What is an EOS coin (EOS)? How to buy and sell EOS coins (EOS)?
The technical answer to what EOS means can be given as blockchain, which provides various solutions in the development process of decentralized applications (DApps). This system, whose native token is EOS, can be used for multiple operations such as database creation and authentication for applications. EOS was founded in 2017 and was a project whose ICO took place in the same year. The project works with the DPoS consensus mechanism and moved to its network in 2018, although it was founded on the Ethereum network. EOS The DPoS network, which offers high-speed transactions on the blockchain, allows detecting erroneous transactions with its transparent architecture. The network's token, the EOS coin, is used for in-network transactions and among altcoins traded for investment purposes.
What is an EOS coin?
In the cryptocurrency ecosystem, the EOS ecosystem is a decentralized blockchain network that manages these applications' hosting and operational process and the development of decentralized applications (DApps). EOS was developed by Daniel Larimer and Brendan Blumer and is a cryptocurrency that is traded on many exchanges. Developed as an alternative to the Ethereum network, both in transaction costs and transaction speed, EOS is a network that stands out for its scalable transaction capacity and lack of transaction fees. For the development of blockchain technology, mining is carried out on its network, which offers speed, flexibility, and scalability solutions. In EOS mining, the network components that generate the block can determine the number of EOS tokens received as rewards.
When was the EOS coin released?
The development process of the EOS coin dates back to 2017. Although the project's development took place in 2017, it was released in 2018. EOS was launched by Block.one company and started the ICO process in 2017. The project, which raised more than $4 billion in funds during the ICO (Initial Token Supply) process, is one of the oldest cryptocurrency projects. The project, which consists of two different structures, such as EOS.IO and EOS coin, is a project that is interesting for both investors and blockchain developers. Developers developing decentralized applications need to use EOS tokens during the project development process. For cryptocurrency investors, the EOS coin is a store of value.
Who is the founder of the EOS coin?
The founders of the EOS coin are Daniel Larimer and Brendan Blumer. The duo, who have had different experiences in cryptocurrency, blockchain, and software in the past, built EOS after founding Block.one. Brendan Blumer has been involved in real estate projects in Hong Kong. Daniel Larimer is a name who has been involved in cryptocurrency projects such as the Streem blockchain and Bitshares. Larimer and Blumer, who are still working on the EOS project, continue to develop the EOS ecosystem. Blumer is the CEO of EOS, and Larimer is the CTO.
To which country does the EOS coin belong?
Block.one, the developer of the EOS project, is headquartered in Washington, USA. Block.one also has offices in Hong Kong and the Cayman Islands outside the US. In addition, the EOS network has partners in Germany and the United Kingdom with whom it collaborates. Although it is part of the Block.one company, EOS, which has a decentralized network model, is used in blockchain projects worldwide. EOS Coin, which is also listed on cryptocurrency exchanges, is preferred by those who want to invest in blockchain-focused altcoins.
What does the EOS coin do?
EOS is a network with advanced tools aimed at blockchain developers. The two main components of the network are the EOS Coin and the EOS.IO software system. The EOS blockchain can be managed and controlled through EOS.IO, whose structure is reminiscent of an operating system. EOS.IO, which enables the development of vertical and horizontal blockchain architectures with its web toolkits, interfaces, and database schemas, provides the ability to develop scalable decentralized applications (DApp) for enterprises without experiencing network slowness issues. EOS coin is the native token used in development processes on the blockchain network. In the EOS blockchain, developers must use EOS tokens to utilize the network's resources in their application development processes. EOS The DPoS (Delegated Proof of Stake) model aims to overcome some of the problems encountered in blockchains with a proof-of-work and proof-of-stake consensus model.
Advantages and disadvantages of the EOS coin
EOS is a cryptocurrency that stands out for its opportunities for blockchain developers. The EOS ecosystem provides fast, flexible, and scalable solutions for decentralized application development, benefiting both cryptocurrency investors and blockchain developers. The advantages and disadvantages of the EOS coin are as follows:
- EOS.IO software has made it easy to develop vertical and horizontal architecture applications in the blockchain space. All transactions in the network with open source software can be tracked transparently.
- Transfers in the EOS network can be done with a very small transaction, making it easy to send EOS coins.
- The EOS network can process tens of thousands of transactions in an hour.
- The commitment of startups and project developers to use EOS on EOS increases the demand for the coin.
- Miners of EOS can set the price of coins received as rewards.
- Cryptocurrency investors can use EOS to earn a passive income with a fixed stake.
How is the EOS coin produced?
EOS Coin is a minable cryptocurrency. However, the model used in bitcoin mining is not challenged in the EOS mining process. Miners receive an EOS coin reward for each block they produce in the EOS ecosystem. Each miner can determine the amount of EOS they receive for block production. However, the EOS coin reward is determined by the median demand of all block producers in the network. According to the EOS technical document, the reward system does not exceed 5 percent of the annual increase in token supply. In addition to the coin reward system with block production, EOS can be purchased on exchanges. If the EOS coins are locked in the crypto wallet for a certain period, a fixed income can be earned without risk for the stake.
How to buy an EOS coin?
EOS Coin, the native token of the EOS ecosystem involved in private blockchain projects, is traded on most cryptocurrency exchanges. EOS, which can be purchased in USDT pairs pegged to the dollar exchange rate and Turkish lira on stock exchanges operating in Turkey, is preferred for investment purposes. To trade on the EOS exchange, bank account details must be provided before becoming a member and personal details. For exchanges with USD or TRY-based rate charts, deposits and withdrawals can be made to the wallet address.
How to sell an EOS coin?
Coins can be sold on exchanges to make a profit from EOS coin decreases and increases. When selling EOS via Turkish Lira or USDT pairs, a limit order can be placed to sell at a specific price, and a market order can be placed to reach the highest purchase price. EOS is in the top 100 most valuable cryptocurrencies globally by market capitalization, making it a liquid cryptocurrency with daily trading volume. EOS, traded on many cryptocurrency exchanges, can be sold in BTC or other cryptocurrency pairs and fiat currency pairs. After the sale, the EOS balance in the crypto wallet decreases. Alternatively, the coin can be withdrawn to another exchange or a web3-based wallet. EOS can also be used as a payment method with low transaction costs.
Calculating EOS coin
When calculating EOS, the value of the market capitalization can be determined based on the transaction price of the cryptocurrency and its circulating supply. For EOS price analysis, the market capitalization can be estimated based on the ratio between price and supply. As of April 2022, EOS is trading at $2.24. EOS has a circulating supply of 986 million and a market capitalization of $2.2 billion. Assuming an offering of 986 million, the market cap of EOS would have to be $9.8 billion to be worth $10. The price of EOS is moving in line with the general trend in the cryptocurrency market. The development of blockchain technology for price analysis and individual and institutional investors benefiting from EOS solutions also influence the price of EOS.
EOS coin Wallet
EOS coins can be stored on cryptocurrency wallets in centralized exchanges and transferred between different exchanges and wallets with low transaction fees. EOS can be stored in Ethereum Wallet and MyEtheWallet. Wallets such as the web3-based Metamask, integrated with the web browser, are among the alternatives where the EOS coin can be stored. It is also possible to store EOS on physical hardware wallets. To keep EOS in a cold wallet, transfers must be made from wallets to cold wallets. When transferring to the physical wallet, the network selection should be made correctly, and the password and key information of the cold wallets should also be stored carefully.