All You Need To Know About EOS

Posted by Manu Sharma on November 24th, 2020

Blockchain came into existence more than a decade ago, yet newer concepts that enroot its essence are flourishing in the market. The latest (or one of the latest) of it is the EOS blockchain. 

To know about the EOS blockchain, it is important that you build an understanding of the initial blockchain. This article will help the readers to develop clarity about both of it.

What is Blockchain?

Initially, the concept of blockchain seemed challenging to master, although it still is, the consistent efforts of the community are making it easier for us to understand it and improvise for commercial needs.

Blockchain is a digital database ledger with a decentralized character. It means that there exists no central system, but a cluster of systems that are verified on the network can only access it. 

In simple terms, blockchain can be bifurcated into two parts, i.e., block+chain. As the name suggests, blockchain is an endless digitized chain that consists of many blocks that are attached one after the other in a systematic manner. 

Understanding EOS Blockchain

Just like any other blockchain, the EOS blockchain is one of the latest additions in the blockchain genre that supports the concept of decentralized applications. 

What makes it interesting is the fact that it is capable of processing more than a thousand transactions every second without any additional incurring any on-chain transaction cost.

Unlike miners (who are responsible for adding blocks in a traditional blockchain), Block Producers take charge of adding new blocks to the EOS blockchain. On every successful attempt of adding a block, the Block Producers are paid by the EOS blockchain. 

The EOS blockchain produces two blocks every second and also facilitates smart contracts like in any other blockchain like Ethereum. The tokens that float on the EOS blockchain are called EOS tokens. These EOS tokens can be used to avail goods and services and hence are identified as utility tokens. 

Advantages of EOS Blockchain

With the launch of the EOS blockchain in the market, it has started to revolutionize the decade-old concept in its unique way.

• Has public as well as private utility.

• Practical to use as it supports a great extent of customization to accommodate various business needs.

• The EOSIO protocol hints that it shares similarity (to some extent) with other existing non-blockchain applications.

• It can easily be customized using various development tools for a seamless user experience.

How To Trade EOS Tokens

Trading EOS tokens is pretty simple if you are well-versed with using traditional blockchain networks like Ethereum or any other. A Blockchain Development Company can provide you with the guidance required; however, the steps stated below will surely help you with the case:

Step 1: Getting an EOS wallet.

Step 2: Creating an EOS account.

Step 3: To find your EOS address.

Step 4: Accessing a cryptocurrency exchange platform. 

Step 5: Adding funds to your account to buy EOS tokens.

Step 6: Withdrawing purchased tokens to your wallet.

No doubt, like traditional tokens, EOS tokens are also facilitated by hardware and software wallets. However, it's still unique in its working operations. The EOS wallets involve two types of private keys, an owner key and the other is an activation key. 

Some security enhancements in EOS wallets

Below mentioned security enhancements that are provided in EOS wallets will help you secure your funds-

• Fingerprint Login

• 2-factor authentication

• PIN code lock

• Email verification for each transaction

• Daily and weekly withdrawal limits

Some platforms that support EOS tokens

• Coinbase: It is one of the leading platforms that is operated in more than 103 countries. The platform supports numerous cryptocurrencies, including EOS tokens.

• Kraken: There are two key factors that make it ideal for beginners. Firstly, the registration process is quite easy, and the second is the low transaction fee that it charges.

• Binance: An enriched cryptocurrency exchange platform that features numerous cryptocurrencies, including EOS tokens.

• eToro: If you are new to the crypto trading world, then considering this platform can be a good option for you. Moreover, the multiple payment options add further convenience to the user.

Is EOS the future of Blockchain?

It will be too soon to say anything on the potential of the EOS blockchain. There's no second thought in the fact that the EOS blockchain hosts many unique capabilities that makes the network different from the other existing blockchain networks. However, the blockchain network is still consistently improvising with community efforts.

Deploying decentralized EOS apps requires you to Hire EOS Blockchain Developer that holds a strong command in developing EOS apps.