What is EOS Cryptocurrency?
EOS is a decentralized, blockchain based operating system that is designed to support decentralized applications by giving the necessary functionality (including accounts, databases, and authentication). This enables businesses to build blockchain applications that are similar to the web-based applications.
Eos allows parallel processing which provides scalability while eliminating the transaction fees. Therefore, it is considered a significant competitor of Ethereum. EOS introduces the ability to fix bugs since it uses a delegated proof of stake.
There are no transaction fees in EOS. In the model, users are entitled to use resources that are directly proportional to their stake. Hence, they do not have to pay for every transaction. Also, EOS can process millions of transactions in a second with parallel processing
How does EOS work?
In the EOS platform, developers can build decentralized applications. The holders of EOS tokens can stake their coins to fund the application development on the EOS network.
EOS uses delegated proof of stake consensus algorithm. Its primary objective is to meet the performance needs and requirements of all the decentralized applications on the EOS blockchain. This also includes handling millions of users.
In the EOS blockchain, the block producers do not compete to produce blocks, but instead, they work together. Therefore, it does not experience any forks.
Another feature in the EOS is the transaction as proof of stake (TaPoS). In the EOS software, every transaction must include the hash (prevents a repeat of a transaction on forks) of a current block header. The hash also gives a signal to the network when a user is on a specific fork.
Who created EOS?
The block.one team lead the development of the EOS project. The team was led by Brendan Blummer the CEO and Daniel Larimer the CTO. Daniel Larimer is well known for creating Steem, BitShares and delegated proof of stake consensus (DPoS).
The primary objective of the team was to design systems that are open sources and also free for everyone using them. They achieved this through developing the EOS system. The EOS is an open source decentralized system that is free to use for everyone.
Why is EOS called the Ethereum killer?
Unlike Ethereum, EOS is capable of processing millions of transactions each second using horizontal scaling. It is also capable of creating decentralized applications that no different from their centralized applications.
Ethereum only provides one application at a time platform. In future, this will not be able to meet parallel applications functions that need high speed.
EOS can provide a smooth operating system with a high capacity to run hundreds of smart contracts and applications. Therefore, if the EOS operating system will need any modification, the upgrade will just be easily installed without creating a fork.
Where can I buy EOS?
To buy EOS, follow the following steps
- Open an EOS wallet
- Find a cryptocurrency exchange platform that trades EOS. The most popular include Binance, Kraken, and
- Once you buy your EOS tokens, withdraw them to your wallet to avoid being hacked and losing your coins. Never leave your coins in a cryptocurrency exchange platform as they can be hacked, or the exchange goes bankrupt, and you lose your coins.
- You can buy EOS using ETH on the exchanges named above.
Can EOS be mined? How to mine EOS?
You can mine EOS. You need to set your miner to any Ethereum pool you prefer. Once you earn you ETH, convert them to EOS at https://eos.io/ using their current token distribution web interface.
Miners work to earn Ether in the Ethereum blockchain. Ether is a crypto token that fuels the Ethereum network. There are mining pools available for mining ETH that make the process more rewarding for the miners. However, if you wish to invest in EOS mining, carry out an assessment to determine whether the entire process is worth it.
What is the best wallet to store EOS?
Currently, there are no official EOS wallets. EOS uses ERC-token. Hence, you need to use an ERC-20 compatible wallet to store you EOS. The following wallets are available to store EOS
- Desktop Wallets
These wallets can be used on Mac, Linux, and Windows. Examples are Jaxx and Exodus. These wallets are easy to use and allow quick trading of EOS.
- Hardware wallets
Hardware wallets need to be connected with MyEtherWallet. They are compatible with Windows, Linux, and Mac. They are more secure than other types of wallets.
- Web Wallets
These are the best wallets available to store your EOS tokens. The most popular is MyEtherWallet. It allows you to control the information of your wallet.
- Mobile Wallets
These are wallets available for mobile devices. They allow you to store you EOS on your iOS or Android device.