EOS is one of the most popular blockchain platforms right now. It is a platform that offers a decentralized application(dApp) development. We can compare it to Ethereum which also provides a platform for dApps. However, it provides better usability and scalability when compared to Ethereum.
Block.one is developing EOS under the leadership of Daniel Larimer who is the founder of EOS. Daniel Larimer is also known for his contribution on other cryptocurrency projects such as Steemit(decentralized social network) and Bitshares(decentralized exchange).
To help you grasp the information easily we have divided EOS content education into three sections, i.e., beginner, moderate and proficient.
Welcome to our EOS guide. We will be covering the essential topics related to EOS in this section. We will be covering some basic links and also discuss the different basic terminologies, cryptocurrency directories, and much more! At the end of this section, you will have the basic EOS knowledge and can make sense of our Moderate EOS section.
What happens when an industry transitions from using one or more ‘smart’ and centralized networks to using a common, decentralized, open, and dumb network? A tsunami of innovation that was pent up for decades is suddenly released. – Andreas Antonopoulos
WARNING: When using and storing cryptocurrency, you are in effect are becoming your own bank. It’s your responsibility to protect yourself and your funds. There is no one to help you if you lose your passwords, make a mistake, get hacked, etc.
EOS Basic Links:
- Official EOS link: https://eos.io/
- An introduction to EOS: https://blockchainhub.net/blog/blog/introduction-to-eos-blockchain/
- Official EOS Introduction PDF: https://eos.io/documents/EOS_An_Introduction.pdf
- What is EOS in a Nutshell: https://www.youtube.com/watch?v=9C3qFqJQ4Pw
Websites for getting an overview of cryptocurrency valuation markets. Some of the most important information to know when investing in a cryptocurrency is market cap (total coins in circulation compared to current price), price (in a fiat currency like USD and a major crypto like BTC), volume (fiat value of currency traded in a day), supply (circulating supply of a coin), social media buzz, and what exchanges it trades on.
There are four types of trading exchanges; broker exchanges, decentralized exchanges (DEX) and P2P exchanges.
Broker Exchanges – A broker exchange is one that allows you to buy cryptocurrencies exchanging your fiat currency (dollars, euro, yen) for cryptocurrency or sell your cryptocurrency back for fiat. This is the best cryptocurrency exchange type for beginners.
Popular Broker Exchanges in the US:
It’s a Big World! – Directory of exchanges by country/region: https://exchangewar.info/
Decentralized Exchanges– DEX’s allow you to trade cryptocurrencies with other people through the blockchain directly. Unlike a centralized exchange, there is no central authority (middleman) or main server required to make a transaction.
- EOSFinex – https://eosfinex.com/
- Tokena – https://tokena.co/index.html
- DEXEOS.IO – https://dexeos.io/
P2P Exchanges – P2P (peer-to-peer) exchanges allow you to buy or sell cryptocurrency without ID verification. You can even buy or sell crypto with fiat or cash. These are for experienced users.
Popular P2P Exchanges:
To store EOS, you need an EOS-compatible wallet. Just like any other cryptocurrency, you are completely responsible for your coins. You control everything including storing, expenditure or transferring the coins. In short, you need to think of yourself as a bank and take full responsibility for your action.
Warning: Always get hardware wallet from official manufacturers.
- Jaxx –https://jaxx.io/
- Exodus – https://www.exodus.io/
- Infinito Wallet – https://www.infinitowallet.io/
- SimpleEOS Wallet – https://eosrio.io/simpleos/
- Scatter – https://get-scatter.com/
Congratulations, you have completed the beginner section. It is now time for us to dive deep into what EOS has to offer to the Moderate user. A moderate user is the one who has bought EOS and knew how to store them safely. If you fall into this category, keep reading, as we are going to discuss EOS dApps, Consensus Algorithm, EOS technology stack and other essential topics. Let’s get started.
What is a DApp? – DApp is an abbreviation for decentralized application. A decentralized application (Dapp , dApp or DApp) is an application that is run by many users on a decentralized network with trustless protocols. They are designed to avoid any single point of failure. They typically require the use of coins or token to interact.
SUPER DAPPS is in the never-ending process of expertly curating all lives DApps for all blockchain protocols. There are thousands of DApps and the list is growing exponentially. SUPER DAPPS is segregated into 6 main categories: Business, Education, Gambling, GAMES, Lifestyle, Technology (Mario please hotlink to each i.e. – Ethereum.superdapps.com/games), and each category is broken down into additional sub-categories. In addition, we’ve sorted DApps on the Protocol level and are doing our best to translate everything into multiple languages. All for you!
Using EOS dApps:
There are plenty of EOS dApps in the market. To interact with them, all you need to do is use the wallet of your choice. However, we recommend using Scatter, a web browser extension that works similar to MetaMask(Ethereum). With it, you can interact safely with the dApp without losing the fear of your funds or your private keys.
Warning: Never share your private key of the wallet to any of the dApps you use. If you share your private key with anyone, you risk losing part or all of your funds.
You can find a list of the EOS dApps: https://eosindex.io/
Coins vs. Tokens
Cryptocurrencies are digital or virtual currencies that are encrypted (secured) using cryptography. All coins or tokens are regarded as cryptocurrencies, even if most of the coins do not function as a currency or medium of exchange. Coins (i.e. Bitcoin & Ethereum) have their own open-source blockchain protocol. Tokens are a representation of a particular asset or utility, that usually resides on top of another blockchain. Tokens do not have their own native blockchain. Tokens can represent basically any assets that are fungible and tradeable, from commodities to loyalty points to even other cryptocurrencies. For additional reading visit: https://masterthecrypto.com/ a great teaching tool.
- Detailed Coins vs. Tokens Guide: https://www.bitdegree.org/tutorials/token-vs-coin/
- 3-minute video explanation: https://www.youtube.com/watch?v=arFv4OGwxgg
EOSIO.Token is the standard for EOS tokens that governs all the tokens in the EOS ecosystem. It offers multiple interfaces for the coins. All these interfaces ensure that the token meets the standards in EOS and are ready for trading. Anyone can create EOSIO.token if they follow the standard.
- Understadning the EOSIO.token contact: https://medium.com/coinmonks/understanding-the-eosio-token-contract-87466b9fdca9
- Difference between EOS Tokens and Ethereum: https://medium.com/coinmonks/difference-between-ethereum-and-eos-tokens-f2399051c0b6
- EOSIO Developer Portal: https://developers.eos.io/
To get a better understanding of EOS as a whole, we also need to understand what the consensus algorithm they use. It uses a delegated Proof-of-Stake(DPoS). It is also the first platform to use DPoS consensus algorithm.
- Official Consensus algorithm documentation: https://github.com/EOSIO/Documentation/blob/master/TechnicalWhitePaper.md#consensus-algorithm-bft-dpos
- Explanation of Proof-of-Stake Consensus: https://bitshares.org/technology/delegated-proof-of-stake-consensus/
- Video Explanation by BitShares: https://www.youtube.com/watch?v=5m0_jnX5Sy0