What is EOS and how it work?

Let me guess…you have heard about EOS blockchain from others and now you are searching for it to know more about. Or you have searched at other platforms but still you haven’t got proper details regarding EOS.

Well, if you are facing same kind of conditions then don’t worry now. We have covered everything about EOS that you must know in the simplest way possible. So, not only this article will be knowledgeable for advance lovers of Crypto but also for beginners too.

From here, you will get all essential details from starting how the project started to how the technology works. By the end of reading this “What is EOS” guide, you should be an expert in it! So, now what are you waiting for?? Let us start!!!

The Story Behind EOS

EOS is one of the newest blockchain projects that were entered in the cryptocurrency market. The goal behind the development of EOS is to make network capable of processing millions of transactions per second. Its ICO (initial coin offering) has been very interesting for a couple of reasons.

If we see at the starting age, then the first EOS ISO was started on June 26th, 2017 and will run until June 1st, 2018. That was the total of 350 days making it the longest ICO of all time! The reason behind to do this to make sure everybody got a chance to get involved and purchase some EOS.

ICO has become one of the most successful ICO’s of all time by reached upto over $1 billion. Once completed, the ICO will release 700 million tokens, which is 70% of the total supply.

In additional, EOS has well experienced and skilled team members in which Daniel Larimer, was also a co-founder at both BitShares and Steem. Larimer’s cryptocurrency projects are now worth billions of dollars!

The company behind the EOS software is called Block that is also involved in lots of different blockchain and business projects. Well, this is all about the story behind EOS. Now, move to the next section which is about “what is EOS guide”!!

DO You Know What EOS Is?

EOS is a decentralized blockchain that helps to transactions fast and free. Along with this, it allows smart contracts to be built on top of it, which will allow developers to release dApps. Moreover, EOS also wants to build a platform that functions like an operating system, which will make it really easy to use!

DApps are the future of the internet. The thousands of them are created on other blockchains already over there.

Go to the aim of EOS then it is to be able to process millions of transactions per second. With the help of this step, it will solve a big problem of recognizing other smart contacts as other blockchains. Not other blockchains can perform so quickly as EOS.

For example, even though ethereum is the most popular and smart blockchain but it can handle only 15 transactions per second. If you are thinking that why are these such issues then we are giving you more examples to understand better.

  • On facebook, there are 52,000 likes happens per second and every single like have its separate transaction of likes that you don’t ever see.
  • Then you have the financial industry which needs to process more than 100,000 transactions per second.

So, now we are hoping that you have better understand the basic need of EOS for millions of transactions per second for these types of industries!

How Does EOS Work?

The vision of EOS is to build a blockchain dapp platform that can help in the transaction over the million per second securely and smoothly.  This process will be a great experience for all app developers, entrepreneurs, and users. They aim to provide a complete operating system for decentralized applications by providing services like user authentication, cloud storage, and server hosting.

How to Buy EOS?

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

Moreover, you can buy with help of USD also. For this, first you have to create account on a platform that supports fiat to crypto exchanges. Gemini, GDAX, and Coinbase are all popular options.

After creating account, link your account with USD and send USD to proper platform for buying EOS or buy bitcoin. Now that you own Bitcoin, send it from your original exchange to Binance. Finally, on Binance, trade your Bitcoin for EOS.

Where to Store EOS?

After purchasing EOS, it comes on store. Then, there are several community-created wallets to choose from when storing your EOS tokens.

The Greymass wallet has became the overwhelming favorite of the community. It includes all those features that you need to store your tokens and vote for Block Producers in an easy-to-use layout.

Generally, EOS is another solid option that community members recommend. As the name implies, the wallet has a clear focus on simplicity that even novice token holders should feel comfortable using.

If you’re more tech-savvy, you can always use the Command Line Interface (CLI) wallet included with the blockchain. This wallet is open-source and provided directly from Block.one, so it’s your safest bet.

Final Conclusion:

EOS is the most controversial and trendy topic in cryptocurrency market. We have mentioned all essential details about EOS. Love it or hate it, one thing is certain: EOS isn’t going anywhere anytime soon.

The next couple of years will be crucial for the platform to place a foothold in the dapp market. So, stay tuned with us to get more updates and latest news related to EOS and its working. We hope that you have understood all information stated above.

Shailly Kashyap

I am a freelance blockchain writer. Having 4 years of experience in blockchain industry, I have written many articles and blogs on cryptocurrency. My goal is to work with dedication, deliver accurate and transparent information that helps to companies and users to grow.