Analysts call EOS a potential competitor to the ether. For two and a half months, it has grown by more than 300% (and the air has increased by 160%). We tell how to get this altcoin.
What is EOS
EOS is a multipurpose platform that many analysts see as a potential competitor to Ethereum. Like Ethereum, EOS will support Decentralized Applications (Dapps). Unlike traditional computer programs, Dapps do not run on a specific server, but exist in a decentralized peer-to-peer network. Such applications can directly connect users to service providers without the need for intermediaries.
EOS creator Dan Larimer, also known as the co-founder of BitShares and Steemit, hopes that his platform will be more scalable and flexible than Ethereum, which will simplify the creation of decentralized applications. The developers claim that there will be no transaction fees on the EOS network, and the volume of transactions can reach several million per second.
Nevertheless, the project is still at an early stage of development - even the product prototype is not ready.
EOS is funded by selling tokens. At the same time, the EOS offer is unique in its own way: a billion ERC-20 tokens will be distributed throughout the year. In other words, everyone will have an equal chance to acquire them.
1. Get an EOS wallet
Currently, no wallet supports EOS officially, however, the platform uses the ERC-20 standard, which means that in theory, EOS can be stored in any ERC-20 compatible wallet. There are several types of such wallets.
Desktop applications
Among the most popular EOS desktop wallets are Jaxx and Exodus, which are multi-wallets available on Windows, Mac and Linux. Jaxx is also available on Android and iOS.
Both wallets have built-in support for ShapeShift, which allows you to quickly and easily exchange cryptocurrency.
Hardware Wallets
You can use the Ledger Nano S and Trezor hardware wallets to store ERC-20 tokens if you have configured the MyEtherWallet interface for them.
Edger and Trezor wallets are compatible with Windows, Mac and Linux. Such devices are considered safer than most other types of wallets.
Web Wallets
Perhaps the best choice for storing your EOS tokens is the MyEtherWallet wallet. Unlike many online wallets, it is based on open source software and allows you to store cryptocurrency on your own computer, and not on the company's servers. This feature makes MyEtherWallet much safer than most web wallets.
Mobile Wallets
As we have already noted, the Jaxx wallet is also available for mobile devices. In other words, you can store ERC-20 tokens on your Android or iOS device. Jaxx supports many cryptocurrencies and has an intuitive interface that makes it especially suitable for beginners.
2. Select an exchange to buy EOS
EOS tokens are available on many major cryptocurrency exchanges, so purchasing them should not be a problem for you. Here is a list of the most popular ones.
Binance
Launched in 2017, Binance has quickly become one of the most popular cryptocurrency exchanges. It hosts dozens of altcoins, including EOS tokens. Unfortunately, you can only fund your Binance account with cryptocurrency, which may not always be convenient. However, the platform makes it easy to exchange EOS for BTC and ETH.
Creak
Like Binance, Kraken allows you to exchange BTC and ETH for EOS, however the platform itself offers slightly more flexible terms. For example, you can fund your account in EUR, USD, JPY and CAD.
Kraken is known for its relative ease of registration and comparatively low fees. However, the platform sometimes runs slowly under increased load.
HitBTC
HitBTC is a European cryptocurrency exchange offering many different cryptocurrencies including EOS. Users can fund their account in dollars or euros. While the exchange is easy to use, its reputation is far from flawless, with many claiming HitBTC lacks transparency. As with any unregulated market, the investor should exercise reasonable caution.
Shapeshift
All other exchanges on this list require registration, however ShapeShift does not ask users for any personal information. In addition, the platform allows many different cryptocurrencies to be exchanged for EOS. ShapeShift's fees are high, but it's a small price to pay for this level of convenience and privacy.
Bithumb
Bithumb is one of the largest exchanges in South Korea and the record holder for EOS trading volume. Alas, if you are not based in South Korea, this is hardly the best option for you: the exchange only accepts Korean won. The exchange is relatively straightforward and has little to offer for advanced traders.
Bitfinex
Bitfinex is one of the few exchanges that directly exchange EOS and USD, which makes it quite popular. However, the complex interface makes it not the most beginner-friendly platform.
Cash
Unlike Bitcoin, EOS is almost impossible to buy with cash at the moment. This may change with the launch of the EOS platform. However, you can always buy bitcoins on LocalBitcoins and then exchange them for EOS on any major exchange. Alas, this process can be more difficult than we would like.
Credit card
Very few exchanges allow you to pay for cryptocurrency with credit or debit cards. Best used for these purposes Coinbase or CEX.IO. Alternatively, you can purchase other cryptocurrencies (such as Bitcoin or Ether) with a credit or debit card and then exchange it for EOS through Changelly.
It is not possible to pay for an EOS purchase using PayPal, but the principle is the same as for credit cards: you can always buy another cryptocurrency and exchange it for EOS. For this, LocalBitcoins and VirWOX may suit you. It is also better to exchange cryptocurrency for EOS through Changelly, since such an exchange is not possible on these exchanges.
3. Transfer EOS tokens to your wallet
Remember: never leave your tokens on the exchange. If you use one of the platforms mentioned above to buy EOS, do not forget to withdraw tokens to your personal wallet. This will allow you to save your money if the exchange is hacked or goes bankrupt.