The rise of cryptocurrency within the last decade has proven that there is still a lot that the world of digital currency could offer. The EOS cryptocurrency is one of those cryptocurrencies that has revealed the power of a decentralized peer-to-peer financial transaction; that not only can rescue us from the delayed transaction times when sending funds but also offer us absolute control of our funds.
The EOS cryptocurrency operates on a blockchain protocol like all other cryptocurrencies. It not only functions as a smart contract but also as the deployment of industrial-scale decentralization. This article offers some detailed information about EOS and how it could guide you on making the next decision on your investment.
The history of EOS cryptocurrency
EOS cryptocurrency is one of the newest cryptocurrencies that is currently making a good start in the crypto world. It is owned by the Block.one company and was launched as an open source software on the 1st of June, 2018; one year after its white paper was published.
As an avenue to gain a significant widespread and publicity of its token, close to one billion of its coin was released in different phases before its set release date as an open source. In the initial phase, 20% of its 1billion token was released between June 2016 to July 2017, 70% still currently being distributed, and the rest 10% is held as an escrow. The vision of EOS is not just developed as peer to peer system of financial transaction, but also as a platform for industrial scale decentralization.
EOS Coins and its Value
As at when EOS coins were released, its current coin supply four months ago is over eight hundred million as at when this article was published. Its market cap is over seven billion dollars as of July 2018, making it a very strong coin in the crypto financial market. let’s also not to forget its exchange rate being 8.4 dollars.
Charlie Bilello, who is the Director of research at pension partners in an outcome of research which he headed, declared that EOS of all the top 20 cryptocurrencies recorded the lowest declination in market cap in the year 2018 when compared to other cryptocurrencies like bitcoin, Ethereum.
How EOS cryptocurrency was designed
The EOS cryptocurrency platform was designed a little different from other parent cryptocurrencies. When most cryptocurrency largely focused on a peer to peer decentralized blockchain technology, EOS platforms bring a decentralized application hosting, smart contract capability for all enterprise and large-scale solutions. This platform was perfected and run to solve all scalability issues posing threat to the foster founder cryptos like Ethereum, Litecoin and even Bitcoin.
EOS Ecosystem was designed as a prime focal on its EOS.IO and EOS token. This technological design was also built to be able to run in multiple computer cores and supports the creation of blockchain-based applications by individuals and business that are like web-based applications.
Overall, the architectural design of the EOS network allows the decentralization of its network and the blockchain technology. While the EOS token is just the cryptocurrency of the EOS network or what people call the EOS coins. This coin allows individuals to run features like dAPP and develop them.
What makes EOS Network different from others?
When EOS was still in the preparative stage, more work was done to address some pressing issues faced by most cryptocurrencies in terms of flexibility, scalability and speed. These three features formed the key area where EOS has its own cutting advantage from most other cryptocurrencies. These include;
- Flexibility; EOS creates a very flexible platform where individuals and businesses can develop dAPP. This gives sole ownership by the user, promotes a free usage and removes any hidden charges. This is because users can only take advantage of EOS resources according to their stake, making it different from the pay per transaction model. Also, ESO provides a flexible tool for interface development
- Speed; The transaction time is a serious issue when it comes to blockchain technology. The EOS Ecosystem, through the use of dApp could support parallel execution and asynchronous communication methodology across the network, offering a faster transaction time.
How to open an EOS Wallet
The spread and growth of the EOS has been widely supported by different cryptocurrency exchange platforms and securing EOS wallet. Before buying EOS coins, owning an ERC-20 digital wallet is the first approach. This digital wallet can be used to store the EOS cryptocurrency. Examples of ERC wallets are;
Jaxx Wallet; Jaxx wallet is a desktop wallet that is compatible with ERC-20. They have the ability to store many types of coins, and their software is compatible with Windows, Mac and even Linux. Jaxx which is one of the most recognized desktop wallets that is easy to use and beginner friendly. It offers provides a 12-word security system that offers maximum security for funds.
MyEtherWallet; This platform offers a web wallet that comes as an open source with a high-security level.
Trezor wallet; This wallet comes in the form of a token device for the storage of coins. This coin provides cold storage for EOS coins and offers a high layer of security with the use of a 4 digit security system for the hardware token and a 24-word seed in case of theft cases.
How to Buy EOS Cryptocurrency
Having been able to secure one of the digital wallet discussed earlier, the next step is to buy the EOS coin with any of the below cryptocurrency exchange outlets or platforms.
- Binance; As one of the most popular crypto exchanges that deal with the exchange of cryptocurrency for other altcoins like EOS coins. This platform allows individuals to register and buy Bitcoin or Ethereum which can be used as an exchange for EOS coins.
- ShapeShift; This crypto exchange platform is one of the easiest platforms for the exchange of bitcoin for EOS. During the process, Shapeshift creates a deposit address that offers a very swift exchange.
- Bitfinex; This platform accepts the direct exchange of fiat currency like USD for EOS coins.
After funds are exchanged for EOS coins, it is ideal to secure them in your wallet to ensure that your EOS coins are not prone to cyber hacks.