EOS is a general purpose blockchain.
EOS.IO software, or operating system, made by the Cayman Islands company, Block.One
EOS enables the building of decentralized applications and businesses on the blockchain.
Block.One CEO, Brendan Blumer says “The idea of EOS is that if you are able to build a basic website, you should be able to build and launch a decentralized business.”
What is EOS.IO software?
EOS.IO is an operating system much like that of Steem, which is not altogether surprising as the Chief Technical Officer (CTO), is Dan Larimar who has been the main developer on both. The EOS system is set up in a way that can theoretically scale to millions of transactions per second, and all without user fees. EOS.IO software will be available, under open source license, following the closing of ERC-20 token sales.
EOS.IO Storage is a proposed decentralized file system designed to give everyone the ability to permanently store and host files accessible by any web browser. Unlike some other proposed alternatives, there would be no upfront fee or ongoing charge for storage or bandwidth on EOS.IO Storage aside from a completely refundable deposit. Users must hold tokens while they need storage and bandwidth and may sell tokens when storage and bandwidth is no longer required. Built on the InterPlanetary File System (IPFS) and the EOS.IO software, EOS.IO Storage will be a service provided by block producers for those who hold tokens on a blockchain that adopts the EOS.IO software. The block producers would be incentivized to replicate and host these files, allowing anyone with an Internet browser to access them.
As already mentioned, EOS takes a free-market approach when it comes to resource distribution within the network. The way this approach works is that the EOSIO system allows users to buy RAM from the system itself and/or sell it back in order to redeem EOS tokens. This provides a natural way to balance the price and at the same time provide a lot of liquidity to the market. The less RAM available on the market, the higher the price and vice versa. The algorithm used for this market maker is known as a Bancor Relay. The Bancor Relay does not set the price of RAM but rather offers to buy and sell at previously established market rates. Anytime the current market rate is different than the current price offered by the Bancor Relay, traders will buy or sell RAM accordingly, reducing the market determined price gap.
EOSIO allows all accounts on the network to be indexed by a unique readable name of up to 12 characters. Account creators have the ability to choose a name for their account and they must reserve the RAM required to store the new account until tokens are staked within the ecosystem.
Many people remember EOS's beginning as an ERC-20 token. The project initially ran its crowdsale on the Ethereum network in order to raise sufficient funds for development. However, their ICO phase is long over, their testnet phase is over and they've officially migrated to a mainnet of their own. This hasn't been without issues with the network freezing within its first month, which was a big problem for a blockchain project that promises so much. EOS is first and foremost, a decentralized platform. Its native blockchain protocol powered by the native cryptocurrency EOS. The protocol aims to emulate most of the attributes of a real computer including hardware (CPUs, GPUs, Local RAM and other.) with the computing resources being distributed equally among the EOS cryptocurrency holders. EOS operates as a smart contract platform and decentralized operating system intended for the deployment of industrial-scale decentralized applications through a decentralized autonomous corporation model. The smart contract platform claims to eliminate transaction fees and also conduct millions of transactions per second.
Contrary to online wallets, there are multiple great choices when it comes to desktop wallets.
SimpleOS
SimplEOS is made solely for the EOS ecosystem and fully integrated with features available in the EOS.IO software. It is available for Windows, Linux and Mac platforms, which makes it one of the top EOS wallets. SimplEOS is a desktop application, where you can easily import your EOS Mainnet private keys to claim your EOS Mainnet tokens.
The SimpleEOS wallets can also be used to vote on referendums hosted on the EOS Mainnet.
Atomic Wallet
Atomic wallet is also another great choice for those looking to get a desktop wallet to store their EOS in. Not only is it decentralized, but it also allows for users to set up their very own unique EOS accounts. It should be noted that the wallet also allows you to purchase the supported currencies with a credit card, just keep in mind that you’ll be charged significant fees for doing so. With Atomic Wallet, you hold your own keys, which are encrypted and kept only on your own device, you control your own funds and can efficiently swap tokens without needing to go through a centralized exchange.
There are quite a few other good choices out there, especially EOS-Specific wallets, like INFINITO or even Graymass, which aims to simplify EOS use and may be great if you’re just getting started with the EOS ecosystem.
There are only a few options for online EOS wallets. As always, only use an online wallet if you cannot use any other alternative and refrain from storing any significant amounts.
LumiWallet
If you absolutely must use an online wallet, LumiWallet offers both online and mobile wallets with the ability to store EOS. Keep in mind that online wallets are the custodian and you are not the one in control of your private keys. LumiWallet is relatively new so we don't know much about it. However, it seems to have a simple interface and the wallet supports hundreds of different currencies.
As for hardware wallets, the two choices are obvious- Trezor and Ledger Nano S. The only cold-storage wallets that currently have EOS integration.
Ledger
The Ledger may come at a price and may isn’t the easiest to set up, but the security it provides, especially when it comes to storing larger amounts of EOS or any other cryptocurrency is priceless. As for using the Nano Ledger S, the first step towards setting up your device is unboxing your device and checking if you have received all the accessories with the device itself. Once you have unboxed your device, you need to configure it and initialize it before being able to use it. The process is quite simple and will hardly take about 20-30 minutes post which you will be set to use your Ledger Nano S device. Once you’re set, you’ll have your EOS stored in probably the most secure wallet on the market. Just remember to always purchase your device from a reputable, trusted site, as there isn’t any lack of malicious fakes out there.
Setup guide video: here
Trezor
As for Trezor, installing is really simple. To properly install it users should attach the unit to the computer. After that continue with installing the bridge which allows the Trezor to join with the computer. The first step is to connect the Trezor to device’s USB slot with the cable given in the box. After that, go to myTrezor and proceed with installing the browser extension. Trezor can also be used on Android or an iPhone, or on a Windows or Mac computer. Now, initiate the extension and myTrezor will direct you to pick a PIN. After this, you will notice nine buttons but the numbers are hidden. After this, users should check the Trezor’s screen to recognize which numbers are in which place because it switches every time. Now set the PIN. Shortly after, Trezor should present a 24-word wallet “seed”. In short, one word at a time. Note down this seed and save it carefully. If your Trezor device malfunctions or is lost, you can utilize the seed to reconstruct the complete wallet.
Setup guide video: here
You'll have to create your EOS account name before using the wallets. An account is a 12 characters long human-readable name that is stored on the blockchain. It can be owned through authorization by an individual or group of individuals depending on permissions configuration. An account is required to transfer or push any valid transaction to the blockchain. There quite a few services that allow you to create an EOS account, like ZEOS or Atomic Wallet. As always, you're responsible for your own security so always do extensive due diligence on such services.
Being the second most popular smart contract platform and a direct competitor to Ethereum, there are quite a few brokers and exchanges around that offer EOS trading.
For buying with fiat, your main options would either be eToro or Kraken
eToro
eToro does not charge any flat fees but applies a 2.90 % spread between buying and selling for EOS. Other than that, the broker is pretty reputable and it's quite easy to set up an account. It's also one of the most popular social trading platforms there is on the market.
Kraken
Kraken is also another viable choice for buying EOS with fiat. Fees are relatively small and the exchange has an intuitive design, making it quite easy to use.
Also, if you want to buy EOS with BTC, there are a plethora of exchanges you can opt for. Bitfinex or Binance are both great choices.
