EOS or Ethernet over Sonnet is a blockchain-based infrastructure enabling the development, execution, and hosting of decentralized applications. It is one of the most trending solutions in the digital world at present – thanks to the high ICO in last year and key features. So, here is a complete beginner’s guide to help you understand and buy EOS.
What is EOS?
Ethernet over Sonnet (EOS) is a platform for running decentralized applications. It enables developing, hosting, and executing of apps on the blockchain-based infrastructure. Dan Larimer, the co-founder of Steemit and Bitshares, created EOS.This platform is similar to Ethereum, in fact, a competitive counterpart of it. EOS simplifies the process of creating DApps, also known as Decentralized Applications. However, this platform is more scalable and flexible compared to Ethereum,giving it an extra edge of preferences.
How EOS Works?
It works as a blockchain Dapp platform that helps in performing smooth and secured thousands of transactions per second. The main benefit of EOS is that it offers cloud storage, server hosting space, and user authentication in the platform.
EOS acts as software allowing developers to create Dapps with blockchain technology. With its improved features and no fees requirements, this application helps developers in a number of ways. It also comes with low latency for scaling transactions as well as upgradable to new features.
The network uses DPOS (Delegated Proof of Stakes) to secure the blockchain and use an algorithm. In this blockchain system, only the ones holding tokens can vote and become producers. Delegates are then blocked depending on the votes and the system works in that way.
The EOS tokens power the network and can be exchanged with other cryptocurrencies. If you are looking to develop decentralized applications with EOS blockchain at heart, then you need to have access to thetokens. So, you need to have access to the tokens for accessing the server space, cloud storage, and to establish all other things in EOS.
How to Buy EOS?
Step 1 – Choose an EOS Wallet
You need to own a functional digital wallet for storing EOS tokens. There aren’t any official EOS wallets, which leaves us to choose one amongst the third-party wallets. EOS uses ERC-20 tokens; therefore, you can choose any wallet compatible with ERC-20 type.
The best digital wallets you can use for EOS are –
- Desktop Wallets –
These are one of the most useful types of a wallet as they normally are compatible with multiple cryptocurrencies. Two of the most famous in the league are Jaxx and Exodus. They are compatible with Windows, Linux, as well as Mac,making it compatible with iOS and Android users.
The desktop wallets also come with a live chat feature for checking the value of tokens and easy access throughout the application. The wallets also come with a ShapeShift feature, which means it is easy for trading ERC-20 tokens and easy usage.
- Web Wallets –
These are another type of wallets that gives the maximum security. Here, you can store the tokens on your computer rather than just keeping them digital online. One of the famous types of web wallets is MyEtherWallet. It uses a private key for storing the wallet on computer and accessing the same. This wallet is famous for accessing complete control over the information to the users.
- Mobile Wallets –
These types of wallets come handy when you want to access the EOS holdings with a single tap on your smartphone. The perfect example of a mobile wallet for EOS tokens is Jaxx wallet. It is compatible with Android as well as iOS processors.
- Hardware Wallets –
These wallets as essentially described as one with cold storage. They use a piece of hardware to store the tokens and is one of the most secure ways of digital wallets. However, it gets a bit expensive as you need to purchase the hardware for storing your tokens. If you are going ahead with this type, then Trezor can be the best fit with multiple layers of security and zero Trust approach.
Things to look for while choosing your EOS Wallet –
The digital wallet you choose will store all your tokens and cryptocurrencies. Therefore, it is important that you select the best wallet,depending on your use and convenience. While choosing the wallet, make sure that you compare those depending on these features –
- High security
- Private keys
- Continuous development and upgrades
- User reviews
Step 2 – Find A Cryptocurrency Exchange
The cryptocurrency exchange is similar to the stock market where you can buy and sell a number of digital currencies. Now that you have set up a digital wallet, you can move on to buying EOS tokens for your further transactions.
There are a number of platforms wherein you can buy the tokens. Some of the most famous and opted ones are –
- On Binance
This is the most famous and used platform for cryptocurrencies. It lists nearly every single type of Altcoins,including EOS. This platform only accepts cryptocurrencies as a mode of payment for buying EOS tokens. You can use Bitcoins or ETH to buy or make transactions on this platform.
- On Kraken
If you are someone who is looking for other different types of payments, then buying EOS on Kraken is your option. It uses a widetype of payments,including USD, GBP, and EUR,in addition to the other types of digital currencies. Another major benefit of using this is the low transaction charges lewd on payments.
Other famous platforms for buying EOS and making transactions is ShapeShift, Bitfitnes, Fiat Currencies, and many more. All these platforms have some plus points and some drawbacks. Therefore, compare them properly before engaging in the transactions.
Step 3 – Withdraw EOS Tokens
Noe that you have bought the desired number of EOS tokens for platforms, you need to transfer them to a secured crypto wallet. Do not ever leave your holdings on a platform that is vulnerable to internet hack attacks. Transfer them immediately to your digital wallet and keep your holdings safe for future usage on the EOS platform.