EOS coin: A delegated proof of stake coin for creating Dapps on its blockchain network

By quintomudigo | cryptoforex street | 30 Oct 2019

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EOS is a native cryptocurrency of the EOS blockchain platform  created on the EOS blockchain network platform whose transaction takes place from one peer to another without involvement by the government thus is being considered to be a decentralized asset.As a native coin of the EOS blockchain, EOS coin was created to be used by different developers to pay for any transaction of their Dapps as well as to create and issue the token of their created Dapps on the EOS network platform.EOS coin was also created to enable one sender sending the EOS coin to other users to use it to pay for transaction cost so that their transaction can be accepted on the EOS network by different block producers. Since there are different tokens belonging to different Dapps on the EOS platform, EOS coin can easily enable those token to be swapped to EOS coin. With EOS coin, different voters can use the coin to vote to any 21 verified block producer who will use the coin for a given period of time after which the voter will receive reward.

EOS coin transaction 

EOS coin transaction takes place on the EOS blockchain explorer based on block height and timestamp.  Here is a view of the EOS coin transaction;

 

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To view how the transaction takes place on the EOS blockchain, you can follow the link below;

https://bloks.io/  

Date Launched

 EOS coin project was started  and launched in 2017 with the main objective of helping Dapps to have an operating infrastructure where they can be run by users.

Founder Of EOS  coin

EOS coin project was created by Daniel Larimer who is also the creator of steem blockchain and bitshares with the main objective of become the native coin of EOS blockchain thus allowing Dapps creators to use the coin to issue and create tokens of their Dapps on the platform .Daniel Larimer also wanted to ensure that the EOS platform was able to provide an operating system for its Dapps.

Process of creating EOS coin  

Unlike cryptocurrencies like bitcoin and Ethereum which are released through the mining process using power supply and internet using the proof-of-work consensus, for EOS coin, that is not the case.  Instead, EOS coin was created to become a delegated proof of stake coin.During its launch, all required 1 billion coins were released. Furthermore, EOS became an inflation coin in order to reward those securing the network. Its inflation rate is 5% per anum. As a delegated proof of stake coin, there are two key perticipants,the voters and the block producers. The voters will use their EOS coin to vote to any of the 21 verified block producers. The block producers will use the votes to produce new blocks to the EOS network as well as to secure the EOS network after which they will receive reward of the fees charged on the EOS network as well as released the 5% of new EOS coin to the EOS blockchain. Out of this amount, 4$ will be rewarded to the voters while the 1$ will be rewarded to block producers to be shared based on the amount of votes they receive. As a block producer,the more votes you receive the more your reward while as a voter the more your voting the more reward you receive. Here is how the EOS staking process looks like;

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  If you would like to take part in the voting process so that you receive reward when your coins are used to secure the network and to add new block to the EOS network, then you can follow the link from below to join  

https://eosauthority.com/  

Maximum circulation of EOS coin

During the launch of EOS coin, the maximum amount was capped at 1 billion coins where 900 million coins of this was sold to early investors while the remaining 100 million coins were reserved by the EOS parent company the BLOCK.IO. Later on, EOS decided not to have maximum capitalization in order to benefit its community member thus making the coin to have a yearly inflation rate of 50% from the coins being staked. Here is how the EOS coin supply looks like; During 

  EOS coin  Price

Currently, 1 EOS coin is worth more than $3.22 and its price is expected to increase over the next period of time. EOS coin is being abbreviated as  EOS.  

Converting my EOS coin  to other cryptocurrencies

To convert your EOS coin to other cryptocurrencies such as bitcoin and Ethereum, you need to have a cryptocurrency exchange account. If you don't own one then you can follow the link to open a cryptocurrency exchange account for easy conversion of your EOS coin to Bitcoin or Ethereum. Here is a list of exchanges where you can easily exchange your EOS coin to your favorite cryptocurrencies;  

https://www.binance.com/en  

https://www.bitfinex.com/ 

 https://www.gate.io/

https://www.kraken.com/   

https://pro.coinbase.com/

https://www.kucoin.com/ 

 https://poloniex.com/

https://international.bittrex.com/ 

 https://exmo.com/

https://hitbtc.com/ 

 https://www.digifinex.com/

https://www.hotbit.io/    

Storing my EOS coin

To store your EOS coin, you need a EOS coin wallet. You can either store online or offline. To store your EOS coin online, you can either use https://eosauthority.com/ , Scatter wallet,lumi wallet and freewallet. To securely store your EOS coin offline from being stolen by hackers, you can download offline EOS core wallet for Linux, windows or mac or can use ledger Nano wallet

Transferring my  EOS coin to other Users

If you want to transfer your EOS coin to another user, the two of you must have trust in each other. The trust should be the EOS coin address provided for by the receiver while the sender must have the EOS coin balance in their account to send to the receiver. For the sender, a blank space to insert the receiver address and another blank space to insert the amount to send to the receiver is indicated. Here is how it looks like;    

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    Knowing more About EOS coin

If you feel that you need to learn more about EOS coin, then you can follow them on their site. Here is the link redirecting you to EOS platform website

  https://eos.io/  

You can as well read their white paper to learn more about their idea from below

https://www.whiteblock.io/wp-content/uploads/2019/07/eos-test-report.pdf  

You can also join as a community member in any of their social media platform from below to follow the discussion made by other community members;

Telegram:https://t.me/EOSproject

twitter:https://twitter.com/block_one_

Reddit:https://www.reddit.com/r/eos/

facebook:https://www.facebook.com/blockoneofficial

medium:https://medium.com/eosio

linkedin:https://www.linkedin.com/company/block-one-official/

Now that you know, I think that it is time for you to start earning some EOS coin by simply delegating your EOS coin to any of the verified validator who will use the coin to validate transaction and to  secure the network. The more your delegating amount the more your reward.If you feel that we should also own some EOS coin for simply helping you know about it then here is our EOS address;  

MEMO:c1d92436db8f40ac9b0 ADDRESS:bittrexacct1


quintomudigo
quintomudigo

Trader, Blockchain Technologist and Contentpreneur. Also founder and CEO @ Teacher Forex School.


cryptoforex street
cryptoforex street

Cryptoforex street provides knowledge related to cryptocurrencies, tokens and blockchain technology. The knowledge consists of different cryptocurrencies with passive income, crypto mining, crypto staking and many more.

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