What is EOS?

EOS, which stands for Electro-Optical System, was founded by Dan Larimer and is owned by Block.one company. Darimer also founded other well-known platforms like Steem and Bitshares.

Launched in June 2018, it raised $4.1 billion in crypto for Block.one in its year-long (June 2017 and June 2018) ICO.

“An ICO is similar to an IPO but for cryptocurrencies. The company gives early investors access to the cryptocurrency at a set price before it hits the open market. This enables the founders to raise capital for operations and investors get their hands on an asset at a price far less than what they expect the price to be when the coin lists on a public exchange.”

EOSIO is an open-source software, which means the code is publicly available, built by the Block.one company. EOS is the cryptocurrency token for the EOS.IO network which manages the EOS blockchain network.

EOS aims to process transactions faster and eliminates processing fees for transactions on the network. How this works is that the network takes care of the fees instead of the network users paying it.

Even though EOS and Ethereum seem similar by both being technology platforms with their native coins, EOS can process more transactions than Ethereum which processes 15 transactions per second.

How does EOS work?

EOS is simply a decentralised network that dApps can be built on with its own cryptocurrency token called EOS. There are 2 sides to it - the EOSIO which acts like the operating system and the EOS token. For the purpose of this beginner’s guide, our focus is on the EOS token.

The EOS token is needed to build dApps and use network resources. Those with tokens can allocate or rent their bandwidth to other participants who need it. For us to understand how EOS works, we’ll take a look at how it differs from Ethereum.

You pay a transaction fee, which is called “gas”, to use the Ethereum blockchain. This literally makes Ethereum more expensive as more people use the network. Globally, this doesn’t scale because it will be costly. Now EOS did something remarkable. Instead of gas fees, EOS token holders have ownership of the network. Every token holder shares in the processing transactions which makes it free. A developer only needs EOS tokens to own a part of the network instead of spending them to use the network resources and run dApps. The developer can also rent or allocate their bandwidth and storage to users who need it if it’s not in use. This makes EOS user friendly and scalable.

What can I do with EOS?

EOS can be used to build, host and run dApps. Here are some apps on the EOS network.

Chaince

Chaince is an asset trading platform. that currently doesn’t charge any fees for the projects to help them grow.

ONO

ONO is a next-generation, free-to-use decentralised social network built on the EOS blockchain. ONO lets you share and communicate in real-time with the members.

HireVibes

HireVibes is an open-source, decentralised community running on the EOS blockchain. Its tokens act as the currency to run the platform. It gives back to the community meaning both the job seeker and the business will be able to get benefits from it.

Use EOS for transactions

You can send and receive funds within wallets for free as there is no processing fee to do this on the EOS network.

Use EOS for storage

You can store files on the EOS platform

EOS as an investment

EOS tokens can be bought and held onto for a period of time, in the hopes that it will increase in value. Similar to what is done in the stock market or property investment.

How to buy EOS in Australia?

You can buy EOS through any digital currency exchange. All digital currency exchanges in Australia are regulated by AUSTRAC.

Chillur is an Australian digital currency exchange, registered and regulated by AUSTRAC that simplifies the process of buying EOS in Australia.

You can buy EOS in Australia using Chillur in two easy steps.

Step 1: Create an account

Create your Chillur account using an email address and password. You will then need to verify your identity using either your passport or drivers licence.

Step 2: Transfer funds to your account

Use your banking app or web banking to transfer funds to your Chillur account.

Once the funds settle (1-2 business days), the system will automatically buy EOS (and 9 other cryptocurrencies).

Congratulations! You now own EOS in your Chillur account

How do I invest in EOS?

Investing in EOS is the process of buying EOS today with the expectation that it will go up in value in the future.

Portfolios with EOS have seen returns of 200% after 3 years.

You can invest in EOS using Chillur in three easy steps.

Step 1: Create an account

Create your Chillur account using an email address and password. You will then need to verify your identity using either your passport or drivers licence.

Step 2: Buy the Chillur 10 bundle

Chillur offers bundles of cryptocurrencies. What this means is that rather than picking and choosing which cryptocurrency to buy and at what price, you are able to buy 10 cryptocurrencies in a go. Chillur handles how much and the purchase price.

Step 3: Track your investment performance

Simply login into your Chillur account and track the performance of your portfolio either through a laptop or your mobile phone.

Where do I store my EOS?

You can store your EOS in multiple wallets - Ethereum wallet, MyEtherWallet and Metamask.

Exodus is a software wallet that stores EOS.

You can also store EOS in Trezor and Ledger (Hardware wallets) and Edge is a mobile app for iOS or Android that also stores EOS.

How to store my IOTA - Chillur

Hardware wallets are generally considered the most secure option for storing cryptocurrencies. And in the world of hardware wallets, Ledger Nano is a leading choice. 

Because it's a cold —offline storage, you’re much better protected against hackers. It also boasts several additional security features that make it difficult to hack. To top it all off, it's compatible with lots of other cryptocurrencies. 

Online wallet options are convenient and appropriate if you often trade or move your currency around. However, if that's not the case, you're better served to hold your coins offline where it’s farther from the prying reach of hackers and malware attacks. 

What next for EOS?

With the surge in the building of dApps and the capacity for faster transactions with EOS, it seems like EOS is going to be here for a while.

Some predict that prices will reach $45 by 2022 and reach as high as $160 in five years.

EOS also makes an excellent case for developers looking to build on their network and they have this very easy with their web toolkit store to make app development a breeze.

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