What is Eos cryptocurrency?
The EOS cryptocurrency is part of the ecosystem of the same name, which appeared in 2017.
Co-founded by Daniel Larrimer, a seasoned entrepreneur in the crypto world, the EOS.io platform is built to work with decentralized applications, and as such, it is now called a competitor to Ethereum. 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.
The advantages of the 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.
Another distinctive feature is the transaction system, which, according to the project developers, is superior to Ethereum smart contracts. It is possible that this digital asset can compete with coin number two, which refers to a decentralized blockchain-based platform for creating DApps (decentralized applications). In comparison with other projects, it is distinguished by high throughput, reliability and efficient technical solutions.
How to invest Eos in India?
Despite the fact that the cryptocurrency has existed for almost 10 years, the increased interest in it among compatriots can be traced only for the last 2 years. Investments in cryptocurrency have taken on a frenzy. Many Internet users began to study information about electronic currencies and think about buying a mining farm. In fact, this type of activity allows you to receive passive income, since it will not require constant participation from a person. If you wish, you can either sell the earned cryptocurrency right away or wait for the rate to rise in order to increase your profits.All information about the system is freely available and simultaneously on all computers that take part in cryptocurrency mining. Cryptocurrency has only digital expression. It has no real coins or banknotes. Cryptocurrency appears due to complex mathematical calculations. To solve them, a computer with a lot of computing power is required. Also, for this process, special mining programs are used. The computer participating in this process is part of a single network, on each node of which a common distributed database is stored in the form of blocks.The chain of these blocks is called the blockchain. To create a new block, you need to choose a value that would include the hash (digital signature) of all previous blocks. Thus, the data already written to the blockchain cannot be changed under any circumstances. The longer the chain of blocks, the more difficult it is to pick up a new block. Mining is the only way to mine cryptocurrencies, the essence of which is to calculate the cryptographic signature of a block using a special algorithm.
The EOS platform has its own internal token of the same name. At the moment, the asset is traded on all top cryptocurrency exchanges. The coin is used to exchange values, it is also used to create its own tokens in DApps. The issue was one-time and 1 billion coins were issued. You cannot mine cryptocurrency.
Crypto exchanges and crypto wallets
- Crypto Exchange.
The demand for digital coins is growing, as is the need for reliable storage services. At the moment, there are many ways to store your crypto capital. A cryptocurrency exchange is a place where you can buy, sell, and exchange your coins - in simple terms. With so many cryptocurrencies to trade and a large number of newly created crypto exchanges , it becomes extremely difficult for novice investors to choose the right cryptocurrency exchange. You need to understand how they differ from each other and what features you need to consider when choosing a trading platform. To start trading and successfully make money on digital assets, you need to know the basic information about investing in a cryptocurrency. For the financial market to function, each user needs access to the cryptocurrency exchange. But did you know that there are two categories of cryptocurrency exchanges - one of which is a centralized way of exchanging cryptocurrencies, and the other is a decentralized format of the cryptocurrency market?
Thus, cryptocurrency exchanges are divided into two main types:
- Decentralized - A decentralized cryptocurrency exchange (often referred to as DEX) is very similar to a centralized platform, but without the intervention of third parties. These exchanges do not rely on any third party. Funds on the exchange are stored in the blockchain by the users themselves. Peer-to-peer (P2P) trading is also allowed by these exchanges, which require the use of an escrow or proxy token system. This differs from the IOU system used by centralized cryptocurrency exchanges.
- Centralized A centralized cryptocurrency exchange is a trading platform where a third party, represented by the platform administration, is used to monitor and protect transactions on behalf of the user. The blockchain system itself does not track transactions. But centralized cryptocurrency exchanges require their users to provide their personal information before using the tools they provide.
While centralized exchanges have very strict security procedures, decentralized crypto exchanges offer a lot of protection. Centralized exchanges are most threatened by hackers.
Past hacking experience with centralized exchanges has resulted in their numerous security updates. In the case of a decentralized exchange, there is no risk of losing funds due to such actions.
- Crypto wallet.
A cryptocurrency wallet is a special storage for digital money, made in the form of software, a personal account on the exchange, a cloud, a hardware device or a sheet of a QR-image of a key.
As the demand for cryptocurrency increases, so does the number of offers. At the same time, it is becoming more and more difficult for users to decide which wallet to choose to store money on a PC / laptop, phone or website. For cryptocurrency, exchange sites, desktop versions of programs, special devices, and even paper wallets are used. Regardless of the type, the essence of a crypto wallet is not physical storage, but providing quick access to money in the blockchain.
At the same time, conditionally, all crypto wallets are divided into two categories, "cold" and "hot":
- Hot is a cryptocurrency wallet that needs to be connected to the internet. It is usually easier to get started, set up and use. However, these wallets are more confirmed by technical vulnerabilities, regulation and hacker attacks.
- Cold is a storage that works without an Internet connection. It is many times safer, but it has a limited choice of supported currencies and, in addition, requires the purchase of an expensive device.
When looking for a crypto wallet, you need to focus on goals and objectives, and the final choice depends on the following factors:
- safety requirements;
- the need to always have a wallet at hand;
- intention to spend money on the Internet;
- desire to make money on the difference in exchange rates, etc.
Investments through online trading platforms
Digital coin trading platforms (platforms) are designed to buy and sell, creation of simple and complex orders, input and output as well as additional options.
In order to choose the best trading platform, pay attention to several basic criteria to immediately filter out options that are definitely not suitable:
- What are your trading goals? Do you want to be an investor or a trader?
- What assets does the platform support?
- Payment Methods.
Cryptocurrency is now one of the main destinations in the investment world. Recently, what started as an experiment has turned into a massive global trend, which represents a good profit for the investor. However, both investors and traders need to make decisions about where to store funds. and carry out transactions with them. If you started buying and investing quite recently, then perhaps your choice will be any top platform that has a fairly simple interface, with training materials or a demo account.
A demo account is a kind of simulation of real trading. Here you will work using virtual coins, but in real market conditions.
Working on an online platform, you use a CFD agreement.
A CFD is an agreement entered into when trading derivative financial instruments in which the difference in settlement between the opening and closing prices of a transaction.
CFDs provide traders with all the benefits and risks of owning securities without actually owning the securities or physically delivering the asset.
The idea of creating the project was a network that will be better than its main competitor Ethereum. Specifically, the team decided to create a flexible system with good throughput, fee-free transactions and the ability to create transparent smart contracts. Some developers have said that EOS will outperform Ethereum. So far, this is far from it, but such a moment should not be ruled out. Of course, the token should be kept in your portfolio. It is ideal to start investing in EOS as it has huge opportunities.
It is worth drawing your attention to the fact that EOS has been growing in the last couple of months. It is a promising cryptocurrency that could bring huge profits in the future, and if you look at the current scenario, as more and more companies use the EOS blockchain, EOS tokens will become more popular.
EOS is a profitable investment, as the crypto has great advantages over other cryptocurrencies.