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What is EOS (EOS)?

A beginner’s guide to the dapp platform that looks set to be one of the industry's main contenders.

A blockchain platform for the development of decentralised applications (dapps), EOS is being built with the aim of creating the world’s most powerful infrastructure for dapps. Regularly listed as a leading contender to Ethereum, EOS released its Dawn 3.0 update in April 2018 and quickly became one of the top five largest cryptocurrencies by market cap.

There’s plenty of hype surrounding the platform and its native token, also called EOS, so let’s take a closer look at how EOS works, the benefits it offers and what the future might hold for this ambitious project.

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

What is EOS?

EOS offers an operating-system-like set of tools and services for the creation, hosting and execution of commercial-grade dapps. Its software includes everything from user authentication and accounts to cloud storage and server hosting, with the aim of providing an all-in-one solution for dapp developers. EOS is designed to not only ensure the quick and easy deployment of dapps, but also to potentially scale to millions of transactions per second and eliminate user fees.

Where to buy EOS

1 - 12 of 12
Name Product Deposit methods Fiat Currencies Cryptocurrencies
eToro Cryptocurrency Trading
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Bank transfer, Debit card, Neteller, PayPal, Online banking, Skrill


Disclaimer: Volatile investment product. 75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
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Paybis Cryptocurrency Exchange
Paybis Cryptocurrency Exchange
Bank transfer, Cryptocurrency, Neteller, Skrill, Credit or Debit Card


Buy Bitcoin and other popular cryptocurrencies with credit card or debit card on this digital cryptocurrency exchange.

US residents: Restricted in the following states - NY, CT, NM, WA, HI, AL, VT, FL, AK, NV.
Coinmama Cryptocurrency Marketplace
Fedwire, SEPA, Google Pay, SWIFT, Bank card


Founded in 2013, CoinMama lets you buy and sell popular cryptos with a range of payment options and quick delivery.
Bittrex Global
Bittrex Global
Bank transfer, Credit card, Cryptocurrency, Debit card


Buy from one of the largest cryptocurrency exchanges with a selection of over 190+ cryptocurrencies and 3 USD pairings.
Bitfinex Professional Trading Exchange
Bitfinex Professional Trading Exchange
Credit card, Cryptocurrency, Bank Wire


Cryptocurrencies are a highly volatile investment product. Your capital is at risk.
Spot trade all of the major cryptos on this full-featured exchange and margin trading platform.
Changelly Crypto-to-Crypto Exchange
Changelly Crypto-to-Crypto Exchange
Credit card, Cryptocurrency


Access competitive crypto-to-crypto exchange rates for 150+ cryptocurrencies on this global exchange.
Huobi Cryptocurrency Exchange
Huobi Cryptocurrency Exchange
AdvCash, Cryptocurrency, Wire transfer, SWIFT


Huobi is a digital currency exchange that allows its users to trade more than 190 cryptocurrency pairs.
Bithumb Cryptocurrency Exchange
Bithumb Cryptocurrency Exchange


A global platform where users can make KRW and cryptocurrency deposits to purchase up to 15 popular cryptocurrencies.
ShapeShift Cryptocurrency Exchange
ShapeShift Cryptocurrency Exchange
Credit card, Cryptocurrency, Debit card, Banxa


Quickly swap between more than 40 cryptocurrency assets or use your credit card to instantly buy bitcoin.
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A feature-rich exchange with over 1,100 tokens including derivatives, yield farming and lending products.
Hotbit Cryptocurrency Exchange
Hotbit Cryptocurrency Exchange
Cryptocurrency, Epay


A multi-currency exchange with 150+ pairings that can be accessed through desktop as well as a mobile app.

Compare up to 4 providers

What does the EOS coin do?

The EOS coin is the native currency of the EOS ecosystem. Once the EOS mainnet is live and developers can create and deploy dapps on the network, they’ll need EOS coins in order to generate tokens for their own platforms. Whether or not an application will actually be accepted on the EOS platform will also be determined by a voting system only available to EOS token holders.

In a unique move, EOS’s token sale began in June 2017 and is taking place over the best part of a year (341 days). The year is split into 350 periods of distribution – at the end of each period, the total number of tokens to be distributed during that period will be allocated to buyers based on the amount of Ether (ETH) they contributed as a proportion of the total ETH received during the period. Once the token sale is done, 1 billion EOS tokens will have been distributed.

What makes EOS unique?

What problems does EOS aim to solve? Why does the world need another blockchain-based dapp platform? The most succinct explanation of what the project aims to achieve can be found in its whitepaper abstract:

The EOS.IO software introduces a new blockchain architecture designed to enable vertical and horizontal scaling of decentralised applications. This is achieved by creating an operating- system-like construct upon which applications can be built… The resulting technology is a blockchain architecture that may ultimately scale to millions of transactions per second, eliminates user fees, and allows for quick and easy deployment and maintenance of decentralised applications, in the context of a governed blockchain.

In a lot of ways, EOS aims to do what Ethereum does – but in a new way. While Ethereum uses its own programming language, EOS focuses on user-friendliness by allowing developers to create smart contracts with a host of widely used existing programming languages. While Ethereum is looking for the best solution to the scalability problems that currently limit the amount of transactions it can process at any one time, EOS uses a delegated proof-of-stake algorithm that’s designed to scale much more effectively. Whether this proposed solution works or not, remains to be seen.

In short, EOS aims to offer a complete toolkit for dapp development, making it quick and easy for businesses and individuals to create blockchain-based applications.

How it works: The technology behind EOS

In its whitepaper, the EOS team outlines some of the key requirements for blockchain applications, including:

  • Support for millions of users
  • Free usage
  • The flexibility to ensure easy upgrades and the fixing of bugs
  • Low latency with a delay of no more than a few seconds
  • Sequential performance to handle high volumes
  • Parallel performance to divide the workload of large applications across multiple CPUs and computers

To achieve these goals, EOS uses a delegated proof-of-stake (DPoS) consensus mechanism.

Under this system, anyone who holds tokens on a blockchain that uses the EOS software can select block producers through a continuous approval voting system. Anyone may choose to participate in block production and will be given an opportunity to produce blocks, and the software enables blocks to be produced every 0.5 seconds exactly. This is designed to not only provide the flexibility needed to upgrade the system or fix bugs, but to also allow the system to scale toward 1 million transactions per second.

Other features of the EOS software include:

  • An authentication system that includes user accounts with different permission levels
  • Server hosting and cloud storage
  • Parallel execution and asynchronous communication to allow the support of thousands of commercial-scale dapps

The EOS team

EOS is being built by, a Cayman Islands exempted company. 100,000,000 EOS, or 10% of the total amount of EOS tokens to be distributed will be reserved for and not offered to the public as part of the token sale.

The project is led by CEO Brendan Blumer and CTO Daniel Larimer, both of whom have significant tech experience. Larimer, in particular, has an impressive CV, having played a key role in the development of successful crypto projects Steem and Bitshares.

But while is building the EOS software, it will not configure or launch the EOS blockchain platform – this will be managed by members of the community unrelated to

Notable partnerships

Recent months have seen the announcement of a couple of key partnerships that could drive the future growth of the EOS ecosystem:

  • In January 2018, announced a joint venture with digital assets merchant bank Galaxy Digital focused on developing the EOS ecosystem and investing in projects that use EOS blockchain software. This saw the creation of a new US$325 million EOS.IO Ecosystem Fund.
  • In March 2018, announced a US$100 million joint venture to develop projects that use EOS software with German fintech incubator FinLab AG.

Wallets that support EOS tokens

Name Product Wallet Type Supported Cryptocurrencies Price (USD) Disclaimer
Ledger Nano X Wallet
Hardware wallet
BTC, ETH, XRP, BCH, ADA, LTC, BNB, EOS, XTZ, XLM & 5,000+ more
The Ledger Nano X comes with added Bluetooth functionality, more memory and a higher quality screen than the original Nano S.
TREZOR Model T Wallet
Hardware wallet
The next generation of hardware wallet from TREZOR, the Model T includes a host of new features including a touchscreen and improved processing.
Ledger Nano S Plus Wallet
Hardware wallet
BTC, XRP, ETH, BCH, EOS, XLM, LTC, DOT, BNB, USDT & 5,000+ more
Secure and manage coins, tokens and NFTs with the latest hardware device from Ledger.

Compare up to 4 providers

Note that since the EOS mainnet launch in June 2018, EOS are no longer ERC20 tokens. As such, wallets which are ERC20-compatible do not necessarily support EOS.

What’s next for EOS: The EOS roadmap

  • Dawn 3.0

In April 2018, announced the first feature-complete pre-release of the EOS software, known as Dawn 3.0. You can check out this blog post for a full rundown of what the update provided, but highlights include improved scalability features, inter-blockchain communication using light clients, and security delayed transactions.

On April 6, the day of the Dawn 3.0 release, EOS was trading at US$6.10. However, the excitement generated by the update, set against a background of widespread market optimism, saw its price climb above US$18 by the end of the same month.

  • Mainnet release

The launch of the EOS mainnet was scheduled for June 3, 2018. This means that EOS has transitioned from the Ethereum blockchain to its own blockchain. As such, it is no longer an ERC20-comptaible token.

On June 2, 2018, at 22:59:59 UTC, shortly before the launch, EOS tokens were frozen on the Ethereum blockchain. These tokens were then converted to “real” EOS tokens on the EOS blockchain.

What to watch out for

It’s also important to point out that EOS is operating in a highly competitive corner of the cryptosphere. Not only will it need to do battle with the much larger and well established Ethereum, which does admittedly face its own challenges, but EOS will also need to compete with other highly valued projects like NEO, Lisk and Qtum.

Read our prediction for where EOS’s price could be heading this year.

Bottom line

If you’re considering buying any EOS tokens, make sure you do your own research before parting with your hard-earned cash. While EOS could one day offer a viable alternative to Ethereum and, on paper at least, has a few key benefits over the Ethereum network, the key fact to remember is that it’s not yet proven. Furthermore, whilst EOS is being developed, Ethereum and other established dapp platforms continue to grow and cement their position.

Frequently asked questions

Images: Shutterstock

Disclosure: At the time of writing the author holds IOTA and XLM.

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