What is Eos cryptocurrency?
EOS is a blockchain platform designed to build decentralized applications (DAPPs) of any scale. Fans call it the Ethereum killer for its similar functionality with greater scalability, zero transaction fees and the original he-chain management model.
The speed of transactions here is up to 4000 per second. EOS is part of the ecosystem of the same name that emerged in 2017. The platform constantly attracts new fans with a variety of effective technical solutions. For the development of smart contracts, EOS.io offers a database with an account system, the access and logic of which is controlled by the contract developer. EOS.io allows you to focus on the business logic of your applications, providing the developer with almost all the necessary tools to work with accounts and their data. It is co-founded by Daniel Larrimer, a seasoned entrepreneur in the crypto world.
The main advantages of the EOS coin include:
- maintaining functions such as communication asynchrony and parallel executions;
- convenience for developers: inside the system is equipped with a wide range of tools and a web assembly platform;
- high scalability.
Investing in EOS
There are almost 3,000 cryptocurrencies on the crypto market right now, however, such a huge selection of digital assets can be confusing. Depending on the goals pursued, you can choose a cryptocurrency for long-term or short-term investments, however there are projects aimed at creating real use cases for the blockchain industry and improving the prospects for mass adoption. One of such projects is EOS. Below we will consider the options for buying and investing this digital currency.
Investing through online trading platforms
The cryptocurrency market is becoming more and more attractive not only in terms of the fact that it will become convenient, safe and fast to carry out any financial transactions around the world, but also because you can make good money on investments in cryptocurrency. You can work in the cryptocurrency world through online platforms.
An investment platform is a special online platform created to attract investments.
Different platforms offer different features, terms, and different fees. Therefore, it is important to do a little research before choosing a platform. The main purpose of investment platforms is to assist in buying and selling virtual currencies or cryptocurrencies. This resource is of great help as it is a relatively new type of investment, so there are often doubts about how this operation works. Another goal is to ensure maximum security and transparency of transactions. There are a large number of investment platforms, and they all have their strengths and weaknesses. In order to choose a platform, it is necessary to conduct a thorough analysis of them in order to choose the most suitable one.
Several factors need to be analyzed, such as:
- existing transaction fees;
- safety and transparency;
- payment method;
- reputation of the platform.
Newcomers to the cryptocurrency world use one of the following strategies:
- Short-term investment. These investments are for up to 12 months with the aim of rapid growth. Short-term investments allow you to save your finances from the influence of inflation and bring profit in a relatively short time. Investors pursue the goal of investing money and making a profit. Speculation includes investing capital and making a profit from resale any asset. The speculator, in turn, buys cheaper and sells more expensive. The potential of these transactions is great. But you need to take into account changes in value, have the ability to work with special exchange instruments.
- Medium-term investment. They have a duration of 1 to 3 years. This type is the most common, that is, the golden mean, when the risks are not excessive, and the profit is sufficient. The advantages are liquidity and stability.
- Long-term investment. The HOLD strategy implies a long-term (up to several years) retention of the asset, counting on such a significant increase in the rate, which compensates for all expectations when selling.
The platform practices working with a CFD contract. This is an abbreviation of the English "contracts for differences", which means "contract for differences" in Russian. In the case of assets, we are talking about the price difference that formed over a certain period. The CFD for cryptocurrency offers the ability to trade in the cryptocurrency market without having to own any coins.
You can also use a demo account while working.
A demo account is a trading account where you can test your trading skills without risking your real money.
Modern Internet technologies provide an opportunity to make money. Relatively recently, the Internet market has found a new way of obtaining currency supply with its own requirements and rules. If we transfer this process to computer technology, then we are talking about obtaining a virtual cryptocurrency without the need to constantly be present at the monitor. The only limitation is the sufficient power of the video card, processor, or the presence of special equipment. The essence of the process is the reproduction of cryptocurrency. Many computers, through special software, perform mathematical calculations. The result is the emergence of cryptocurrency.
Mining the correct digital code is cryptocurrency mining.
How does it work and what's the point of mining cryptocurrencies? - in the process of mining, a structure is created to ensure the functioning of the entire system. In the course of collecting data on the latest movements in blocks to solve complex puzzles, the user who first found a solution to the problem receives a reward - coins. The task comes down to the selection of an encrypted code.
There are several types of mining:
- Solo mining is the process of mining cryptocurrency alone. This method will require from you either unprecedented luck, or huge capacities commensurate with other users. The advantage of blockchain mining alone is that it is possible to start without large investments, parallel use of a computer for personal purposes and you do not need to share the received reward with anyone.
- Mining in the pool. Development of hardware and increasing complexity has led to the emergence of mining pools. Single block decryption is no longer profitable and has become unprofitable. The solution was to unite the capacities of users into groups - Pools, where the advantage is that mining a crypt in a pool increases the probability of finding a block several times. The server divides large tasks into subtasks, which users solve. Each person's contribution is called a "ball". This is a small part of the problem to be solved to find and decrypt a valid block.
- Cloud Mining - This is where the miner uses a remote data center with total processing power. In this case, you do not need to control the equipment. This method is good for those with high electricity tariffs, and the main advantages of this method are simplicity and affordability. It's easy to start mining cryptocurrency. No special skills or knowledge is required. You just have to pay the service, buy out any "share" of the equipment and earn virtual money. However, the profit is less, there are a lot of fraudsters in the network, and the equipment for which paid for will still remain with the service.
EoS Digital Currency mining is not available. At the heart of this ecosystem is the Delegated Proof of Stake (DPoS) protocol.
Its essence is that all network participants select a small group of users of 21 validators, which creates blocks. After 24 hours, the authority is transferred to the next group of block creators, and so on. This process can hardly be called coin mining; validators are rewarded for processing transactions. Exactly also Proof-of-Stake works, of which DPoS is a modification.
Under this protocol, the proof of stake was replaced by voting, the block reward was removed, leaving only commission fees to the block generators - the price of the EOS cryptocurrency largely depends on this.
Crypto exchange and crypto wallet
A cryptocurrency exchange is a platform where a user can buy and sell digital currencies online.
The reliability of the site is primarily determined by the volume of trades and the number of users. In order to work on a crypto exchange, you will need a crypto wallet. Without such storage, the use and accumulation of crypto assets is impossible.
A crypto wallet is a special software (or hardware) software that allows you to store virtual currency, as well as perform various operations with it.
Cryptocurrency wallets are divided into two types:
- Hot ones are those that are connected to the Internet and provide the ability to work with bitcoins online. They are easy to enter, easy to use and have a wide variety of settings.
- Cold - this type of wallet includes all solutions that are not connected to the Internet. Cold wallets require connection to the network only at the moment when the user needs to make an operation to withdraw cryptocurrency.
The choice of a wallet for a cryptocurrency directly depends on the amount that is supposed to be kept in the account. Naturally, there is no need to buy an expensive device for storing small amounts. But there are general tips that will be useful to owners of any capital. If you need to carry out transactions often, then it is better to immediately choose hot wallets, since cold ones cannot boast of convenience with constant use. But the main part of cryptocurrency assets should definitely be stored in a cold wallet. The main function of a cold wallet is to securely store cryptocurrency assets. However, there are already quite a few varieties of such wallets on the market, which may have various additional functions and features. Therefore, each user can choose the most suitable option for himself, based on his needs.
Having entered the market in 2017, EOS has established itself as a reliable cryptocurrency. EOS is currently the 26th largest cryptocurrency by capitalization. However, since it was created in 2017, it has demonstrated its reliability. EOS cryptocurrency review and forecast for 2022 can help navigate the chaos of crypto money. EOS focuses on the vulnerabilities of the blockchain and tries to solve the problems of speed, scalability and flexibility that often become bottlenecks for these blockchain-based systems.
EOS has a number of undeniable advantages over Ethereum and allows you to create the same applications. Its price in the future will increase from year to year and, according to the forecasts of experts from the world's leading platforms, it will also grow in the future.
You can buy a crypt and invest your capital in any country, including Kenya. In conclusion, we can say that this the platform is a unique project with a good idea and a strong team.