EOS Coin Moving Ahead

Eos Coin: Performance, Prediction, and Purchase

Eos was introduced in a whitepaper by Block.one in 2017. It was dubbed as the ‘Ethereum Killer’ back in 2018. Eos had peachy beginnings with an ICO (Initial Coin Offering) that lasted almost an entire year—Eos raised over $4 billion.

Even so, 3 years after its inception it is a far cry from what it had promised to be.

A History

Dan Larimer, the ex-CTO (Chief Technology Officer) of Block.one, was the mastermind behind EOSIO. He is also responsible for Bitshares and Steem. 

EOSIO is software for developing blockchain technology. And Eos Coin is the native token of EOSIO.

Block.one claimed that the EOSIO technology was faster and more versatile. Developers could create decentralized apps (dApps) that thousands of people could use simultaneously. 

Larimer also introduced a consensus-based module known as DPoS (Delegated Proof Of Stake). DPoS is integral to how the Eos blockchain functions. 

Many compared Eos to Ethereum because both systems focus on decentralization. However, Eos seemed to tower over Ethereum. With more than 300 on-chain dApps, 10,000+ daily and active users, and developer-friendly tools.

How does Eos Work?

Eos coin creates dApps using blockchain technology which has very low latency. It enables countless transactions simultaneously. Also, there are no fees on Eos transactions.

Eos uses DPoS, which is a ‘democratic’ system of blockchain creation.

With that said, it is also used by other coins, such as Tron and Cardano. DPoS is different from other systems like PoS (Proof of Stake), where DPoS allows only token holders to delegate stakes.

Traders can stake their tokens in the blockchain network. Traders who have a stake can vote for blockchain producers who govern the network. These elected producers can then create new blocks or verify transactions, thus developing the network. Then they are rewarded for their work with new Eos tokens. 

If the producer you vote for is selected, you get the shared rewards from the staking pool. The higher you stake, the greater the rewards you may get.

What’s different about EOS is that the network can create new blocks at crazy speeds. Producers can add new blocks to the chain every 0.5 seconds. Compared to Bitcoin’s 10 mins and Ethereum’s 15 seconds.

Current Standing of Eos

Earlier this year, Eos’ parent company, Block.one secured $10 billion in investment. It was for the launch of Bullish Global, a new cryptocurrency. Block.one plans on using the funds from the new currency for a cryptocurrency exchange. It caused a 100% increase in the price of the Eos Coin back in May 2021.

At the time of writing, the Eos World Coin Index rank is 16. The current Eos Coin price is $3.66, a contrast to its value of $22 in 2018. Additionally, it is probably the only altcoin that is not doing well this year.

Let’s look into the price changes of Eos and the Eos Coin price prediction:

In 2017, the Eos coin price started at $1 at the beginning of the year. Then by the end of the year, it reached a new high value of$11.39. In 2018 it infamously reached its highest value of $22.89. Then slumped down to $2.56 by the end of the year.

As for 2021, the coin started at $2.61. We saw a spike in May, rising to $13.47. At the beginning of June, it fell to $6.30 and now lingers around the $3 mark.   

What do Experts Say?

Despite its current slump, analysts have optimistic predictions. Both XBT and Wallet Investor speculate that the Eos Coin will increase. Wallet Investor dubbed the coin an “acceptable” currency for the long run. While XBT has stated that for 2022-23 the Eos Coin may be valued at around $80.

Digital Coin analysts predict the following:

1. $9.18 by the end of 2021
2. $11.00 in 2022
3. $18.6 in 2025
4. $28.15 in 2028.

Note: These are all based on current trends and may change at any given time.

How to buy Eos Coin? 

If you’re wondering ” how do I buy Eos Coin ?” Read this section carefully. The Eos Coin buy online procedure is different.

This first method is a bit more complex. However, it ensures that you do not rely on any other service to buy, sell, vote, or stake in Eos. 

1. Get a Wallet: 

A wallet is necessary for Eos.

Get a physical wallet like Ledger Nano X or a digital wallet like Exodus.

Physical wallets provide better security. On another note, these wallets do not guarantee 100% protection, but they are a secure way to keep your tokens.

• Create An Eos Account: 

You will need to create an Eos account for your wallet. However, Eos accounts are not free; another Eos account will have to pay to create one for you. You can also pay account-generators. Check zeos.co or esos-account-gerenator.com. 

There is a dApp you can use as well, visit the site namevault.co. 

After creating an account, you will get a Public Key. It is like a profile link or an address you can show to the public to send or receive tokens.

• Create Keys: 

You can create a Key before or after creating your account. Just make sure you add it to your Eos account. You will have to generate two keys, namely the Active key and Owner Key. Set private keys Active Key and Owner Key using the Public key.

You can update or reassign the keys as well. However, never share your Owner Key with anyone.

Generate Keys from:

• EOSKEY (Very reliable and easy to use offline service)
• Scatter (Application for your desktop; good for daily use)
• Using the official EOSIO.code

• Set Eos Account on Your Wallet: 

Every wallet will come with a user manual. Set up your Eos coin account accordingly. If it does not come with the product, reach out to the customer service, check FAQ, or google “ * WALLET NAME* user manual.” Follow each step of the manual to the dot.

• Locate Eos Address: 

Locate your address in your wallet. An address will allow you to send your tokens to your wallet. It will be a string of characters that begin with “EOS.”

• Choose an Exchange Platform: 

There are many platforms you can choose to purchase your tokens. Some popular and trustworthy platforms are eToro, Binance, Kraken, and Coinbase. After creating an account and verifying your documentation on the platforms, you can buy coins.

With that said, you will have to purchase other coins and then exchange them for Eos Coin. There is currently no method to directly purchase Eos Coins with fiat currencies.

• Transfer to Wallet: 

After purchase, transfer your coins to your wallet. Use the address of your wallet to send tokens to it. Never keep tokens in your exchange platform. 

There is a second method, but with this method, you only purchase the Eos Coin. You cannot vote or stake in the Eos blockchain. To do this, just follow the 6th step from the first method. You will also have to keep your Eos with your exchange platform. 

There is a lot of promise from analytics concerning Eos. However, nothing with cryptocurrency is set in stone. There have been reports of producers’ misgovernance, burning out funds, and system congestion.

Moreover, Eos is a bit too complex for the average user. Most people want to rely on an exchange platform and directly trade with fiat currencies. Both of which Eos has not yet provided. However, with the new funding, maybe Block.one has something in store to make engagement much more friendly for the masses. Only time will tell.