What is EOS
EOS or EOSIO is a cryptocurrency that is based on its own blockchain. EOSIO is an open source project that is still under development and is run by the company Block.one.
The protocol emulates most of the attributes of a real computer, including processing hardware (CPU and GPU), local/RAM memory, hard disk storage, with computational resources distributed equally among EOS holders.
The network has an integrated function for smart contracts and development, and deployment of decentralized applications on an industrial scale, similar to Ethereum, in addition to its own currency.But unlike Ethereum, EOS transactions do not require any fees.
The core functionality required to allow businesses and individuals to create these dApps in a way that is almost identical to the way traditional web applications are created.
EOS History
The protocol was founded in 2017 by EOS‘ parent company, Block.one, led by Dan Larimer and Brendan Bloomer. Larimer is the man who designed the first decentralized cryptocurrency exchange, BitShares, as well as the first crypto social media project, Steemit.
Larimer currently serves as Block.one’s Chief Technology Officer and Brendan Bloomer is the CEO. He previously founded okay.com, which is one of the largest real estate agencies in Hong Kong.
EOS’s initial coin offering (ICO) managed to raise a record $4.2 billion in one year.
How does EOSIO work?
EOSIO uses a mechanism called delegated proof of stake (DPoS).
DPoS uses a real-time voting and reputation system to decide who can create the next block in the network. This means that anyone who owns EOS can help run the blockchain.
While this approach centralizes some of the blockchain’s operations, it also allows for better scalability and larger transaction volumes than some other networks.
The EOSIO blockchain is designed to emulate the operation of a real computer, and the software itself uses some familiar computer concepts in its operations.
For example, there are three types of resources that power the EOSIO blockchain.
These are:
- Computing (CPU) – the computing power required to run the dApp
- Bandwidth (disk) – needed to transmit information over the network
- State memory (RAM) – used to store data in the blockchain
EOSIO requires EOS to purchase these three resources – in other words, developers must purchase EOS for their dApps to function.
As previously mentioned, decentralized applications built on EOSIO do not require users to pay for transactions. However, these costs do not disappear with EOSIO, but are simply passed on to the application developers who must pay for network resources.
Management
EOSIO takes a more proactive approach to governance, with its features allowing users to vote and make decisions about changing the software’s rules.
Owning EOS enables the user to vote on decisions, and block producers are responsible for implementing approved decisions. Both groups can vote to change the „EOS Constitution,“ a document that codifies the rules among all EOSIO users.
One of the powers distributed among EOS holders is that users who create blocks in the EOS blockchain have the ability to freeze accounts.
How to buy EOS?
1. Choose a crypto exchange
There are numerous cryptocurrency exchanges and exchanges that range from easy-to-use systems to complex dashboards for advanced traders.
Because EOS is so popular, you’ll be able to purchase the token on most cryptocurrency exchanges, but it’s advisable to stick to a few of the more popular exchanges like Binance, Kraken, Coinbase, etc. Different platforms come with different fees, security measures, and may include other features, so it’s a good idea to do your research before signing up.
2. Create an account and confirm it
Start with account registration, which is completely free on the aforementioned platforms. For added security, 2FA – two-factor authentication – is also enabled. This way, you and your device are the only ones who can grant access to the account.
You are then taken through a KYC process, which is providing personal information – ID card/passport/driving license details, proof of address (e.g. bank statement or utility bill).
After completing these steps, you are ready to buy, sell and trade EOS as well as take advantage of various services such as steaming.
3. Fund your account
Once your account has been registered and verified, you need to fund the account so that you can start taking advantage of the buying and trading services on the platform.
The main deposit options are:
- Credit/Debit Card
- Bank deposit
- Peer-to-peer (P2P)
Where to buy EOS?
