Cryptocurrency these days is getting out of hand. Massive popular currency over the internet. There are so many new cryptocurrencies and still way more to come. In 2008 there was bitcoin, in fact, it was the king of cryptocurrencies for a while. But not for long when new cryptocurrencies started popping up. EOS Cryptocurrency Explained for beginners.
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EOS Cryptocurrency Explained! For Beginners
Miners from all around the world started investing and mining cryptocurrencies and till now there are more than two thousand types of cryptocurrencies in the crypto market. Here EOS Cryptocurrency is Explained! For the Beginners.
Bitcoin was surely the top of all cryptocurrencies for a while, and it is still the most valuable than any other digital currency. But later when other currencies joined the game, the total game changed. EOS Cryptocurrency Explained
Some of those new cryptocurrencies surely going to have a better future. Now it is easier to rely on those small currencies because when the price drops, the gap won’t be so huge. So you will be able to bear the loss and won’t get a heart attack.
All this means I’m going to tell you, people, about a cryptocurrency that will have a bright future and fewer ups and downs. So my fellow tech guys, if you are a learner about cryptocurrency and thinking about earning some cryptocurrency in the future this five-minute guide is just for you. Here is a cryptocurrency trading guide. EOS Cryptocurrency Explained for beginners.
So today I’m going to talk about the so-called celebrity of the crypto market and its EOS. Yes, EOS is right now one of the best cryptocurrencies out there. I’m going to explain every simple detail about why it is one of the best
What is EOS?
First, there is no official full form for EOS. It is a blockchain platform aimed at the development of DApps (decentralized apps). So it is kind of easy to develop DApp with EOS services and functionalities. EOS is like a mixture of Bitcoin and Ethereum. It got its own security like Bitcoin and the best computing power like Ethereum. EOS Cryptocurrency Explained for Beginners.
The best thing about EOS is its language. EOS got a smart contracts system. So it accepts smart contracts written in a common programming language. So that means, people who know about programming language will be able to write their smart contracts in any programming language and will be able to work on the EOS network.
DApps means decentralized application. DApp has no main authority, and it depends on algorithmic set rules without any administrator’s interference. Depp’s code is open source. Depp’s provide the best kind of guard against anyone trying to alter or steal money. Because blockchain stores information in a way that cannot be changed unless all of its hosts agree about the new change.
It is getting more popular as software developers become increasingly interested in DApps. Once everyone realizes its full potential it will continue to grow on a large scale.
How Does EOS Work?
EOS operates on a delegated proof-of-stake (DPoS) consensus mechanism. This means that token holders can vote for block producers who validate transactions and maintain the network. The DPoS consensus algorithm allows for faster transaction speeds and higher scalability compared to other blockchain platforms.
EOS also introduces the concept of parallel processing, which enables the network to handle a large number of transactions simultaneously. Additionally, EOS provides developers with an easy-to-use software development kit (SDK) and programming language, making it more accessible for creating decentralized applications.
Block. one and EOS
A small company named Block.One with 35 people with experience in finance cryptocurrency and blockchain technology. The CEO Brendan Blumer is the founder of Block. EOS was published in 2017 by Block. One. Later in June 2018, it was released as open-source software.
Almost a billion tokens were sold on the Ethereum platform by Block. One just to make sure that the tokens were spread widely at the launch. Some of EOS’s main noticeable techs are zero transnational charges, DPoS consensus, 1,000,000 TPS, the ability to alter codes, and many others.
It’s also different and faster than many other popular blockchains. Developers made up to 1 million transactions per second, which is pretty much amazing compared to other currencies.
What are ERC-20 and EOS tokens?
ERC-20 token was designed for the Ethereum platform. It is more like an Ethereum coin. Its blockchain processes its transactions, and its virtual machine operates its smart contracts. EOS’s tokens are based on ERC-20 tokens. EOS’s tokens are the currency of the EOS network. EOS Cryptocurrency Explained for Beginners.
Can You Mine EOS?
The number of tokens that got released is one billion you cannot mine them. But we know that EOS is based on Ethereum, so you can actually mine Ethereum and convert them to EOS later. EOS is not a mining system.
You always going to need Ethereum if you are looking for mining. You’re going to need some best rigs, your mining depends on how many powerful rigs you got. With a single computer and the best rigs, you are not going to get that many blocks. EOS Cryptocurrency Explained for Beginners.
Surely miners use more than one system and there is a large part depending on your electricity bills. So before you spend any huge cash on mining, do some research on how many systems are actually going to give you some profit. EOS Cryptocurrency Explained for Beginners.
Wallet for EOS
There are many crypto wallets that support this token. It can be created in an EOS account with ZEOS. But before creating an account do your own research to avoid scams. Some EOS wallets are below.
More than 80% of users are not aware of their wallet’s private key backup. Some of them are forgetting to keep safe the key phrase. In this circumstance, Freewallet is created. It is easy to freeze an account and access it from another device at the letter. Freewallet allows creating a memo. One thing is that Freewallet is a custodian wallet. EOS Cryptocurrency Explained for Beginners.
Click here to download Free Wallet
Like any other cryptocurrency wallet, the EOS wallet is also the same. But before you make a wallet make sure to double-check if it supports EOS coins. Make sure that the site is well-reputed because you’re going to need a good security level when you are storing some money online.
Look for a site that gives you control of your private keys, two-factor verification, and advanced encryption. Make sure the site updates its features more often and makes new improvements. EOS Cryptocurrency Explained
Check if the site got an experienced support team because good customer support matters. Last but not least check the reviews, before you use any site always check the reviews of other users. EOS Cryptocurrency Explained for Beginners.
EOS Pricing Details
EOS’s launch price was $1, and it reached the $18 maximum and still managed to stay between $2 to $4, which is pretty much a good balance.
Mainly it is easy for the company to run so many decentralized apps and this is going to be a huge opportunity for the company to create several types of applications. With this type of platform, there is a huge chance that EOS will have s bright future.
There will be a time when companies will start to use decentralized apps, And then the value of EOS will increase significantly. EOS Cryptocurrency Explained for Beginners.
EOS Cryptocurrency Explained / Future?
Since so many companies and enterprises started using cryptocurrencies, they are showing pretty much good interest in DApps already accompanied by developers. With all those reasons in mind, it is a good idea to invest a good amount in EOS.
Keep in mind, It is obviously an investment for the FUTURE and you better have some patience. You can also check Top Cryptocurrency List. EOS Cryptocurrency Explained for Beginners.