A rapid growth in cryptocurrency has created a robust environment for the development of alternative currencies and platforms that regulate it. There are a lot of next big opportunities in the cryptocurrency world that you need to get updated on if you are keen on investing in the coins. People who want to invest in EOS might have queries regarding what it is, what are it’s core features and similar questions which have been tactfully answered in this article.
What is EOS?
EOS is a prominent blockchain based platform for the creation and development of decentralized applications.
It provides services and functions similar to the operating system which can be used by decentralized applications. It brings together the best features for the security and support of various cryptocurrencies.
EOS is proving to be a huge contender among the other platforms with features, unlike others.
Team and Community
EOS was developed by Block One which is led by Dan Larimer and Brendan Bloomer. Larimer is the founder of BitShares and steemit.
He is also credited with establishing Cryptonomex which is an open source blockchain deployment platform. Brendan Bloomer who is the CEO of EOS is also the CEO of ii5. He also founded Okay.com. Ian Grigge who is a financial cryptographer is an adviser for EOS.
He has been in the cryptographic ledger platform for more than 20 years. He is credited with inventing the Ricardian Contract and Triple Entry Accounting.
On September 14, 2017, EOS Dawn 1.0 was released. Daen 2.0 had resource tracking and inter blockchain communication as extra features. Dawn 3.0 will be released in Spring 2018.
The community of EOS is spread around the world and has a lot of investors and contributors. They have a telegram group and are also active on facebook and twitter. They have meetups from time to time. The EOS community seems to be vibrant.
Here are few things you should know about EOS:
- EOS is a blockchain based decentralized operating system by block.one
- It supports commercial scale decentralized applications
- It provides asynchronous communication and parallel processing for scalability
- The ownership of EOS eliminates transaction fees
- It uses delegated-proof of stake
Features of EOS
It supports 1000s of commercial-scale decentralized applications. It can process millions of transactions per second with the use of asynchronous communication and parallel processing. Most of the blockchains use consensus overstate.
This means that the computers on the network can verify the current state of the entire blockchain to prevent fraud and confirm transaction but do not focus on the transaction thus when each new block is added, the nodes take each transaction and update the state of each of its address.
However, Eos uses consensus over events meaning that it focuses on the transactions rather than the state. Thus it verifies the series of events that have occurred till now. So EOS can handle the huge throughput of transactions while it is operating.
2. Elimination of transaction fees
After the ownership of EOS, the owners are entitled to use resources proportional to their stake.
Thus they do not have to pay for every transaction. The individual app developers determine the transactions fee which is generally very low. Thus the companies are free to come with their monetization strategy, so the service may be free or with a low transaction fee.
The block producers can vote on which transactions are confirmed. They can also see whether an application is operating well or not.
They may also decide to make changes on the EOS system or the source code of individual applications. Thus the community as a whole can actively upgrade, downgrade and fix the bugs in the system.
4. No Trouble Performing
EOS structures each block into cycles by producing every 3 seconds and tested at 0.5 seconds which leads to a maximized performance.
These cycles are then structured into threads which allow for message and transactions to be sent and responded in single blocks and between blocks. This brings the theoretical bottom limit to the response time down to message transmission time only.
It is a readymade platform that lets developers use full-featured authentication system.
There are different permission levels and the user accounts can locally secure user data as feature of the network.
The stolen account is backed into the system with methods of proving your identity and restoring access.
Best 5 EOS wallets
Ledger Nano S [ Editor’s Choice ]
Ledger Nano S is a hardware wallet that provides optimal security to crypto coins and tokens. It allows you to store your EOS tokens in an isolated office environment.
Hardware wallets are the best for storage of tokens and have the highest security than other wallets. Ledger Nano S stands to be one of the most prominent hardware wallets at present.
Some of its important features are:
- It supports multiple currencies
- The anti-malware second factor checks and confirms transactions on display
- The data is secured by a PIN code
- The accounts are backed up on recovery sheet
- Unlimited coins can be stored
You will have to pay around €79 to order the wallet since it does not come free, unlike desktop and web wallets.
You must connect your computer to USB and set up your wallet to manage your ERC20 tokens. It is compatible with MyEtherWallet web interface. It has an OLED display and very the transaction.
A secure PIN code locks the device. Ledger has a two-factor authentication for extra security. Ledger Nano S can be used to hold Bitcoin, Bitcash, Ethereum, Litecoin, and many more cryptocurrencies.
Check also: Best Ripple Wallets To Store XRP Safely
Trezor is a hardware wallet pretty much similar to Ledger Nano S. It is a cold storage option which allows you to tore EOS, Ethereum, bitcoins, and numerous ERC 20 Tokens. Trezor has multiple layers of security hence operating on Zero Trust Approach.
Some of the important features of Trezor are:
- A four-digit PIN code is set for protection against access by an unauthorized person.
- A 24-word seed is used to secure the account which will be helpful in case you lose your Trezor wallet or forget your PIN Code.
- There are extra layers of security like an Encrypted passphrase, hidden wallet, and wipe password.
- Trezor supports multiple cryptocurrencies
- Trezor is single purpose meaning that it does not need any apps or downloads
To get his gadget you will have to pay around $ 104 which is slightly more expensive than Ledger Nano S.
The process of setup is rather simple and does not take too much of time. You should connect Trezor to your computer and then download the browser plugin.
After that, you can choose the PIN and then write down a 24 word randomly generated the sequence. After the set up is complete, you can receive coins and make payments.
Trezor supports currencies like Litecoin, Ethereum Classic, Bitcoin, Bitcoin Cash, and more. The complicated PIN, high cost, and limited transaction opportunity is the downside of this device.
Exodus is a desktop wallet which is a free software wallet with user-friendly features. It is one of the most aesthetic and easy to use desktop wallet which manages your cryptocurrency and tokens on a day to day basis.
The facility of live chat helps to check the value of your portfolio promptly and easily. The features of the wallet are easy to find and use.
For prompt cryptocurrency exchanges, ShapeShift integration is added in Exodus. The private keys and transaction data are encrypted and stored on your computer.
It stores multiple currencies like Bitcoin, Dash, Ethereum and 30 additional cryptocurrencies. There is a facility of 24/7 customer support.
Although Exodus does not provide an equal level of security as a hardware wallet, among desktop wallets, it is one of the best. Exodus lacks two-factor authentications, unlike hardware wallet which can be taken as a drawback.
Launched in July 2016, Exodus has not gotten the chance to flourish so much with respect to reputation around the world, but its features are unlike any other new company.
Jaxx is a desktop and mobile wallet which is best suited for the beginners looking to store their coins. User experience is the key feature of Jaxx. It is very flexible to use.
It can be used on Window, Mac, and Linux operating system. Also since it is a mobile wallet, it is compatible with Android, iOS smartphones and tablets. It is also accessible through Chrome browser extension.
It supports multiple coins like EOS, Ethereum, bitcoin, Bitcoin Cash, Litecoin, and 50 more coins and tokens. It is catching up quickly with the introduction of new coins in the crypto market. Like Exodus, it also offers to Shapeshift integration so that it is easy and quick to exchange one cryptocurrency with another.
The private keys are managed by a 12-word master seed. To recover your wallet, the master seed must be backed up.
The convenience of access to multiple devices is the major advantage of Jaxx. A downside of Jaxx is that it does not support two-factor authentications like hardware wallets which lead to security issues.
Security issues have been associated to Jaxx ever since there was a reported theft of US$ 400000 of customer funds in June 2017.
MyEtherWallet is a web wallet which provides a full control over your private keys. It is an open source wallet that stores keys o the user’s computer. It acts as an interface that allows you to access the blockchain. It is best suited for anyone looking to store ERC 20 tokens.
Also, it has a pretty simple set up process which can be taken as a big advantage for beginners. No personal information is required to create the wallet. Thus there is anonymity.
Integration with hardware wallets like Trezor and Ledger Nano S provides maximized security. Receiving and sending payments is relatively easy. However, the interface at times may seem to be a little intimidating.
There are various phishing attacks as reported by some users. There are certain security issues related to MyEtherWallet which have bubbled up in the past few months. Thus, it is recommended that you take some safety precaution before choosing the wallet.
To provide further security while storing your EOS, it is advised that you research the pros and cons of the wallet before you transfer. You should also watch out for the hackers and thieves.
Transfer only a small amount of cryptocurrency to test the wallet first. Use and update your antivirus protection and also create a password which is impossible to crack.