EOS or Ethernet over Sonnet is a robust infrastructure or support based on blockchain. It is developed to provide the DApps or Decentralised Applications with smooth execution, hosting, and development.
What is EOS?
EOS represents a blockchain-based, decentralized platform to develop, host, and run business applications or dApps. This robust infrastructure or support is based on blockchain. It is developed to provide the DApps or Decentralised Applications with smooth execution, hosting, and development.
EOS is designed for DApps. The decentralized apps are applications that run through the P2P network. In most situations, these blockchains are decentralized from any control and mostly made for public use while trading. They are free from any centralized system, controlling its working and entirely free for users to connect. There is no interference of the intermediaries when working on these applications.
EOS current price
It is similar to the blockchain- Ethereum and works similarly to provide smooth creation of the DApps. But, it is considered to have greater flexibility and scalability when it comes to developing decentralized applications when compared to Ethereum.
How Does an EOS Work?
An EOS serves as software that helps develop decentralized applications while making the maximum use of blockchain technology. Since these DApps are created to be used by many users simultaneously, the EOS network makes its functioning smoother and helps it perform better at its task. Although many such platforms are available for decentralized apps, most require some cost or fees, but that is not the case with EOS. Furthermore, it is comparatively high on latency, making it possible for transaction scaling to reach millions per second.
Blockchain is not a fiat currency, and its exchange also takes place virtually. This makes many skeptical about its security. To ensure that all transactions and information remain the same, many algorithms are devised incessantly. Unlike the algorithms like POS (Proof of Stake) and POW (Proof of Work), the DPOS (Delegated Proof of Work) is the prime algorithm of the EOS network that helps in securing the blockchain by giving the privilege to only those who hold tokens. In addition, there is an IO software that helps select the producers of blocks, and only those with higher votes can create the blocks.
A block acts as a page of a transaction book that contains transaction details. These blocks, created by the producers, selected through IO software voting, generate a block every 3 seconds.
What Is EOS Token?
Not everyone can freely develop any decentralized applications or access the resources available on the EOS blockchain. To have access to the EOS network and have the opportunity to create DApps on the EOS, one must retain or should own EOS tokens. These EOS tokens worked as an entry ticket to the blockchain and were released through Ethereum. Just like the requirements of any other application, disk space, CPU, RAM, and server time are also required to run applications in the EOS. Therefore, the block producer must announce the opening needed for the necessities mentioned above and purchase the server time with the help of EOS tokens.
As mentioned before, the EOS is a decentralized system and is open to the vast public. However, it cannot be freely available to all. To use its resources, one must possess the EOS coin that helps the developers access these resources and use the blockchain network to create DApps.
How to Buy EOS Coin?
You can buy EOS coins if you open an account at crypto exchange portals such as EOS coins are Coinbase, Binance, and Kraken. Then, EON wallets you can open at SimplEOS, Lumi Wallet, Freewallet, Exodus.
The EOS tokens are significant to have access to the EOS blockchain and its resources and tools. There is a step-by-step process through which developers or producers can earn these tokens.
Select an EOS Wallet: Before starting earning the EOS token, one must own a space where these tokens can be stored and easily accessed when required. For that, one must select a functioning wallet that can store the EOS tokens digitally. Since only an ERC-20 compatible wallet is needed, due to no official EOS wallet available to the developers, they have to choose among the available third-party wallets that are ERC-20 compatible.
Due to many available options, there are certain features of these wallets that one must compare before selecting.
Security- Since the platform is digital and millions of people have access to this platform, hacking has become a common problem. So, the first and foremost concern while choosing a wallet should be the level of security the wallet is offering. These security features may include encryption and two-factor authentication.
Reviews- Other wallet users can give an actual glimpse of how practical the wallet can be. In addition, the customers who have used it can provide an honest opinion about different features of the wallet that can help someone compare other wallets and select the best one with a better customer base.
Development Scope- Since its a digital platform, one must keep up with the ever-going changes. The wallet you are selecting should provide you upgrades or new features, from time to time, that can help you safeguard your tokens as well as use them with convenience.
Private Keys- Private keys are a feature in EOS wallets that conveniently help users send and receive tokens. The wallet you are selecting should have this feature as it creates convenience in making the transaction.
EOS Digital Wallets
Following are some of the best EOS digital wallets available to the public. They have some of the best features and reviews, and users can choose one according to their convenience.
Wallets for Smartphones- If one wants to have the convenience of using the wallet or making the transactions of the EOS tokens quickly and anytime, with the help of their smartphone, then mobile wallets are the best option for them. The best among the available mobile wallets is Jaxx Wallet, as it is both Android and iOS supportive.
Wallets for Desktop- Some users might want to use the wallets through their desktops as they become more convenient and less chaotic. Also, desktop wallets may provide some extra features that cannot be found in mobile wallets. For example, Jaxx and Exodus are both multi-cryptocurrency wallets compatible with Windows, Mac, and Linux. They also have a particular feature, known as the ShapeShift functionality, that helps in trading the ERC-20 tokens efficiently.
While Jaxx can be accessed through both smartphones and desktops and is highly recommended for beginners, Exodus comes with user-friendly features, like live chat and is free for desktop users. Exodus users can also check the balance of their EOS tokens quickly and without any inconvenience. Also, Juxx can be operated through chromes in the desktops.
Wallets for Web- One of the most popularly used web wallets is MyEtherWallet. This wallet is a publicly accessible EOS wallet and comes with the convenience of providing private vital features to its users. In addition, users can also safeguard their tokens as the tokens can be stored on the computer instead of online and can also access their wallet information easily.
Hardware Storage Wallets- As the name suggests, wallets provide a type of storage like hardware. A perfect example of this type of wallet is Trezor.
Trezor is the best in this category, even though it is costly as it costs approximately $105 because it has various security features or layers. For example, it comes with a 4-digit pin to safeguard your tokens from others and a 24-word seed feature to help recover the wallet if the user forgets the 4-digit pin. It also has other security features like wiping passwords and encryption.
A cryptocurrency exchange is a platform for trading in cryptocurrency or digital currencies like stock exchanges for stocks. For example, after creating a digital wallet for the EOS token, the trader has to visit the cryptocurrency exchange to buy the tokens.
Following are some of the cryptocurrency exchanges one can choose from to buy the EOS tokens.
Kraken- the best exchange to buy EOS tokens is the Kraken Cryptocurrency, as it provides traders with a wide range of payment options. One can also purchase tokens using EUR, USD, or GBP (the fiat currencies). It is also cost-effective as the transaction fees are lower than other platforms, and opening an account is not difficult.
Binance- The name of Binance comes on the top when talking about one of the biggest cryptocurrency exchanges. This is mainly because a large number of Altcoins are listed in this exchange. But, one can only buy these altcoins by using cryptocurrency. This means that other modes of payments are not acceptable here, and if one wants to buy the EOS tokens, they must own some ETH or Bitcoins.
Bitfinex- In the Bitfinex exchange, EOS and USD are traded in pairs. This gives the buyers the convenience to buy EOS tokens with the help of USD.
Shapeshift- Shapeshift comes with a feature that exchanges may not be able to offer. That is, creating an account is not compulsory to trade cryptocurrency. Instead, trading of different cryptocurrencies can be done from the web page of Shapeshift.
NOTE: Using Fiat currency to buy EOS tokens is currently not possible. One must own other cryptocurrencies like ETH or Bitcoin to buy the EOS tokens. In this situation, the only way possible is that, first, one has to buy either ETH or Bitcoin by paying through debit or credit cards through platforms like CEX.IO or Coinbase. After buying these cryptocurrencies, one must shift them to one of the above-mentioned crypto exchanges and buy the EOS tokens.
Withdrawing EOS Tokens to the Wallets
After selecting a wallet and buying the EOS tokens, the next step is to transfer the bought token to the selected wallet and not leave them out in the exchange. This is important to protect your tokens from possible cyber theft. This is why almost all cryptocurrency wallets have security features that safeguard one’s holdings. However, at the same time, cryptocurrency exchanges have the possibility of getting hacked.
Characteristics of EOS
Decentralized: The EOS blockchain is open-source, which means it is open to people and is decentralized. This feature allows the community to update information or make any changes in the blockchain system. But, it is important to remember that block producer-only vote in the IO software to create blocks or update or change anything.
Scalability: Scalability means the capability to process transactions in a concise period of time. The ability of the EOS network to create a large number of DApps at any time makes it extremely scalable. Due to this, it can process almost millions of transactions within a second.
Formation of Blocks: As mentioned above, only voted block producers can create a block in the EOS network. These voted block producers create a block almost every 3 seconds on the EOS network. Also, batches of 21 blocks are created to solve them. This is because the number of block producers is short.
Nil Transaction Cost: The only way to access EOS blockchain resources depends upon how much EOS token one owns. There is no transaction cost involved in the EOS blockchain like other blockchain networks. Although those who develop apps through the EOS network may add some cost to their apps, that fee is also the least.
How Is Eos Different from Ethereum
- Both EOS and Ethereum are big names when it comes to talking about blockchain networks. But there are some grounds on which they differentiate a lot, such as Operating Networks.
The EOS network is decentralized and has an ownership model type of operator. The ability to create blocks and access blockchain resources comes with EOS token ownership. Also, there are no transaction fees involved.
However, the Ethereum blockchain is exactly the opposite of the EOS. It has a rental model type of operator. Due to this, almost every activity on this network, like storage, calculation, or utilizing the bandwidth, is chargeable.
- Different Programming Language
Both the blockchain networks have different programming languages, which also differentiates their demand. The EOS network has given the developers the freedom to choose from various programming languages that Web Assembly compiled. However, C++ is a common choice of developers in the EOS network due to its attractive features.
However, this choice is limited to only one programming language when it comes to Ethereum. Therefore, the developers must be well equipped with the knowledge of the programming language used in the Ethereum network, Solidity, to develop the DApps. This is the reason why developers favor the EOS network over Ethereum.
- Different Consensus Mechanism
The consensus mechanism in blockchains basically helps in fixing the DApps with bugs. The consensus mechanism used in the Ethereum blockchain is the POW (Proof of Work) protocol. This protocol has the ability to process only 13-15 transactions within a second. Due to its slow speed and inability to fix broken DApps, many developers do not favor it.
However, the EOS network can fix decentralized applications, and most developers favor the transaction processing speed. In addition, the EOS network uses the DPOS (delegated proof of stake) protocol that is better in many terms than the one used in Ethereum.