EOS has been around since 2017, making the chain a relative veteran in the young crypto space. But what is EOS, and how does it work? In this guide, we demystify the platform and its functionalities. Here’s what you should know, including how to buy EOS, the homonymous native coin.
Our methodology for choosing the leading platforms for buying and trading EOS
This guide recommended a number of leading platforms with which to buy EOS, specifically YouHodler, OKX, MEXC, Kraken, Binance, Bybit, and Coinbase. In our testing, BeInCrypto evaluated seven key crypto platforms over a period of six months. This process is peer reviewed and fact checked, ensuring accuracy. Some of the prerequisites include:
• Security measures: Top exchanges implement robust security protocols, such as two-factor authentication (2FA), encryption, and cold storage of funds.
• User-friendly interface: A well-designed user interface that is easy to navigate is crucial, especially for beginners. This includes clear menus, intuitive design, and helpful customer support.
• Liquidity and trading volume: High liquidity and trading volume ensure that orders can be executed quickly and at predictable prices.
• Regulatory compliance: Reputable exchanges operate in compliance with relevant regulations and have necessary licenses.
• Range of offered assets and services: A diverse selection of cryptocurrencies and trading pairs, as well as additional services like staking, lending, or margin trading.
For Coinbase and OKX, we focused on their user-friendliness and support for over 250 cryptocurrencies each, making them ideal for beginners. YouHodler’s passive income features for several networks were also examined for efficiency and profitability.
MEXC’s deep liquidity made it an excellent choice for EOS transactions, allowing us to execute trades swiftly, even in volatile markets. Kraken impressed us with its staking service, offering rewarding EOS holdings. Moreover, Binance’s diverse trading options, including spot and futures, provided valuable tools for investment diversification.
ByBit’s interface proved intuitive for complex trading instruments. Additionally, we found OKX’s mobile interface to blend practicality with ease of use, enhancing the trading experience on the go.
The diverse fee models of these crypto exchanges are tailored to various target audiences, offering a promising revenue opportunity for affiliates who market these services. Overall, these programs are selected for their advantageous features and the distinguished reputations of the involved platforms, underscoring their standing in the industry.
Learn more about BeInCrypto’s methodology verification here.
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- Our methodology for choosing the leading platforms for buying and trading EOS
- What is EOS?
- EOS crypto
- How does EOS work?
- Why is EOS popular?
- EOS vs. other cryptocurrencies
- EOS ecosystem
- Where to buy EOS
- MEXC
- Kraken
- Binance
- ByBit
- OKX
- How to buy EOS
- How to buy EOS with a credit card
- How to sell EOS
- EOS: Should you buy into the hype?
- Frequently asked questions
What is EOS?
The EOS.IO (a.k.a. EOS or EOSIO) is a blockchain protocol that runs enterprise-grade or industrial-scale decentralized applications (DApps).
The EOS protocol was launched in 2018 by Block.one. The initial development was spearheaded by Brendan Blume and also Brendan Blumer, who also worked on BitShares and Steemit.
Its objective is to be a low-cost alternative to blockchains like Ethereum, opting for features like free transactions and greater scalability.
EOS crypto
EOS crypto, the native coin of the EOS ecosystem, initially launched on the Ethereum platform but later transitioned to the EOS network. This digital asset serves multiple purposes within the EOS ecosystem, including staking, governance, and driving economic transactions.
How does EOS work?
EOS functions differently from most blockchains. However, it uses delegated proof-of-stake (DPoS), which isn’t too out of the ordinary.
EOS holders vote for a set of block producers from a pool of candidates, and they validate transactions and produce blocks. The differences come in that, unlike other blockchains, transactions on EOS are technically free.
However, users must stake a certain amount of coins to reserve access or reserve resources like bandwidth, storage, and computing. The more EOS you stake, the more resources you get. Bandwidth (i.e., NET) and compute (i.e., processing power/CPU) regenerate over time; storage (i.e., memory/RAM) does not.
Why is EOS popular?
EOS became popular because it had one of the longest (about a year) and most lucrative ICOs, raising over $4 billion — which created a lot of media attention. It was also positioned as an Ethereum competitor, which became a popular narrative at the time.
EOS vs. other cryptocurrencies
EOSIO currently ranks as number 55 on the top cryptocurrencies by market cap, sitting at $595 million. However, in terms of 24-hour transaction volume, it ranks at number 34, according to CoinMarketCap.
EOS vs. XRP: An ultimate comparison
Ripple and EOS are often compared to each other but differ in a few ways. EOS primarily appeals to enterprises or businesses that want to build DApps.
On the other hand, Ripple primarily appeals to financial institutions such as banks or payment platforms for cross-border payments.
Additionally, contrary to popular belief, EOS has more than 500 validators, while XRP has just over 100 validators. Finally, EOS scales to at least 4,000 transactions per second (tps), while XRP sits right at 3,400 tps.
EOS ecosystem
EOSIO has an abundance of DApps compared to many non-EVM smart contract platforms. These range from metaverse games and NFTs to marketplaces and exchanges. Here is a list of a few.
- DolphinSwap: DEX
- Alcor.exchange: DEX
- PayCashSwap: DeFi
- Defibox: DeFi
- Upland: Games
- Crypto Dynasty (EOS): Games
EOS wallets
There are not many dedicated EOS wallet options. Users must create an account from an existing account to interact with the blockchain. Here are a few EOS-supported wallets.
- EOS Account Creator
- EOS Authority
- Anchor (formerly GreyMass)
- Wombat
- imToken
EOS staking
EOS uses DPoS as its consensus mechanism. Instead of allowing every EOS token holder to participate directly in block production, EOS allows token holders to vote for a small number of block producers.
There are 21 active block producers at any given time, responsible for validating transactions and producing new blocks in a round-robin manner. EOS token holders can stake their tokens to vote for BPs.
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Where to buy EOS
As one of the top 100 cryptocurrencies, many centralized exchanges (CEX) still support EOS. Here are a few of the top platforms that allow you to purchase EOS.
MEXC
Our experience with MEXC has shown it to be a good choice for buying or trading EOS due to its deep liquidity. We were able to execute trades swiftly, even during volatile conditions. The intuitive yet functionally advanced interface makes it easier to come up with elaborate trading strategies, which is definitely something more seasoned traders would enjoy. Besides that, we also found MEXC’s margin trading and futures contracts a valuable addition, offering flexibility and more opportunities for profit maximization.
Kraken
Kraken’s reputation for security and regulatory compliance makes it a trustworthy platform for EOS transactions. We tried out different order types to evaluate the platform’s liquidity in the EOS market, and the results were, by and large, satisfactory. Additionally, Kraken’s staking service is another big plus as it enables you to earn rewards on your EOS holdings. Meanwhile, the detailed reporting tools are particularly useful for tracking performance and managing your portfolio efficiently.
Binance
Our experience with buying EOS on Binance was notably efficient and user-friendly. The platform’s high liquidity ensured that our EOS transactions were executed swiftly, which is crucial in the fast-paced crypto market. We also found Binance’s range of trading options, including spot and futures trading, to be valuable tools in diversifying our investment approaches. Overall, Binance provided a comprehensive and reliable trading environment for our EOS dealings.
ByBit
Our engagement with ByBit for EOS trading revealed a platform adept at handling advanced trading needs, especially in derivatives. The leverage options for EOS contracts allowed us to expand our trading tactics, albeit with careful risk management. We found ByBit’s interface to be intuitive for navigating these complex trading instruments, and their customer support was prompt and knowledgeable.
OKX
OKX furnishes a comprehensive toolkit for EOS trading, from spot pairs to derivatives contracts. The efficiency of trade executions on OKX was particularly notable, aligning well with our need for timely and accurate order fulfillment. The interface also carries a practical blend of usability and sophistication that makes it an ideal fit for new and experienced users alike.
Each platform listed above has a number of key strengths. Above all, all five are leading industry heavyweights and offer solid security measures and decent customer protection. Binance’s high liquidity for EOS trading pairs may set it slightly above the rest, but Kraken and OKX are also excellent, security-focused options.
How to buy EOS
There are many ways to purchase EOS. In this guide, we will use the Kraken app to demonstrate how to buy and sell EOS.
1. Firstly, open the Kraken app. Go to the bottom of the screen and select the purple exchange button with the arrows.
2. Secondly, select the “Buy” button and choose EOS.
3. Enter the amount you would like to purchase.
4. Lastly, swipe the slider at the bottom of the screen to complete your purchase.
Purchasing EOS is possible through various payment methods such as bank transfers, credit or debit cards, Skrill, Netteler, among others, depending on the options supported by your chosen exchange.
How to buy EOS with a credit card
To buy EOS with a credit card, follow these steps: choose a trustworthy crypto exchange, set up an account, fulfill any necessary verification steps, connect your credit card to the exchange account, acquire EOS tokens via the exchange’s trading platform, and then move your EOS to a personal wallet for enhanced security.
How to sell EOS
1. Go to the Kraken app. Navigate to the bottom of the screen and select the purple exchange button with the white arrows.
2. Select “Sell” and choose EOS.
3. Enter the amount you would like to sell.
4. Lastly, swipe the slider at the bottom of the screen to complete your transaction.
5. Congratulations, you have successfully bought and sold EOS!
EOS: Should you buy into the hype?
Evaluating the potential and hype surrounding EOS is crucial for making informed investment decisions. Hence, here are some additional pros and cons to ponder.
Pros
- Fast transactions and speed
- Swift block production times
- Smart contract capabilities
- Innovative technology and design
- Relatively large validator set
Cons
- Sybil protection mechanism could encourage centralization
- Development activity has declined
- Block.one is the largest holder of the native coin
EOS: A worthy addition to your investment portfolio?
Whether or not EOS is a good investment for you largely depends on your financial goals. EOS had an all-time high of over $20 in 2018 but has not been able to come close since. It currently sits below $1.
On top of this, the protocol has yet to come close to the amount of hype and development as its competitors. It also took a hit to its public persona due to a lawsuit by the SEC, in which Block.one was ordered to pay $27.5 million.
In a statement about the lawsuit, Block.one said:
“Block.one believes this lawsuit was without merit and filled with numerous inaccuracies. However, accepting this settlement allows us to focus more time and energy on running our business and delivering new products.”
Block.one settlement press release: Block.one
EOS (EOS) price prediction 2023/2025/2030
Our EOS price prediction anticipates that EOS has the potential to be worth $2.129 in 2023, $3.086 in 2025, and $10.04 in 2030. Do note that price predictions are based on a number of conditional factors and can never be relied on fully. Overall, market conditions will certainly play a part, and in particular with EOS, the success of its layer-1 competitors.
Should you buy EOS?
Only buy EOS if you are confident in the blockchain and the project. The protocol was innovative at the time of its launch. Yet, the network has not retained the zeal that it once commanded, and there are other blockchains that can do what EOS does equally well, if not more efficiently. On the other hand, EOD has remained one of the top 100 blockchains by market cap. That itself is impressive, considering the significantly increased competition in this space since EOS’s 2017 launch.
Frequently asked questions
How do I buy EOS cryptocurrency?
Is EOS a good crypto to buy?
Can I buy EOS on Coinbase?
Can EOS reach $100?
Is EOS better than Ethereum?
Is EOS a stablecoin?
Does EOS burn coins?
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