What is EOS?

Sep 13, 2022
3 min read

This blog post will cover:

  • What is EOS?
  • Where did EOS come from?
  • What are the advantages of EOS?
  • What are the disadvantages of EOS?
  • How to buy EOS on SimpleSwap?

What is EOS?

EOS is a cryptocurrency that is used inside the EOS blockchain. EOS blockchain is a decentralized operating system. This system is designed to support decentralized applications on a commercial scale.

Where did EOS come from?

It appeared in 2017. A private company named Block.one presented publicly available testing environment EOSIO. The CEO of this company, Brendon Blumer, has been involved in blockchain since 2014. The CTO of this company is Dan Larimer. He is the creator of delegated proof-of-stake and decentralized autonomous organizations.EOS Dawn 1.0 was released in September 2017, the Dawn 2.0 was released in December 2017, and EOS Dawn 3.0 was released in April 2018.EOS is a type of decentralized operating system. Constitution of EOS is based on a set of rules on which everybody agrees upon. The applications running on this system are able to communicate with each other, and users easily interact with them. That is supposed to be a significant feature that differs EOS from Ethereum. Basically users can't make any changes in constitution. Yet there are several processes by which the constitution and protocol can be amended. A developer needs to have EOS coin to use the EOS blockchain. It is stated that EOS coin doesn't have any value. Nevertheless the coin market capitalization has already surpassed other cryptocurrencies.

What are the advantages of EOS?

  • It is created to provide a decentralized platform to host applications, implement smart contracts and use blockchain for businesses
  • It will eliminate fees charged for transactions
    For now, the commission is low.
  • The target of EOS is to be the first decentralized operating system
  • The native coins allow owners to participate in voting
  • High speed
    In fact the developers are claiming that EOS has an ability to conduct millions of transactions per second.
  • It is claimed that DPOS system eliminates the possibility of attacks like the one which happened with Ethereum

What are the disadvantages of EOS?

  • It is not finished product
    Developers keep giving promises.
  • The EOS system has a lot of competitors which are finished and operating
  • Some people think that EOS is heavily centralized due to the implementation of the consensus mechanism

How to buy EOS on SimpleSwap?

Let’s say you want to buy EOS. What should you do? We suggest you go to the SimpleSwap homepage and follow the instructions below:

  • Choose the currency you want to exchange (e.g. BTC) in the first drop-down list. Enter the amount you would like to swap.
  • Select EOS in the second drop-down list. You will see the estimated amount that you will receive after the exchange.
  • Enter the Recipient’s Address. EOS will be sent to this address. Be careful and make sure you use the correct address.
  • Check all the information you have entered. If everything is correct click the Exchange button.
  • You will see the Bitcoin deposit address. You need to transfer the necessary amount of BTC to this address to start the exchange.

This is everything you need to know to buy EOS.

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