How To Buy EOS (EOS)?
A common question you often see on social media from crypto beginners is “Where can I buy EOS?” Well, you’ll be happy to hear it is actually quite a simple and straightforward process. Thanks to its massive popularity, you can now buy EOS on most cryptocurrency exchanges, including Coinbase and Binance in 3 simple steps.
Step 1: Create an account on an exchange that supports EOS (EOS)
First, you will need to open an account on a cryptocurrency exchange that supports EOS (EOS).
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In order to sign up, you will need to enter some basic information, such as your email address, password, full name and, in some cases, you might also be asked for a phone number or address.
Note: On specific exchanges, you might need to complete a Know Your Customer (KYC) procedure in order to be able to purchase cryptocurrency. This is most commonly the case with licensed and regulated exchanges.
Step 2: Deposit funds into your account
Many cryptocurrency exchanges will allow you to purchase EOS (EOS) with fiat currencies, such as EUR, USD, AUD and others. Furthermore, they will also provide you with multiple deposit methods through which you can fund your fiat account, such as credit and debit cards, ewallets or direct bank transfers.
Note: Some payment methods will have higher fees than others, such as credit card payments. Before funding your fiat account on your chosen exchange, make sure to do your due diligence to find out the fees involved with each payment method to avoid unnecessary costs.
Step 3: Buy EOS (EOS)
This process is similar across almost every cryptocurrency exchange. All you have to do is find a navigation bar or a search bar, and search for EOS (EOS) or EOS (EOS) trading pairs. Look for the section that will allow you to buy EOS (EOS), and enter the amount of the cryptocurrency that you want to spend for EOS (EOS) or the amount of fiat currency that you want to spend towards buying EOS (EOS). The exchange will then calculate the equivalent amount of EOS (EOS) based on the current market rate.
Note: Make sure to always double-check your transaction details, such as the amount of EOS (EOS) you will be buying as well as the total cost of the purchase before you end up confirming the transaction. Furthermore, many cryptocurrency exchanges will offer you their own proprietary software wallet where you will be storing your cryptocurrencies; however, you can create your own individual software wallet, or purchase a hardware wallet for the highest level of protection.
For more in-depth instructions, our ‘Absolute Beginner’s Guide To Cryptocurrency Investing‘ will take you through the process step-by step. In addition to providing instructions for sending and receiving your cryptocurrency.
And if you’re completely new to crypto our beginner, intermediate and advanced level articles will get you up to speed with everything you need to know about the cryptocurrency space starting out.
What Is EOS (EOS)?
EOS is a platform that’s designed to allow developers to build decentralized apps (otherwise known as DApps for short.)
The project’s goal is relatively simple: to make it as straightforward as possible for programmers to embrace blockchain technology — and ensure that the network is easier to use than rivals. As a result, tools and a range of educational resources are provided to support developers who want to build functional apps quickly.
Other priorities include delivering greater levels of scalability than other blockchains, some of which can only handle less than a dozen transactions per second.
EOS also aims to improve the experience for users and businesses. While the project tries to deliver greater security and less friction for consumers, it also vies to unlock flexibility and compliance for enterprises.
Who created EOS?
Founded in 2017 by Dan Larimer and Brenden Blumer, Block.One is the private company that developed the EOS protocol. Larimer is a notable name among blockchain developers. In addition to EOSIO, he architected the first decentralized exchange, BitShares, and the first crypto social media network, Steemit.
As the Chief Technology Officer for Block.one, Larimer is the lead architect behind the EOS software. He is also known for having created the delegated proof-of-stake (DPoS) consensus mechanism used in the operation of the EOS blockchain.
To an extent, you could argue that EOS aims to create familiarity for its users. Whereas EOS.IO is probably best compared to an operating system like Windows or iOS, EOS is the cryptocurrency that drives the network.
According to the company, it has the capacity to accommodate the demands of hundreds, if not thousands, of DApps — even if they were being used by substantial numbers of people. Parallel execution, as well as a modular approach, are said to drive this efficiency.
In a unique twist, token holders have the ability to vote for block producers — as well as other matters such as protocol upgrades.
How does EOS work?
The EOS blockchain is designed to emulate the performance of a real computer, and the software itself uses some familiar computing concepts in its operations.
For example, there are three types of resources that power the EOS blockchain.
- Bandwidth (Disk) – needed for relaying information across the network
- Computation (CPU) – the processing power it takes to run a dapp
- State Storage (RAM) – used to store data on its blockchain
EOS is needed to purchase all three of these resources on EOS, meaning developers must buy EOS to run dapps they launch.
Notably, dapps built on EOS don’t require users to pay for transactions, making EOS free to transfer for dapp users. These costs don’t disappear on the EOS blockchain, though, they’re simply passed on to dapp developers who must pay for network resources.
Official website: https://eos.io/