With its massive impact in the modern world, cryptocurrency has become one of the most talked-about innovations of the decade. One of these innovations is EOS. Launched in July 2017, this up-and-coming crypto has already become one of the top cryptocurrencies with a stable platform that allows multiple transactions to run every second with zero transaction fees.
With more businesses adopting cryptocurrency into their payment system, digital assets have become more widely embraced by the general public, and EOS is one of the frontrunners in this competitive and ever-evolving market.
An overview of EOS
EOS is a blockchain-based decentralized system wherein commercial-scale dApps can be developed, hosted, and executed. Its goal is to process fast & free transactions and allow smart contracts to be built within the system. Launched by the creator of Bitshares and Steem Dan Larimer, EOS focuses on crucial points such as transaction speed and scalability which blockchain-based systems commonly struggle with.
EOS has the tools and resources necessary to create dApps like cloud storage, user authentication, and more. It has similarities with Ethereum, however, EOS is more streamlined because unlike in Ethereum—wherein each node must solve a cryptographic puzzle to confirm the transaction—users don’t have to wait for every node for their transaction to be approved in EOS.
EOS has its own coin that works the same way as other cryptocurrencies. You can send, hold, and receive EOS funds in your crypto wallet no matter where you are in the world.
Features of EOS
The scalability is the number of transactions accomplished per second. For most blockchain networks, scalability is a major concern because it determines the speed and number of uses for a cryptocurrency. Additionally, blockchain transactions require each node to achieve solidarity for it to be processed. EOS can process millions of transactions at the same time unlike other payment solutions like VISA that only manages 1,667 per second.
Rather than centring on the blockchain as a whole, the platform focuses on each transaction made by the users. Since the nodes verify a series of events occurring within the network, it remains pure and can therefore handle thousands of transactions.
Delegated Proof-of-Stake (DPoS)
DPoS is EOS’ underlying consensus mechanism is the votation system wherein those who have EOS tokens can vote on who they think should become the block producer. Those who want to become a validator must convince other users with their number of coins to rely on them to secure the network. In Proof-of-Stake systems, the user who stakes more coins has a higher probability of getting chosen as the next block validator.
If the validator fails to accomplish the creation of new blocks, the token holders can vote them out and replace them with a new one.
Depending on the assigned permissions, an individual or a group can become a participant within the account. Permissions in an account allow other accounts to make transactions. Each permission made is connected to an authority table that contains a level that must be reached for the action to be granted.
Can be upgraded
The dApps that were implemented on the EOS blockchain network can be upgraded. This ensures that all users are allowed to incorporate code fixes, add or change a feature, and change the application of the program. This also includes irreversible EOS smart contracts, but it will be based on the developers’ resolve and the protocol restrictions.
How to purchase EOS coin
Purchasing EOS tokens is easy. You just need to have an exchange account to convert from another cryptocurrency. This may require extra fees depending on the type of cryptocurrency you have and which are supported by the exchange.
Purchase an EOS wallet
Having a wallet should be your number one priority when purchasing EOS tokens because this is where you will store your coins for safekeeping. Most EOS wallets or cryptocurrency applications have extra features that allow users to build EOS accounts or allocate their tokens to network resources.
Purchase a wallet that provides a 2-factor authentication that alerts you when someone attempts to open your wallet. The app can send you a message via email or text message.
Sign up for an account
After purchasing your coins, sign up with a trusted exchange like Coinbase or Kraken so you can move your EOS coins. Binance will require you to purchase cryptocurrencies like Bitcoin or Ethereum then exchange it for EOS. Out of all the choices, Coinbase is the leading exchange because it supports cryptocurrencies like BTC, ETH, and more.
Discover your EOS address
Find out your EOS address to know where to send your EOS coins once you’ve purchased them. You can take a look in your wallet to see the EOS address.
Fund your account
Funding your account might require some extra fees. The use of credit cards is allowed in Coinbase. If you wish to use a different method, you might have to wait for a few days to complete your transaction.
Use a crypto portfolio
A crypto portfolio helps you keep track of your coins that are stored in different wallets. This is especially important when you have more than one type of cryptocurrency. The portfolio can be used to see your investments in real-time. Having a portfolio can assure you that your coins are secure.
Where to store your coins
There are two ways to store your EOS coins: through hot and cold wallets. The difference between the two is that a hot wallet is accessible online at any time. You just need a stable internet connection to access it. On the other hand, a cold wallet allows you to store your coins offline. With this, you can still receive funds but transferring them out is impossible if you won’t connect it to a device.
Purchase and use EOS today!
EOS is one of the leading competitors when it comes to easy transactions with zero fees. With its quick and easy process, it is no doubt that it’s one of the most popular platforms today!