What is EOS?
EOS is a decentralised blockchain with the ability to power applications on a global scale, including decentralised applications (dApps). EOS held a year-long initial coin offering (ICO) in 2017, with a total of 200 million (20% of the tokens) distributed during a five-day period, 700 million more (70%) were distributed over the rest of the year, and 100 million (10%) held in escrow for block.one.
EOS is the native token of the EOSIO blockchain.
The aim is to process fast and ‘free’ transactions for users. There are many other blockchain projects that you can build dApps on via smart contracts, but the gating-factor is speed. EOS hopes to set new standards for processing power.
EOS remains an early-stage project and is not yet fully developed and built.
What are the project's goals?
You could dumb this down to a simple sentence. EOS is often referred to as ‘The Ethereum killer’ by its supporters. It aims to do everything Ethereum does, but better. On paper, both networks are similar and host dApps, but EOS is shooting for speed and processing power. Like all blockchains, scalability is key.
The EOS blockchain will use a new consensus model called Delegated-Proof-of-Stake (DPoS). This could fix many of the problems Ethereum is wrestling with using Proof-of-work (PoW). EOS doesn’t need a node permanently connected to the network to reach consensus and transaction approval. The EOS approach uses a ‘Witness’ to keep the EOS network secure on a paid basis. If they don’t perform they’re voted off the network and a backup witness used. This reduces the centralization and red tape that holds some blockchains back.
What determines the price of EOS?
The market through the forces of supply and demand. Simply put, like most assets, the value of EOS is based on how much someone is willing to pay. Global distribution means the price of EOS is determined globally. There can be slight variations between exchanges, but big differences can’t arise because traders are always on the lookout for arbitrage opportunities.
How much EOS is on the open market?
There are 933,893,927 EOS tokens on the open market, with a total supply of 1,020,593,938 EOS.
What the bears are saying
- Competition: There's more than ever. Not just Ethereum. With NEO making progress and Cardano speeding ahead, EOS needs to start winning over developers to build useful dApps on their blockchain.
- The product: With the biggest ICO in history ($700million), it’s surprising that EOS doesn't have a fully-working product yet. This has given many investors cold feet. The age-old debate that plagues many cryptocurrencies also haunts EOS. Many start out with promises of centralization as per Satoshi Nakamoto’s original whitepaper. In the end, compromises are often made in the interests of scalability, partnerships, and a viable product. The small number of block producers as well as the risk of low voter turnout calls the principle of democratic governance on the EOS platform into question. The fact that users can’t audit the network without running a full-node analysis also makes decentralization claims questionable.
What the bulls are saying
- Speed: Speed is one of the big selling points of the EOS blockchain with the goal of handling millions of transactions per second.
- Developer platform: EOS is developer-friendly with a web toolkit and built-in functions such as role-based permissioning.
- Zero fees: The EOS network is designed for fixed-rate inflation of 5% a year. This will be used to pay miners for validating transactions and producing blocks, as well as to sponsor 3 dApp proposals that are chosen by consensus. As a result, fees are practically eliminated for users.
How to buy EOS
With Uphold, you can set up an account, verify your identity and buy crypto with ease.
Here is how:
1. Go to Uphold.com and click ‘Sign up’
2. Enter your email address, phone number and your personal details
3. Tell us how you plan to use Uphold and provide some basic financial information (e.g., employment status and source of funds)
4. Verify your identity by providing an ID document and taking a ‘selfie’
… and you’re off to the races!
Just start trading.
You should be aware that the risk of loss in trading or holding cryptoassets can be very high. As with any asset, the value of cryptoassets can go up or down and there can be a substantial risk that you lose all your money buying, selling, holding or investing in cryptoassets. Our cryptoasset services are not within the scope of the UK Financial Ombudsman Service and your cryptoassets are not subject to protection under the UK Financial Services Compensation Scheme. You should carefully consider whether trading or holding cryptoassets is suitable for you in light of your financial condition.
Uphold Europe Limited (FRN: 900577) is registered under the Financial Conduct Authority’s Temporary Registration Regime for cryptoasset firms and complies with the Money Laundering, Terrorist Financing and Transfer for Funds (Information on the Payer) Regulations 2017 as amended. The purchase, sale and custody of cryptoassets is regulated by the FCA for anti-money laundering purposes but this does not indicate any approval by the FCA of Uphold’s cryptoasset activities. Uphold Europe Limited is also an EMD agent of Optimus Cards UK Limited which is authorised and regulated by the Financial Conduct Authority to issue e-money (FRN: 902034) pursuant to the Electronic Money Regulations 2011.
The e-money services are regulated by the Financial Conduct Authority. E-money is not a deposit or investment account which means that your e-money will not be protected by the Financial Services Compensation Scheme. User funds will be held in a designated safekeeping account with a regulated financial institution. E-money will not earn any interest. Additional Risk Warning in Uphold’s Terms & Conditions.
This content is correct as of September 2021
Note: this cryptocurrency is not available for withdrawal to external crypto wallets. It can be bought, held, and sold on Uphold.
Get more coin for your coin
0% deposit fees 0% withdrawal fees