EOS is a cryptocurrency that helps the user to build decentralized applications (DApps) and smart contracts. EOS has been one of the most talked-about cryptocurrencies in recent times with its token sale generating over 4 billion dollars in just 5 days. The best part? These apps can be used for anything from social media platforms like Steemit or Reddit up to enterprise solutions such as SAP or Oracle!
In this guide, we will be covering everything you need to know about EOS coins such as the history of EOS Cryptocurrency, how it works, and how to buy EOS tokens. Now, Let’s begin!
How does EOS coin work
EOS works on a blockchain where the tokens are used to pay for resources which in turn help you run your decentralized apps. These tokens are then staked by developers who would like to develop DApps on EOS or users who would like to use these DApps. Think of it as an operating system that functions similar to Ethereum but also allows you to run decentralized apps on it.
To put it simply, EOS helps the developer to build decentralized applications. It uses blockchain technology to provide an accessible interface for people who want to use decentralized apps daily. They have been built from the ground up to be easily used by enterprises and individuals alike. To allow this, EOS does away with transaction fees and also implements parallel processing.
These are just some of the features that help EOS to stand out amongst its competitors, let’s have a detailed look at what these features mean:
No Fee’s for Users
EOS is completely free to use. There are no transaction fees incurred simply by sending tokens from one wallet to another or posting an article to a blog. This is one of the main reasons why companies and users alike are turning to EOS for developing and deploying DApps and smart contracts.
This is a unique feature that has been introduced by EOS. When you launch any DApp on the platform, you get to select the amount of processing power required for it. This means that your app can run alongside other apps without any hindrance or interruption.
How to Buy EOS tokens
There are several ways to buy EOS tokens. You can always choose to trade through cryptocurrency exchanges such as Binance, Bitfinex, and Kraken for this purpose. However, there is also an alternative method that you can use to get your hands on some EOS coins.
This alternate method will require you to set up a wallet on the official EOS website. Once you create an account on it, you would be able to purchase EOS tokens using fiat currency straight from your bank account.
History of EOS
EOS is a cryptocurrency that was developed and launched by a company called Block.one. The CEO and at the same time the CTO of this company is Dan Larimer who has also been the brain behind Steemit, BitShares, and decentralized exchange Bitshares X. He envisioned these projects to make blockchain technology more accessible to end-users and EOS is the culmination of all his efforts.
Block.one launched the EOS ICO on 26th June 2017 which allowed investors to purchase EOS tokens in exchange for Ethereum. The ICO was scheduled to run until the 2nd of July but ended just 5 days later due to its immense popularity among investors all across the world. It accumulated over 4.1 billion dollars worth of cryptocurrency within these short 5 days.
Block.one went on to use the EOS tokens to fund future development and also provide rewards for developers who would like to build DApps on the EOS platform.
The official launch of EOS took place in June 2018 when it was launched as open-source software by Block.one. Soon after, several cryptocurrency exchanges started offering EOS for trading with Bitcoin and Ethereum. The plans for EOS include the development of a self-sustaining and self-governed blockchain protocol by providing investors with more opportunities to participate in voting.
The EOS platform has been built by providing all the necessary components of the DAPP development and operation, such as databases, account permissions, scheduling, etc, allowing developers to focus only on what makes their application unique. It is similar to Ethereum, but EOS has some differences such as the ability to fix bugs and roll back changes. It also offers scalability which allows more transactions per second than most cryptocurrencies available today.
EOS is a great project with an ambitious goal to become the main platform for decentralized applications, especially because it supports multiple programming languages already.
EOS (EOS) FAQ’s
What is the price of EOS?
At the time of writing this article, the current price of an individual EOS coin is around $4.50.
Does Block.One Control EOS?
EOS exists on the blockchain and is separate from Block.one, with multiple block producers controlling the network instead of a single centralized party like most other platforms like Bitcoin, and Ethereum. This means developers can build applications free from influence by third parties.
Will there be inflation of EOS coins?
Each year around 5% inflation is expected which will fund the platform’s development. However, it is interesting to note that inflation is directly proportional to the number of active users. The more EOS coins in circulation, the higher the supply and inversely proportional to the price (demand).
Can I exchange my EOS tokens?
Currently, you can trade EOS tokens on several exchanges including Bitfinex, Kraken, and Binance.
How to get returns on EOS coins?
EOS doesn’t offer any type of dividends or passive revenue. However, it is possible to gain returns on your investment by selling EOS tokens on an exchange if the price increases above what you initially paid.
How is EOS different from Ethereum?
Though they share some similarities like employing smart contracts, they are quite different in terms of their architecture and user objectives. For instance, EOS performs much better than Ethereum with a transaction speed of 50 milliseconds. It also allows easier deployment of decentralized applications and DApps on its platform.