EOS is the digital currency that supports the EOS.IO protocol which is technology that operates as a decentralised system as well as platform for smart contracts.
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Choose your quick section of our EOS review below.
A Quick Overview of our EOS Review:
EOS is a platform that makes use of the distributed ledger technology through which decentralised applications (DApps) are launched.
What is EOS?
EOS is the digital currency that supports the EOS.IO protocol which is technology that operates as a decentralised system as well as platform for smart contracts. EOS.IO is designed for industrial-size and scale applications with the aim of developing decentralised autonomous corporation models.
Key Features and Takeaways of EOS
There are various blockchain platforms currently operating, one of which is EOS. EOS is advanced and one of the most popular platforms and cryptocurrencies in the world, with the following features and takeaways:
EOS is a platform that makes use of the distributed ledger technology through which decentralised applications (DApps) are launched.
Dan Larimer, with the help of block.one, a firm based in the Cayman Islands, founded EOS
EOS was initially launched on the Ethereum blockchain as an ERC20 token, however, Ethereum was not ideal as result of speed constraints, and EOS conducted its ICO from 2017 to 2018, raising more than 55 billion ZAR.
EOS’ blockchain can comfortably handle a million transactions within a second, which is supersonic speed when compared to other blockchains such as Bitcoin and Ethereum.
EOS aims to ensure scalability while remaining decentralised and in having a different approach where blockchain governance is concerned.
EOS’ ecosystem has two intertwined components namely EOS and EOS.IO, which work together to differentiate it from other blockchain projects.
IO is like the operating system of a computer while EOS is the application that runs on it. EOS.IO works to define how everything which is built on it will interact with one another as well as the outside world.
With EOS.IO, EOS DApps can be scaled either horizontally or vertically.
EOS makes use of the Proof-of-Stake consensus method in addition to providing role-focused permissions. With this approach, there is roll-back, bug fixing, and several other decisions that can be made in the fastest time.
The adding and verification of new blocks is done through block producers who are individuals who earn EOS for each block that they add.
DApps can be developed on EOS easily as EOS.IO already has defined database schemas, web toolkits, and several other tools and functions.
Unlike other blockchain platforms, EOS does not charge fixed transaction fees. Instead, there is a native app that defines how users cater for their transaction fees.
There are more than 100 Daps that have been developed on EOS, interacting with more than 6 000 users daily.
EOS also uses a Delegated Proof-of-Stake (DPoS) algorithm for creating blocks. DPoS is a different version of PoS which aims to solve some challenges faced by Ethereum. The DPoS allows for implementation of technology allowing users to vote and elect processes in a specific decentralised blockchain network.
EOS Mining
Mining
Unlike some other cryptocurrencies that can be mine as result of the use of Proof-of-Work consensus methods, EOS uses a Proof-of-Stake consensus method, which means that mining is not possible.
EOS block producers receive EOS coins as a reward for the blocks that they create and add to the EOS blockchain. This reward is calculated according to the average payment value expected for the work of block producers.
To stake EOS, tokens are used as currency, especially when used to fund the DApps which are created on the EOS blockchain. EOS coins function in the same way that other cryptocurrencies do, they attribute a certain value to buy and carry out transactions.
Even though EOS cannot be mined directly, EOS is a ERC20 token and therefore users can mine Ethereum and convert Ether to EOS at any exchange trading platform such as Binance. One of the best and efficient ways to mine Ethereum, is to join a Ethereum mining pool.
This is as result of the difficulty in mining Ethereum which makes it hard for some miners to mine on their own. By combining the hashrate of all miners who are participating in the mining pool, it increases the chance of finding blocks and reaping the rewards from solving the algorithm.
Once Ethereum mining has commenced, miners can easily exchange their Ether for EOS on any exchange.
Staking
EOS makes use of a Proof-of-Stake algorithm, which means that EOS coins can be staked. The main wallet interface for EOS is Scatter and it has become widely accepted as a way through which users can interact with EOS platforms.
The first step is to download the application and move EOS into the provided wallet. It is crucial that users make use of Scatter’s guides on how they can secure their wallet and users must ensure that they keep their private key safe.
The next step is to create a profile on the REX homepage, enable pop-ups, and other activities along with the Scatter wallet. To make use of EOS’ REX, there are some requirements that users must adhere to before they can complete actions such as voting for block producers.
Scatter as well as the website will provide users with a detailed walkthrough on this process. New users who do not know who to vote for can delegate their EOS voting to a trustworthy delegate, indicated on the website.
The next step is to deposit funds into REX by selecting the “Borrow CPU/Net” tab and go to the “Deposit” option. Users can select the amount of liquid EOS they want to stake and select “Deposit”. Users are advised to keep some EOS back in case they wish to stake it later for more resources.
Once the user has REX tokens, they can proceed with staking. On the website, users can navigate to the “Get/Sell REX” tab, scroll down, and select “Stake my REX”. Users can simply deposit their REX tokens and when they are done, it will start collecting interest as other users borrow EOS resources from the general fund pool and pay back interest (of which the user will get a portion).
Pros and Cons
| ✔️Pros | ❌Cons |
|---|---|
| EOS offers a lot of convenience and flexibility for developers of DApps | There are some centralisation concerns with EOS |
| EOS tokenises governance access | There are numerous competitors in the field |
| EOS has a self-sufficient reward model as well as fee elimination | |
| EOS has supersonic speed in executing and validating transactions |
Transaction Fees
| Type of Fee | Information |
|---|---|
| Deposit Fees | 0% |
| Trading Fees | 0.1% - 0.75% |
| Withdrawal Fees | 0.5 EOS |
Should you buy EOS?
EOS’ founder has a strong foothold and expertise in the cryptocurrency world, making EOS an exciting investment for many. EOS has very few fees and fast transaction times, beating both Ethereum and Bitcoin in the cryptocurrency arms race for the fastest coin on the market.
However, EOS finds itself in competitive field in becoming the “Ethereum killer”, with both Cardano and NEO having given the same moniker while Ethereum remains the second-largest cryptocurrency.
Another thing that is deterring investors is that EOS tokens are not available to United States residents or citizens as result of logistical challenges faced with state laws on cryptocurrency.
EOS was designed with developers in mind while ensuring scalability and remaining decentralised. A lot of blockchains are faced with scalability issues and there are numerous platforms that are trying to address this.
With EOS, scalability is prioritised, and it allows for apps that need decentralisation to be targeted without it affecting performance. Developers who have built their DApps on the Ethereum blockchain may face a crucial choice, keep postponing their apps while they wait for Ethereum to address scalability, or migrate to a different blockchain, such as EOS that offers them with flexibility.
When this happens, and as it happens, EOS will be granted a position of power where it can take advantage of Ethereum’s projects.
How to buy EOS (EOS)
Step 1 – Open an account on Binance
Navigate to the official Binance website and select “Register Now”. You will be redirected to a “Create a Free Account” where you can either register with your email address or your mobile number.
You can enter your email address and user-selected password or select the “Mobile” option at the top of the form. Select your country code and enter your mobile number along with your user-selected password.
Once you have completed the necessary fields, you can read and accept the Terms of Service before selecting “Create an Account”.
You may have to complete a Security Verification that will confirm that you are not a robot. Next, there is an account verification. During this, a 6-digit verification code is sent to the email address or mobile number that you provided. The code is only valid for 30 minutes and must be entered in the blocks provided on this page.
Once the verification is completed, a welcome page will load, and you will be given the options through which you can either trade or purchase cryptocurrency. If you are new to crypto, you can visit the “Learn More” Section at the bottom of the page.
Step 2 – Secure account with two-factor verification
On the trader’s dashboard, select the option to secure your account with two-factor verification. Even though phone verification is a secure option, the most preferred and secured method is to make use of the Google Authenticator.
Once downloaded and installed, either scan the QR code or type in the one-time, unique code provided to add your Binance account credentials onto Google Authenticator.
Once completed, write down the back up key provided to recover your account on Google Authenticator in case you lose or misplace it. In the final step, enter the 6-digit code which you will receive on your registered email address along with the Google verification code.
Step 3 – Deposit funds
Binance allows for the purchase of cryptocurrencies via fiat deposits as well as cryptos. Deposits can be accessed from the following locations:
The “Welcome to Binance” banner.
Hovering over “Buy Crypto” at the top of the webpage and selecting your preferred method.
Selecting “Deposit” on the “balance details” section on your traders dashboard.
Once you have selected the option to “Deposit”, you can select whether you wish to deposit cryptocurrencies from another wallet, or whether you want to make a fiat deposit.
For Crypto deposits, follow these steps:
Select your coin between Bitcoin, Ethereum, TetherUS, BNB, or EOS.
Select the network to be used between BEP2, BEP20 (BSC), ERC20, or TRC20 and accept the conditions for using the network.
Copy the address or scan the address QR code from the wallet where you are depositing and follow further prompts. Kindly note that each network has its own set of network confirmations between 1 up to 15 confirmations before the deposit will be done.
For deposits in Fiat currencies, follow these steps:
Select the deposit currency from the dropdown list. To gain access to more currencies, it is necessary to verify your identity and face.
Select the payment method to be used, depending on the currency chosen.
Enter the deposit amount and any other details. Kindly note that the transaction fee will be displayed along with the balance after this is subtracted.
Continue with the deposit.
Step 4 – Start Trading
Once you have completed your deposit, you can navigate to the “Markets” section at the top of the page to view the available cryptocurrencies. From here, you can buy, sell, and trade currencies at competitive prices.
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Frequently Asked Question
When was EOS first launched?
EOS was launched in June 2017.
Who founded EOS?
EOS was created by Daniel Larimer, creator of Bitshares and Steem.
What is “ICO”?
It is Initial Coin Offering that, unlike an IPO, does not mean that those who invest in the cryptocurrency will have an ownership stake of the company that they provide funds to.
When was EOS’s ICO and how much did it raise?
EOS’ ICO was from 2017 to 2018 and raised 55 billion ZAR.
Is EOS legit?
EOS is legit.
What is EOS’s total supply?
EOS does not have a maximum supply. The current circulating supply, at the time of writing, is 953 million EOS.
What is the purpose of EOS?
To build a more scalable, faster, and more efficient version of Ethereum.
On which blockchain is EOS based?
EOS was a ERC20 token built on Ethereum until its ICO between 2017/2018.
Does EOS work with smart contracts?
Yes, EOS.IO is a smart contract platform.
Does EOS have potential to become more valuable?
Yes, EOS offers developers of DApps with the flexibility and room that they need. As more people start using EOS to develop DApps, EOS is set to increase in value.
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