EOS Cryptocurrency: A Beginner’s Guide

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    Is EOS cryptocurrency a good investment of a scam? This is a question that millions of people have been asking around the internet since EOS was launched. EOS is a cryptocurrency that is similar to Ethereum. It tries to expand a few things from Ether that is why it is probably referred to as ‘Ethereum killer.

    EOS CryptocurrencyIn other words, EOS is a blockchain-based operating system, created to support commercial-scale decentralized applications by giving all of the necessary core functionality, allowing businesses to form blockchain applications similar to web-based applications.

    It is a decentralized operating protocol created to deliver a network for devolved industrial applications. The EOS was designed by Brendon Blumer and his colleagues with ambitions of reducing the high fees and solving the scalability problem associated with creating dApp.

    As a blockchain, EOS permits for the development of high-performance dApps that can be scaled horizontally and vertically. Moreso, the operating system of EOS provides resources such as data sharing for dApp development, ledger accounts, databases, and seamless intercommunication.

    Furthermore, the system functions on the Ethereum network thus allowing for the occurrence of thousands of transactions per second and supporting smart contracts. Therefore, with a strong team behind it and such exciting technology, it’s only logical that numerous people will want to join the platform.

    How Does EOS Work?

    The EOS vision is to create a blockchain dApp platform that can smoothly and securely scale to thousands of transactions per second while providing an accessible experience to entrepreneurs, users, and app developers. They aim to provide an operating system for decentralized applications by offering services like user, cloud storage, server hosting, and authentication.

    How to Buy EOS?

    Before you think how to buy EOS currency, you must first think of a wallet. Honestly, the only principle that you should follow while selecting an appropriate wallet is safety. In this light, if your EOS wallet doesn’t have a thousand different functions or isn’t aesthetically pleasing, it does not matter as long as your EOS coins are safe.

    The simplest way to purchase EOS is to buy it on Binance with BTC, ETH or USD. You can also purchase it on Huobi, OKEx or Bitfinex although the process may not be as straightforward.

    However, if you only have USD or any other fiat currency, you need some additional steps. Firstly, you need to create an account on a platform that supports fiat to crypto exchanges. For example, GDAX, Coinbase, and Gemini are all popular options.

    Therefore, once you are done creating an account, you should link your bank account and send USD to any platform you would have chosen. After that, you should purchase Bitcoin.
    After completing the above and now owning Bitcoin, send it from your original exchange to Binance. Finally, on Binance, you can trade your Bitcoin for EOS.

    Where to Store EOS?

    The platform functions on the delegated proof of stake protocol, and it does not have any charges for its transactions. Currently, EOS cryptocurrency is among the 20 significant cryptocurrencies, and EOS tokens are its primary tokens.

    Therefore, with such a promising development trend in mind, it’s only logical that you secure your share of the digital assets if you haven’t yet. However, before you buy these EOS tokens, you should concern yourself with their safety and storage. So, you need to pick a wallet offers secure, convenient storage and a wallet that is compatible with ERC20 tokens.

    Chart from coinmarketcap.com

    EOS CryptocurrencyYou have different community-created wallets to select from when storing your EOS tokens.
    The MyEtherWallet seems to be the overwhelming favorite of the community. It has got everything you need to store your tokens.

    Simpleos is another option that community members recommend. Therefore, as the name implies, the wallet has a clear and easy focus on simplicity that even new token holders can feel comfortable using it.

    Key Elements to Consider When Choosing An EOS Cryptocurrency Wallet.

    Development Prospect
    A wallet might look perfect today, but this will not remain so for long. The information and Technology niche is highly dynamic and rapidly changing. Therefore, ensure to choose a wallet that continues to upgrade with new and improved features. Above all, ensure that you get prompt responses in case of a problem and you can access customer support easily.

    Security Features
    The security feature is the most crucial aspect of your wallet and theft, and hacking is the most notable threats your digital assets face. Thus, you need to ensure that your wallet offers breach-proof authentication, advanced encryption and more.

    Private Keys
    Sending and receiving funds is one of the critical functions of your wallet. However, you need private keys to send and receive with your cryptocurrency balance. Therefore, a good wallet is one whose private keys you can recall full time.

    Conclusion

    The potential of EOS cryptocurrency seems to improve as it focuses on addressing the problems associated with standard blockchain-based networks. Although, it is still a theoretical initiative it may not or may bear expected fruits.

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