS uses the ERC20 tokens, where you can store your EOS tokens in an ERC – 20 compatible wallets. There are few different types of wallets available which are as follows:

Desktop Wallets for storing EOS

For storing EOS, some popular wallets are Jaxx and Exodus, which are also multi – cryptocurrency wallets that are within easy reach on Windows, Mac, and Linux. In fact, Jaxx is also happens to be on android and iOS as well.

Hardware Wallets for Storing EOS

You can store ERC – 20 tokens by using the ledger Nano S and Trezor hardware. However, you are required to connect your hardware wallet with a MyEtherWallet.

And these wallets i.e. Nano S and Trezor are compatible with Windows, Mac, and Linux. They are the most secured wallet options other than most other wallet types.Web Wallets for Storing EOS

One of the best options to store your EOS tokens is MyEtherWallet as it is an open source that allows you to store Ether on your own computer, rather than on their servers. And this feature makes it safer than any other wallets.

Mobile Wallets for Storing EOS

If you own an android or iOS device, you cans store your EOS ERC – 20 tokens on them. Jaxx is available for mobile devices. It supports many different cryptocurrencies.

How to Withdraw EOS tokens to Your Wallet

Make sure that you never keep your coins or tokens on an exchange. In case you are using trading platform to buy EOS, make sure to withdraw your coins from the exchange into your own wallet. This is to protect your coins from getting hacked or become defaulted.

How does EOS Works

The main feature of EOS is its computer software. It’s designed to make full use of a machine’s processing power, such as by letting users schedule applications across multiple CPU cores or clusters. This essentially puts a lot more processing power into the blockchain at much lower cost, while retaining features that are similar to Ethereum, such as smart contracts.

In addition, EOS uses a unique processing algorithm, called delegated proof of stake (DPoS) This is intended to be a more efficient and flexible way of doing things.

With these features you get an advanced blockchain network with a range of advanced functionality, plus:

  • No transaction fees
  • Exceptional scalability,
  • and a system able to handle millions of transactions per second

What gives EOS Tokens Value

The DPoS system means EOS token holders can gradually increase on the amount held in their account to help cover the electronic, computing and other costs of using the system.

Plus, an EOS token buy – in is required to use the system. When the number of users increases quicker than the gradual inflation built into the system, the value of each token may also increase.

What makes EOS so User – Friendly

EOS aims to create a platform that anyone can use. It does this with a few features in particular.

  • Human – readable account addresses. EOS permits accounts from 2 – 32 characters in length that can serve as secure and reliable identifiers.
  • Clearer information.You won’t need programming or other technical knowledge to understand contracts on the blockchain.
  • Reversals and delays. Contracts can be implemented with a delay, as desired. For example, you might have instant transactions to buy a cup of coffee with EOS, or a week – long cooling down period when purchasing a house or car.
  • Account restoration.If a user’s account keys are stolen, they can be recovered within 30 days. This is done with a designated account partner who allows the original user to recover their account with two factor authentication. The idea is that thieves have nothing to gain from recovering an account, because they’ll only risk exposing themselves for no gain.
  • Separate ecosystems for users.Businesses might have their own EOS environments customised in their own ways, while the general public might interact in the primary EOS ecosystem.

Few Things To know About EOS

  1. The name of the system is “EOS” and it isn’t an acronym. However, some of the suggestions from the eminent in the field are “EOS Operating System”, or “Ethereum on Steroids
  2. There will be no pre – mine of EOS tokens. And there will be producers, which are similar to Witnesses in Steem
  3. The target number of total EOS token supply is 1 Billion with the potential of up to 5% inflation per annum
  4. It will also be the first blockchain with its own constitution
  5. Also there are EOS telegram chat groups in multiple languages

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