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EOS

What is EOS?

Since its inception, EOS’ goal is to provide developers with a decentralized blockchain on which to build DApps (decentralised applications). The founders designed EOS to provide all of this on 0 transaction fees at lightning speed (millions of transactions per second). EOS IO is the platform, and EOS is the coin that serves as the lifeblood of the platform. EOS coins can be staked in order to fund applications built on the platform. The blockchain’s Delegated Proof of Stake (DPoS) mechanism (see EOS Token Security for a more detailed description) is a unique, democratic approach to consensus. EOS has a couple of use cases across a wide variety of industries including, but not limited to e-commerce, social media, finance, and healthcare. The TopCoins’ goal is to provide Australians with up-to-date information on EOS and other cryptocurrencies. Stay tuned for pertinent updates on EOS price AUD, EOS price prediction, and EOS ASX share price.

History

EOS was founded in 2017 by Daniel Larimer, a software engineer, programmer, and self-described “serial entrepreneur” who have run three high-profile tech companies: Bitshares, Steemit, and EOS. Larimer started out in the military industrial and weaponry industry. He made the shift to cryptocurrency after realizing that he preferred to work on constructive and innovative systems instead of working on military projects designed to destroy. Larimer created DPoS and implemented it through his earlier project, the BitShares network. EOS holds the record of cryptocurrency’s longest initial coin offering (ICO), a full year (from June 1, 2017 to June 1, 2018). The ICO was run by Block.one (for which Larimer was working as the Chief Technology Officer), and it managed to make $4 B during its run. The Securities and Exchange Commission (SEC) fined Block.one for running what they called an “unregistered ICO.” Block.one agreed to settle for $24 M. EOS was first listed for $1.20 IN 2017, after which it quickly saw an over 350% increase to around $5. After an all time low of $0.48, it jumped to $12 in the same year, and eventually to its all time high of $22.89 in April the year after. From that point on, EOS’ prices dropped more than 50% until finally settling on the $2 - $3 band (sometimes spiking to $8 from time to time), where it has stayed since. In January 10, 2021, Larimer announced his official departure from Block.one.

The Market Cap

Market capitalization or market cap, is the total circulating supply of a crypto, multiplied by its current price. EOS started out with a meager price of $2.25 in July 2017 (around $424 M market cap). In April 2019, EOS’ price hit $22.89, sending its market cap to an all time high of $17.5 B. EOS has seen a relatively stable stint at around $2 - $5 since mid-2019.

EOS Token Security

EOS uses a Delegated Proof of Stake (DPOS) consensus mechanism. The algorithm secures the blockchain through voting; anyone who holds a coin can decide which nodes get to validate transactions. The weight of a user’s vote depends on the amount of coins that they are staking. Authorized block producers can campaign for votes from token holders, they can promise certain rewards making it a reputation-based system. Elected validators are called “delegates.” This shields the blockchain not only from malicious use, but also from centralisation.

EOS FAQs

Is EOS Centralized?

The DPoS is designed to keep the blockchain decentralized through collusion resistance -- a design that promotes a healthy sense of competition between delegates. Ironically, this particular feature is what makes the blockchain more susceptible to being controlled by a small group of validators who could act maliciously through vote trading and collusion. There are two sides to the story, so only you can decide whether the blockchain is decentralised enough to invest in (if that’s a major criteria for you, of course).

Which are Primary Features of EOS?

EOS has a delegated Proof of Stake (DPoS) consensus mechanism, parallel processing that allows for scalability, and a 5% annual inflation mechanism. We will be discussing these features later, when we’re discussing what makes EOS different from other cryptocurrencies. Another thing to remember: the EOS is the coin, while EOS IO is the blockchain protocol that. EOS runs the network, it’s a prerequisite to building anything on EOS IO. The coin essentially buys a claim on the network’s resources.

What is a Memo?

A memo (also known as a destination tag) is an extra piece of data that you would need to be able to transfer EOS to an exchange (other cryptocurrencies such as Stellar, XRP, Cosmos, and Binance Coin require this too). Most exchanges such as Binance, Kraken, and Coinbase come with both a wallet address and a memo for currencies that require it. Don’t forget to include the correct memo on the corresponding field before transferring EOS to a wallet on an exchange.

What is The Future of EOS?

In spite of EOS’ relative stagnancy in terms of yearly prices, some analysts predict a rise in prices ranging from around $6 to up to $15 by the end of the year. On the other hand, others think that its prices will stand stable at around $3.

How is EOS Different From Other Cryptocurrencies ?

EOS has the following features:

A delegated Proof of Stake (DPoS) consensus mechanism that both secures and decentralises the blockchain,
Parallel processing, or simultaneous data processing that allows for the processing of a larger amount of transaction per second,
5% annual inflation, 1% of which goes to the block validators, 4% of which goes to “savings”, to be used for future proposals, so it could work for the community in the future. The combination of these features make EOS unique, and for some, worth buying and investing on.

How To Buy EOS Crypto in AU?

Australians can buy and sell EOS in online crypto trading platforms. Exchanges allow users to fund their accounts through bank transfers (some even allow funding via Paypal). If you’re thinking of buying and trading EOS, always remember to do your due diligence first. You can refer to our easy-to-use crypto tracker (it conveniently displays EOS price in AUD and in other currencies) before making any definitive decisions.

Why Is Buying EOS Cryptocurrency Beneficial?

EOS is special for a couple of reasons:

EOS is scalable. EOS has low latency, meaning it can process a high volume of data -- around 10,000 transactions per second.
No transaction fees. One of EOS’ main selling points is the fact that it has no transaction fees, allowing businesses to earn and save more.
EOS utilizes a DPoS consensus mechanism. This shields the blockchain from centralization and malicious users. EOS has addressed issues that haunt a lot of blockchain systems, which makes it a good platform to build commercial dAPPS on.

Are EOS Tokens a Good Investment?

EOS’ share price is partly carried by bullish investors who believe in its promise of a network that is every bit as special as Ethereum, but more scalable, secure, and way cheaper. However, EOS’ current prices are not even in the same league as Ethereum’s (even on its all time high), so there’s a considerable amount of pessimism when traders forecast EOS’ future. With that being said, crypto prices literally change every day, so it’s crucial to do your own due diligence before investing in EOS (or any other cryptocurrency for that matter).

Can I Buy EOS Coins with My Paypal Account?

No. As of writing, Paypal account owners can buy, hold, and sell Bitcoin, Ethereum, Litecoin, and Bitcoin Cash, but not EOS. Moreover, only US-based Paypal owners can buy crypto on the platform.

Can I Buy EOS with a Credit Card?

The answer depends on the exchange that you’re buying from. Some trading platforms allow users to fund their accounts through bank transfers, while some only allow trade with another digital currency. Ready to buy, hold, and trade EOS? You can refer to our easy-to-use crypto tracker for EOS’ current price. The tracker conveniently displays other relevant data such as Bitcoin prices and real-time figures for other altcoins and tokens.