Complete Guide to EOS Cryptocurrency: Review, Wallets, Exchanges
The crypto market offers almost 3,000 cryptocurrencies with a total market capitalization of $192,201,707,026. However, such a vast choice of digital assets might be confusing. Depending on goals pursued, one can choose crypto for long or short term investment. But, there are projects aimed to provide real utility to the blockchain industry and bring the day of mass adoption closer. One of such projects is EOS.
EOSIO is a smart contract platform aimed at providing almost unlimited scalability and high transaction throughput opportunities for both regular users and decentralized application (dApp) developers. EOS coin is a native cryptocurrency of the network.
*EOSIO is a software developed by Block.one
**EOS is a native token of the EOS blockchain
History of EOS
The EOSIO platform was developed by a private company Block.one in 2017. During 2017-2018, EOSIO raised sensational $4 billion during the ICO.
On June 1, 2018, EOS was launched on the mainnet.
In June 2019, Block.one introduced Voice – a social network built on top of the EOS blockchain – along with significant improvements of the network in general.
In September 2019, EOS met some problems with the US Security Exchange Commission (SEC) just like TON. Due to the unregistered ICO campaign, Block.one paid a $24 million penalty and settled down the conflict.
In 2020, it was announced that the EOS testnet, Jungle, reached 9,656 transactions per second.
On January 10, 2020, Block.one introduced EOSIO 2.0.
EOS Consensus Algorithm
The EOS blockchain is based on the delegated proof-of-stake consensus algorithm (DPoS) created and introduced by a programmer and software developer Daniel Larimer in 2014. He is currently Block.one CTO.
Unlike the Proof-of-Work (PoW) consensus algorithm, DPoS consumes less electric and computing power, while providing higher transaction throughput. EOS coin cannot be mined as there are no miners required for the EOS network. Instead, the network is being maintained by 21 block producers (BPs) that confirm blocks and validate transactions within seconds.
Each EOS token holder is an eligible entity that might participate in elections.
Being a significant figure in the blockchain industry, Larimer has introduced various crypto projects including open-source decentralized exchange (DEX) BitShares and the Steem blockchain that later became a launchpad for a decentralized social network Steemit.
Following the idea of libertarianism, the EOS ecosystem reminds a small state within the blockchain industry. The ecosystem had its own judicial system EOS Core Arbitration Forum (ECAF) that was abolished in 2019, the Constitution that later was replaced by the EOS User Agreement (EUA), and so on.
A transparent voting system allows every token holder to be an essential part of the ecosystem. By staking EOS tokens, users place their votes for a particular block producer. Once a block producer has enough staked tokens to get into the top 21, he/she must provide proper network maintenance. Otherwise, he/she will be replaced by other block producers with more votes. In its core, block producers are not competitors, but a unified entity that is aimed at providing a flawless network performance.
EOS vs Ethereum vs Tron
Some may decode EOS as ‘Ethereum On Steroids’, ‘Enterprise Operating System’, ‘Evolution Of Scalability’, etc. The team behind Block.one stressed that they wouldn’t define it themselves.
“We believe that EOS means different things to different people. We have received numerous amazing interpretations of what EOS stands for or what it should stand for so we have decided not to formally define it ourselves.”
Despite the fact that EOS doesn’t charge any transaction fees, a user has to stake EOS tokens in order to use network resources. The EOS network required a certain amount of RAM, CPU, and Bandwidth. In 2019, the community together with BPs vote for the Resource Exchange (REX) to be implemented on the network. With REX, token holders can stake unused EOS to earn passive income. By lending EOS coins, users provide liquidity to the network.
Depends on the amount of a transaction
Number of dApps
EOS Account Creation
The EOS community is considered to be very loyal and dedicated. Therefore, to become a part of the EOS network, one has to obtain an EOS account. Please note, that the creation of an account requires approximately 3KB of RAM. The current price of RAM is 0.054000 EOS/KB.
Major block producers provide comprehensive tutorials about EOS account creation, so there will be no problem to have one.
EOS Latest News
The company behind the EOSIO development, Block.one, has decided to break the silence and start to participate directly in the EOS ecosystem.
According to the recent announcement, Block.one is going to participate in the governance of the EOS network starting from May. As one of the biggest token holders, Block.one intends to vote for BPs who have been contributing to the EOS platform since the launch.
“Since the EOS public blockchain was launched by the public and its founding BPs, hundreds of BPs and SBPs have contributed a tremendous amount of code, knowledge, and leadership. Initially, in the coming weeks, we plan to use our voting stake to begin highlighting and voting for many of these candidates, potentially even in rotation, to showcase these organizations’ achievements, values, and network contributions.“
As of April 13, 2020, Binance added EOS to a P2P exchange. Now, users can exchange EOS directly and without third-party intervention. EOS is the 6th cryptocurrency supported by Binance P2P that also lists BTC, USDT, BUSD, BNB, and ETH.
EOS Coin Value
The current EOS price is $2.49 with a total market capitalization of $2,292,996,565. EOS hit its best price of $22.89 on April 29, 2018. Since then, the price has been fluctuating drastically. However, the EOS return of investment (ROI) is currently 141.35%.
Where to Store EOS Coin
EOS coin has been on the market for two years. Consequently, there are various options on how to store EOS securely.
Scatter is a MetaMask for the EOS network as it allows users to seamlessly interact with EOS dApps. Just like MetaMask, Scatter offered a browser extension a little while ago. However, due to security reasons, Scatter disabled browser extension and upgraded the desktop version of a wallet. Today, Scatter desktop wallet gives you an opportunity to safely manage your EOS-based coins and tokens and exchange BTC, TUSD, EOS, ETH, TRX, or DAI in just one place.
Anchor (aka GreyMass Wallet)
Since the very beginning of the EOS network, Anchor (formerly known as ‘GreyMass Wallet’) has been providing safe and sound storage of EOS coins. Anchor is a desktop EOS wallet, that allows users to transfer EOS and stake tokens to access the network’s resources as well as vote for block producers within one application.
Both GreyMass and Scatter, are active block producers that provide the ecosystem with important features and proposals.
There are different wallets to use with EOS coins. EOS wallets support all the EOS-powered projects and EOS-based tokens.
Freewallet. The wallet is quite secure since this app backs up your passphrases. Freewallet provides free creation of the EOS account.
Lumi Wallet. A mobile wallet that is available for iOS and Android. This wallet is user-friendly.
Infinito Wallet. The project of Blockchain Labs Europe. Available for iOS and Android.
EOS can also be stored on multiple hardware wallets like Trezor, Ledger Nano X, Ledger Nano S.
Where to Trade EOS Coin
EOS can be traded on an array of cryptocurrency exchanges.
Buy EOS at Changelly
Changelly offers an instant purchase of EOS coin in a secure and convenient manner. You can buy EOS cryptocurrency with USD, EUR, GBP. Bank cards are accepted.
The EOS concept is obviously not new, but the quality of its performance is quite impressive. It reflects on the successful apps made in the EOS ecosystem and its usage.
The EOS network is a prominent and robust part of the modern blockchain industry. With its own governance, the ‘EOS state’ provides users with a suitable environment for dApp development and opportunities for blockchain exploration in a user-friendly manner.