What is EOS?
EOS token is the native cryptocurrency of the EOS network. Developers can use EOS tokens to utilize EOS network resources to build and execute smart contracts. EOS holders can also trade or hold EOS as an investment asset or use it to avail of services on the EOS network.
History of EOS
EOS was designed to simplify the programming and integration of smart contracts and the development of distributed applications. While Ethereum-based apps are created from scratch, EOS allows developers to deploy various standard applications with minimal effort.
The project was formally launched in 2017 by a blockchain firm called Block.One. Interestingly, the CTO of Block.One is Daniel Larimer, creator of both Steemit and BitShares. He also helped develop the delegated proof-of-stake consensus mechanism that was adopted by the EOS network.
EOS began its ICO in 2017, which lasted an entire year and raised a record-breaking $4 billion in 2018. During the year following the launch, over 1 billion tokens were distributed by Block.One. Since the EOS blockchain was under development at ICO, ERC-20 tokens were issued to the participants. They were later swapped for EOS tokens.
When it was first launched, the price of one EOS token was approximately $2.2. However, it then doubled within 24 hours, with each EOS token hitting $5.40.
What is EOS used for?
EOS allows developers to create highly-scalable blockchain-based distributed applications on its network, but with minimal effort.
The EOS blockchain is powered by EOS tokens that provide bandwidth and storage to the network. Developers must hold EOS tokens equivalent to the amount of storage and processing capacity required to run a smart contract on the EOS platform.
EOS has partnered with Google Cloud, Galaxy Digital, OSSBERGER, and many more projects to improve its network efficiency in recent years. It’s why the blockchain community has adopted EOS positively.
EOS token is currently ranked in the top ten crypto assets by market cap.
How does EOS work?
EOS uses a delegated proof-of-stake consensus mechanism to find a block. Before adding the discovered block to the chain, a bet is placed to validate the block. As soon as the block is appended, the validators receive a reward proportionate to their bets.
Though the EOS network has similar abilities as Ethereum, the EOS token is considerably different from Ether. One must hold EOS tokens commensurate with the RAM processing power and CPU space to execute a smart contract on the EOS network.
Block.One offered 900 million EOS tokens in ICO, with a further 100 million tokens allocated to itself over a ten-year vesting schedule. About 200 million tokens were sold during the first five days of ICO sale, and the remaining tokens were split evenly in a 23-hour sale period.
EOS tokens’ total supply is inflationary at an annual rate of 5% to fund transactions and pay block users.
The EOS.IO team appears to have ambitious goals and a detailed plan on how they want to achieve them.Michael M
How can Canadians get EOS (EOS)?
How do I buy EOS in Canada (EOS to CAD)?
Buying EOS in Canada can be done through a cryptocurrency exchange such as NDAX, a peer-to-peer trade, or a Cryptocurrency ATM. However, using platforms such as NDAX will allow for affordable, safe, and fast transactions.
How do I store EOS?
It is highly recommended that you always store EOS (EOS) in a cryptocurrency hardware wallet. However, at NDAX we have all the security measures in place to allow you to safely store your cryptocurrency on our platform. See NDAX Security. For cold wallets, check out Ledger or Trezor for your hardware wallet needs.