What is EOS? Everything you need to know about the EOS Blockchain

Since its inception, EOS Blockchain has continued to attract massive media attention due to its unique features and record-breaking ICO. When the EOS.IO ecosystem was launched, its goal was to simplify the integration and programming of smart contracts. EOS.IO also targeted the development of decentralized applications (dApps).

Perhaps the most notable aspect of the EOS.IO platform is its ability to virtually eliminate all transaction fees. This is possible due to the unique structure. In addition, this platform is highly scalable. EOS.IO has been shown to outperform credit cards like Visa in transactions per second. For this reason, EOS offers the ideal basis for decentralized application developers.

dApps refer to protocols that work on decentralized networks, e.g. B. Tor and blockchains. What sets these dApps apart from the older centralized apps is that dApps do not require centralized support to operate. Rather, they rely on specific standards to facilitate interoperability and provide users with a more comprehensive approach to the market.

What is EOS Blockchain?

A variety of cryptocurrencies have been launched over the years, offering people a new way of doing business. The use case of one cryptocurrency can differ significantly from another. For this reason, it is important to understand the features and functions of EOS Blockchain before investing in EOS or participating in its network.

EOS refers to a decentralized, blockchain-based system that allows users to develop, host and run commercial-scale dApps on their platform. There is currently no official full form for EOS Blockchain. The developers of this platform have not yet officially defined them.

Is EOS some kind of money?

One thing that differentiates different cryptocurrencies is that not all of them can be used as money. For example, some cryptocurrencies are utility tokens, while some can only be used within the network.

The EOS ecosystem consists of two main elements:

• EOS.IO      
• EOS Token      

EOS.IO is similar to a computer’s operating system. The EOS ecosystem platform controls and manages the blockchain network of EOS. Here, the blockchain architecture is used, which facilitates the horizontal and scaling of dApps. The EOS token refers to the cryptocurrency for the EOS network.

As a developer, you only need EOS coins to be authorized to create dApps and use resources on the network. If you have EOS tokens and aren’t running apps, you can rent your bandwidth or allocate it to other users who may need it.

Is it legally recognized?

While cryptocurrencies have been around for over a decade, their legal status is still unclear. Different jurisdictions define cryptocurrency in different ways. Are they an asset, a property, a product or money? Should they be tightly regulated or freely traded?

In the absence of a clear answer, governments around the world continue to enact legislation to regulate the crypto market. For now, it’s safe to assume it’s not illegal in countries where it’s available.

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What is EOS Blockchain used for?

Many beginners in the cryptocurrency world know little about how they are actually used. EOS supports all the features needed to allow individuals and businesses to build blockchain-based apps the same way web-based apps are built.

This includes providing secure access, authentication, data hosting, permissions, and user management and communication between the dApps and the internet.

EOS Blockchain is also fully supported by a web toolkit for interface development. This makes it a complete offering for smooth app development.

With EOS Blockchain you can send, receive or store money between wallets. So EOS is a great payment system as you can transfer money to anyone anywhere in the world for free and in seconds.

Which merchants accept EOS cryptocurrency?

Numerous merchants currently accept EOS coins. These include:

Bidali

Bidali sells gift cards and accepts payments through EOS.

BC game

B.C. Game refers to a casino that accepts multiple cryptocurrencies, including EOS.

How does EOS work?

The technical background of EOS Blockchain is based on a Delegated Proof of Stake algorithm. This algorithm summarizes all participants of all nodes of a network who are in possession of EOS tokens and calculates probabilities based on the assets. The probabilities indicate which participant is allowed to update the blockchain data, because there is no classic mining at EOS.

How it all began – The story of EOS

The release of the EOS whitepaper dates back to 2017. The EOS developers explained in the whitepaper that they plan to launch a dApp development platform that can process thousands of transactions per second. The developers also stated that EOS aims to become the leading operating system for decentralized apps.

The release of EOS itself came the following year, on June 1st, 2018. EOS would take a different approach to the crypto market. The software had a record-breaking ICO that lasted a year from June 26, 2017. During the launch year following the launch of EOS, one billion tokens were distributed by Block.one as ERC-20 tokens.

Since the EOS.IO blockchain did not exist at the time, EOS developers issued tokens on the Ethereum blockchain to raise funds. The strategy was extremely successful as EOS secured more than $4 billion during the event. These funds helped complete the EOS blockchain and ecosystem that we know today.

EOS is owned by the Block.one organization. The coin was created by Dan Larimer, who also founded other popular platforms like Steem and Bitshares.

Mining EOS – How are new coins created?

EOS blockchain has no mining concept. The system has block producers whose task is to generate the required number of blocks at once. These producers are rewarded with new EOS tokens for each new block they produce.

Block producers can post whatever figure they want for expected fees. The number of tokens that will be created is usually calculated based on the median expected fees published by all block producers.

There is a mechanism within the system to cap producer prices so that the annual increase in annual supply does not exceed 5% of the tokens in circulation.

Supply – How many coins are available, what if they run out?

At the time of writing, EOS ranks 74th among all other cryptocurrencies worldwide. The current price of an EOS token is 0.8036 USD. For those looking to invest in the coin, 625,462,477 EOS are outstanding at the time of writing. Consequently, there is little chance that the coin will run out of supplies any time soon.

Decentralization – what does that mean?

Decentralization refers to the process of distributing and distributing power away from a central authority. The vast majority of governmental and financial systems are centralized and managed by a single supreme authority. This authority is usually a state apparatus or a central bank. This approach has many disadvantages.

The main disadvantage of a centralized system is that a malfunction at the top of the agency is bound to have an adverse effect on the entire system, whether the malfunction was intentional or not.

Crypto is designed as a decentralized alternative to government-issued fiat currencies. Therefore, EOS has not a single point of failure. This makes the coin more efficient, democratic and resilient.

Blockchain technology is the driving force behind decentralization. It offers every user the opportunity to become part of the network’s numerous payment processors.

Invest in EOS Blockchain

In recent years, more investors have become interested in EOS Blockchain, and with good reason. EOS is very flexible. The cryptocurrency is suitable for both private and public blockchain networks and perfectly suits your individual business needs.

The fact that EOS is highly scalable is also a particularly attractive feature for budding traders in this cryptocurrency.

Why should you invest?

There are of course many reasons why you might want to invest in EOS. The main reason could be that you want to save in a decentralized ecosystem. The advantages are apparent. A decentralized environment protects you from the risk of losing your money that comes with storing your money in a centralized system should anything go wrong.

Price and Volatility – Why is the price so volatile?

Cryptocurrency has always been volatile from the start. The past few years have been a wild ride for crypto investors worldwide. The huge boom has brought investors millions of dollars in a short span of time. Countless investors have also lost large investments in sudden market downturns.

Follow the current EOS price and stay up to date.

But what exactly is causing this high volatility? One reason is that cryptocurrency is still an emerging market. Compared to gold and fiat currencies, the cryptocurrency sector is still tiny. At its peak, the crypto market was worth $800 billion, which is pocket money compared to the $7.9 trillion global gold market.

Crypto’s relatively small market size means that the coin’s price can be significantly affected by smaller market forces.

However, the volatility of the market should not alarm investors. The fact that the crypto market is still growing means there are plenty of opportunities for those willing to take risks. Despite this, it is important to always invest with a clear strategy and future goals. Also, only invest money that you can afford to lose.

Where to buy EOS cryptocurrency

One of the first questions you will ask yourself when looking to trade EOS cryptocurrency is which platform you want to work with. The wrong platform can lead to wasted time, money and effort. There are a variety of cryptocurrency trading platforms, but not all are created equal. Below are three of our favourites.

eToro

Founded in 2007, eToro is a social trading platform that allows you to trade real cryptocurrencies and leverage products through CFDs. eToro has a very good support team. The verification takes less than a day. The usability of the platform is also reasonable.

Plus500

Plus500 is an online trading services platform that operates over 2,000 stocks. The company is headquartered in Israel and has subsidiaries in several other locations, including the UK. What makes Plus500 so popular is its simplicity, reliability and innovation. There are no commissions and execution is fast.

FXTB

FXTB was founded in 2015 and is owned by Forex TB Limited, headquartered in Cyprus. FXTB offers trading services to users within the European Economic Area and Switzerland. Some of the advantages of using FXTB to trade EOS are its excellent support, fast execution and availability in many languages.

The best EOS wallets

All cryptocurrency holders need wallets to store their cryptocurrency. Most brokers and exchanges automatically provide you with a wallet once you buy cryptocurrency. However, you can opt for your own wallet where you can keep your purchased EOS safe based on its security features.

In general, the best place to store your cryptocurrency offline is in cold storage hardware wallets. We will go into more detail about the types of wallets later.

What are wallets?

A cryptocurrency wallet refers to a digital wallet used by crypto holders to store, send and receive their digital currency like EOS. Most coins have their own official wallet.

While some wallets can only be used for a single cryptocurrency, there are some that you can use for more than one coin. Some wallets are managed by the owner of the crypto, while others are held in custody.

What types of wallets are there?

There are a variety of cryptocurrency wallets to choose from. These include:

Web wallet

A web wallet refers to a hot wallet that is connected to the internet at any given time. You can access such a wallet through various browsers, including Google Chrome and Firefox. The private keys in web wallets are stored online in your browser. Web wallets are the least secure types of wallets as they are vulnerable to DDOS attacks.

Mobile wallets

Mobile wallets are currently the most commonly used in the market. They are easy to use and convenient. For popular cryptocurrencies, you can find mobile wallets compatible with both iOS and Android.

Mobile wallets offer better security compared to web wallets. Some security features include your phone’s unlock code and other built-in security protocols. Despite this, your mobile wallets can still be vulnerable if someone else gains full access to your mobile device. Mobile wallets in the market for EOS include:

• Lumi Wallet      
• Infinite Wallet
• Jaxx Liberty      
• EOS Lynx      

Desktop wallet

Any serious cryptocurrency always launches a desktop version of the wallet. Desktop wallets are installable crypto software packages compatible with various desktop operating systems including Windows, Mac and Linux.

Since your laptop or desktop connects to the internet, it is imperative that you follow the necessary security measures to keep your wallet safe. For example, you need to install an antivirus program and have a strong firewall.

Some popular desktop wallets for EOS are:

• Atomic Wallet      
• SimplEOS Wallet      

Hardware wallet

As the name suggests, hardware wallets are devices whose purpose is to process private keys and public addresses. These USB-like hardware devices have an OLD screen and side buttons for navigating the wallet interface. The wallet includes native desktop apps for various cryptocurrencies.

Hardware wallets are the most secure of all crypto wallets available. Two popular options are:

• Trezor      
• Ledger Nano S      

Wallet combinations

Some cryptocurrency wallets are interconnected for better security and convenience. Some popular examples are:

• Electrum Wallet – Desktop and Mobile      
• Copay Wallet – Desktop, Mobile and Web      

Keeping the wallet on an exchange, the possible advantages and disadvantages

Depending on the exchange you use, you may be offered a built-in wallet to store your cryptocurrency. The biggest advantage of this option is that it is very convenient. If you leave your money in the wallet, you can instantly exchange your coins for others. In addition, many exchanges offer attractive incentives for using their wallet.

However, storing your cryptocurrency on an exchange also has disadvantages. Exchange wallets have a centralized structure that gives hackers easy access. Without a blockchain to spread your activity across a multitude of nodes, there is only a single point of failure.

If this point is accessed and exploited, it can compromise your confidential information in the exchange wallets and possibly lead to adverse consequences.

What are the pros and cons of EOS?

The cryptocurrency EOS can convince with some advantages. But it also has some disadvantages.

EOS benefits

One of the biggest benefits of EOS is the constant work on innovating existing features of other blockchain platforms. The technology behind EOS is not new and is already known from Ethereum, but Block.one has designed its platform for performance and scalability. In addition, transactions on the platform are completely free without sacrificing speed. A similarly extraordinary approach can be seen in the area of ​​security. If the platform is the target of a hacker attack, it can be immediately reset to a secure, earlier system status. So far, other platforms have not been able to do this.

EOS cons

The procedure in the area of ​​the Delegated Proof of Stake algorithm is often seen as a disadvantage. Although the representatives of the EOS owners are freely elected, network participants who have large assets can use their influence and secure advantages over other participants. Investors should also keep in mind that despite the positive news and the successful ICO (Initial Coin Offering), EOS is still at the very beginning of its development. Many functions only exist in theory and have not yet been implemented in practice. EOS has received a lot of advance praise and the theoretical approach seems very promising. The plan to circumvent the weaknesses of existing platforms through new developments If technically feasible, it can turn out to be a revolution in the field of blockchain technology. Nevertheless, EOS also has weaknesses, as we have illustrated with the example of the representative election. 

The future of EOS

A real hype broke out around EOS after its introduction. Block.one knew how to successfully implement its marketing strategies, and major magazines and media portals reported on the ICO. This was divided into two phases and already in the first phase EOS advanced into the top 10 coins by market capitalization. The future direction of the company and the project can be found in the official white paper. 

This promises some interesting features that can have a positive effect on the performance of the EOS token. Investors often rely on the first-fruits effect of EOS. This means that if the planned development points are successfully implemented, EOS can have time advantages over other platforms thanks to its early market entry. Nevertheless, all of these points and the performance of the EOS token depend on the actions of the developers on Block.one and the community. 

FAQ

1. What is EOS?

EOS is a decentralized, blockchain-based system that allows users to develop, host and run commercial-scale dApps on its platform.

2. What EOS wallets are there?

Users can choose from Atomic Wallet, Ledger Nano X, Ledger Nano S Wallet, Infinito EOS Wallet and Exodus etc.

3. Is there a minimum amount to send?

No, most EOS wallets do not require a minimum amount to send funds.

4. Are there any fees for shipping EOS?

No, there are no fees for sending EOS.

5. Can I exchange my EOS tokens?

Yes, you can exchange EOS tokens for other cryptocurrencies or store them as a store of value.

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