How to buy, sell and trade eosDAC (EOSDAC)
A 101 guide to buying, selling and storing EOSDAC in the UK.
Combine the two together and you get EOSDAC, which is built on the EOS blockchain and is described as a community-owned EOS block producer. With an aim to ensure that EOS block production should remain open for everyone to contribute and benefit, EOSDAC has generated plenty of interest in the cryptosphere.
If you want to buy EOSDAC tokens, read on for step-by-step instructions.
Where to buy EOSDACEOSDAC tokens are listed on the following crypto exchanges:
Quick guide to buying EOSDAC
- Register for an account with Bibox.
- Click “Funds” and select “Master Account”.
- Select the coin you want to transfer, such as BTC or ETH, and click “Deposit”.
- Scan QR code or copy wallet address.
- Transfer BTC or ETH into your Bibox wallet.
- Click “Token Trading” tab and select “Basic” view.
- Search for the pair you want to trade, such as “EOSDAC/ETH”.
- Enter the amount of EOSDAC you want to purchase.
- Review transaction details.
- Click “Buy EOSDAC”.
This is our quick guide to just one way to buy Ether. Compare some other options in the table below.
A step-by-step guide to buying EOSDAC
If you want to buy EOSDAC tokens, you’ll need to complete three simple steps:
Step 1. Register for an account with an exchange that lists EOSDAC
Compare the features and fees of the exchanges that list EOSDAC in one or more trading pairs. Once you’ve decided which platform is the right fit for you, sign up for an account by entering your email address and creating a password. To satisfy the “Know Your Customer” and “Anti-Money Laundering” (KYC/AML) regulations, some exchanges will also ask you to supply your personal details and proof of ID before you can start trading.
Before depositing any funds into your account, enable two-factor authentication (if available) to provide an extra layer of security.
Step 2. Deposit funds into your account
There’s currently no way to buy EOSDAC with GBP, so you’ll need to acquire a cryptocurrency that’s listed in a trading pair with EOSDAC before you can perform the exchange. Bitcoin (BTC), ether (ETH) and Tether (USDT) are the three currencies most commonly traded against EOSDAC, so check out our how to buy guide for each of these currencies if you don’t already have any in your possession:
To deposit these tokens into your account, you’ll need to find your exchange wallet address. For example, on Bibox you can do this by clicking the “Funds” tab and selecting “Master Account”. Next, choose the coin you want to transfer, such as BTC or ETH, and click “Deposit”. You’ll then be able to scan a QR code or copy the wallet address to make sure you transfer funds to the right place.
Step 3. Buy EOSDAC
The final step is to click through to the exchange page, find the currency pair you want to trade and then enter the details of how many EOSDAC tokens you want to buy.
For example, Bibox users will need to click on the “Token Trading” tab and decide whether they want the “Basic” or “Full Screen” view. Then you can search for the pair you want to trade, such as “EOSDAC/ETH”, and specify the amount of EOSDAC you want to purchase.
Don’t forget to review the total cost and full details of the transaction before clicking “Buy EOSDAC”.
How to sell EOSDAC
The process for selling EOSDAC tokens is much the same as the one described in Step 3, but make sure you enter your transaction details in the “Sell” tab. As always, be sure you review the total cost before submitting your transaction.
As EOSDAC is only paired with a limited number of currencies, it’s also worth remembering that you may not be able to immediately exchange your tokens for the currency you want to acquire.
Which wallets can I use to hold EOSDAC?
However, all EOSDAC ERC20 Ethereum-based tokens were frozen following the launch of the EOS mainnet on 1 June 2018. With eosDAC set to launch on the EOS blockchain in June, these ERC20 tokens will be exchanged for tokens on the EOS blockchain. This means that EOSDAC tokens now need to be stored on EOS wallets such as SimplEOS or the Infinito Wallet.
How EOSDAC works
The launch of the EOS mainnet in June 2018 was one of the most eagerly-anticipated events in the cryptosphere in the past 12 months. A platform for commercial-grade dapps, EOS is designed to make it quick and easy for developers to create and deploy dapps, and can also scale to millions of transactions per second and eliminate user fees.
When the EOS mainnet is fully up and running, its Delegated Proof of Stake system requires EOS token holders to select 21 main block producers and 100 reserve producers to create a secure and reliable platform. However, block producers on the EOS network will need significant infrastructure and resources to handle the enterprise-grade dapps the network is designed to run.
And this is where EOSDAC comes into the picture. Created by BlockMaker Ltd, an Anguilla-based company, EOSDAC is an EOS block producer owned by its community – in other words, EOSDAC token holders get to vote in how EOSDAC is run. Governed by its own constitution, which is stored in smart contracts on the blockchain, eosDAC’s goal is to open up EOS block production to the wider community of EOS token holders and ensure that it’s not centralised among a wealthy few.
What to consider if buying EOSDAC
Cryptocurrencies are known for their volatility, so you’ll need to be aware of the high level of risk involved in buying any digital coins or tokens. These digital assets are also quite complicated, with many competing factors capable of influencing their value.
With this in mind, it’s important to research any project thoroughly before deciding whether to buy its native currency. If you’re thinking of buying EOSDAC tokens, consider the following first:
- Supply. The total supply of EOSDAC is 1.2 billion tokens. According to CoinMarketCap, at time of writing the circulating supply was 660,755,177 EOSDAC.
- Distribution. At the end of EOS token distribution period 300, which took place on 15 April 2018, EOSDAC took a snapshot of EOS account holders. This was the basis for an airdrop of EOSDAC tokens, with 75% of tokens to be distributed to EOS holders at a rate of 1:1. 20% of tokens were given to the EOSDAC launch team, advisors and wider community network, with the remaining 5% reserved for EOSDAC Ltd to be used as capital reserve.
- Use. According to the official EOSDAC FAQ, EOSDAC tokens will give holders the right to “participate in the EOSDAC activities and gain EOSDAC benefits. In due course, it is probable that EOSDAC will provide dapps and utility-based services which can be used by members.”
- ERC20. EOSDAC tokens are currently ERC20 tokens on the Ethereum blockchain, but will switch over to the EOS blockchain once it is fully operational.
By doing your own research into the pros and cons of the EOSDAC project, you’ll be well-placed to decide whether or not to buy any EOSDAC tokens.
At the time of writing, the author holds IOTA and XLM.
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