How to Buy EOS

Last Updated May 11, 2018

EOS is a scalable “decentralized application” (dApp) platform that was founded in 2017. It is meant to compete with Ethereum’s own blockchain based app ecosystem. The platform operates on a delegated proof of stake (DPoS) algorithm, as opposed to a proof of work algorithm of Ethereum. This distinction allows for the EOS network to process a much larger number of transactions than Ethereum can, allowing these apps to scale up their user base easier.

Pre-launch estimates target anywhere from 20,000-50,000 transactions per second, which would put EOS on par with the capabilities of a major payment processing network such as Visa. This in thanks to the fact that proof of stake based algorithms are easier to scale and also use less resources than their proof of work counterparts, who require enormous amounts of electricity and expensive hardware to operate.

The project was created by Dan Larimer, who was part of the team that launched the successful blockchain social media site Steemit, as well as the BitShares exchange platform which are governed in a similar fashion. While the EOS ecosystem is still a work in progress at this time, these other platforms are a preview of its capabilities, and serves as a proof of concept for what the EOS platform will become in the future.

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Buying EOS Step By Step

Buying EOS is not difficult, and there are many exchanges that offer this interesting new asset for sale. In this example, we’ll be documenting the process that investors may utilize to purchase EOS on the Changelly website. Changelly does require users to create an account, but no verification of any kind is required unless you choose to pay with a credit card. If you would like to use this option they support purchases in US dollars and Euros via bank cards with 3D Secure technology.

  1. Select the cryptocurrency that you’d like to swap for EOS
  2. In order to make a coin swap at Changelly, you will simply select the coins which you will be trading. In our example, we will be trading our Ethereum for some EOS. However, there are other pairs that may be utilized if you do not have any Ethereum to trade.

    changelly example

  3. After making your selection, you’ll be prompted to create an account
  4. Creating an account is easy, and the only required information will be an email address. You can optionally sign up by using your Google+, Facebook or Twitter accounts as well if you prefer.

    free registration at Changelly /></p>
<li><strong>Check that your trade information is correct</strong></li>
<p>On the next screen you’ll be asked to verify that your trade information is correct. Make sure that the amounts displayed look accurate and that you agree with the fee that they will charge for the service. This screen will also tell you how long you can expect to wait for your trade to complete.</p>
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  5. Enter your EOS wallet address
  6. On this screen you’ll be prompted to enter your EOS wallet address. If you don’t already have an EOS wallet, then you’ll need to create one before you can complete your exchange. When entering your address, be sure to copy and paste it into the form field. Never type it in manually, as this can lead to errors that could result in your funds being lost! Additionally, always double check that the address is correct before confirming the transaction, just in case.

    To create an EOS wallet, consider using MyEtherWallet which accepts EOS tokens. Read more about MyEtherWallet and Ethereum wallets.

    example EOS wallet address

  7. Confirm your deposit information
  8. Make sure to check over your deposit information carefully. Verify that the address is correct. If you make an error it may not be possible to recover your coins or tokens. This page will also tell you any fees that will be associated with your trade, and it will display the amount of EOS that you can expect to receive for the exchange.

    confirm deposit info

  9. Send your coins to Changelly for exchange
  10. This screen will display the deposit address that you will use to send your coins to Changelly. Make sure to send these funds as one transaction to avoid any issues or delays with your transaction, and be sure that you are sending a coin or token that corresponds to the given wallet address. In our example, we need to send Ethereum.

    After you have sent your payment, it will show that the transaction has been completed. At this point you will need to wait for the estimated amount of time to elapse, and then check your wallet for your new EOS tokens. If you believe you have been waiting for an unusually long period of time, and your tokens have not arrived, contact Changelly support for assistance.

    send ether to the provided address

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Learn how to buy Ethereum

If you don't currently hold any cryptocurrency then purchasing EOS can be difficult. This guide to buying Ethereum will help you get started.
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Definitions

In order for you to clearly understand what EOS is, and what it does, there are some terms that we must first define. If you take a moment to get acquainted with these, it will likely make the learning process that much easier for you.

EOS Mainnet Launch

At the present time, EOS is an ERC20 token. Their initial coin offering was launched by using the Ethereum network, because their product was not yet developed. However, their mainnet will be launching on June 2nd 2018. At this time, the Ethereum based tokens will be swapped for the new assets on their own native chain.

This is yet another reason that investors should never store their assets on an exchange. This is already not a very safe option, but it’s possible that all exchanges will not support the swap. For this reason, it’s best to keep your tokens in a wallet that you control. You will likely need your private key for the swap, and an exchange wallet does not provide this to you. All tokens need to be in your wallet at the time of the swap, and it’s advisable to do this in a reputable and privately owned wallet. You may utilize something like Meta Mask or even a hardware wallet for this purpose.

EOS vs Ethereum

EOS and Ethereum accomplish much of the same goals, however there are some key differences to their approach, mostly based on their chosen algorithm. The team behind EOS has already established a proof of concept with Steemit, and now they have moved that research to their new project. EOS uses the DPOS algorithm to secure their network, and this gives them a key advantage over Ethereum by way of scalability.

Since Proof of Stake methods are more resource efficient, they have an easier time scaling than a typical mining (proof of work) system does. EOS will be able to support far greater processing speeds, and the applications built on top of it will benefit from this. This opens the doors for enterprise level applications that need superior scaling power which can not be provided by Ethereum in its current state.

The democratic system by which participants vote on delegates also helps to kick out bad players who would act against the best interest of the network itself. There is some debate that this would make EOS too centralized, however as Proof of Work becomes more expensive, it’s likely that this system will become centralized as well.

In the debate on “how to scale a blockchain”, Ethereum has focused heavily on decentralization and security at the cost of scale, whilst EOS is sacrificing decentralization and security for the benefit of scale. This is also known as the “blockchain trilemma” and it is not yet clear which strategy will prove most effective over the long-run.

How important is decentralization for EOS?

With only 21 governing nodes in the network, many are worried that EOS will be too centralized to operate in the spirit of cryptocurrencies. However, they have some security mechanisms in place to assist with these perceived issues. For starters, those who would choose to operate these nodes would need to stake their coins, and if they are found to be validating fraudulent transactions they will lose their stake. This is a hefty penalty, and few would bother taking this risk, especially for those who are actually in a position to run a node, it would not be worth it.

These users are also subject greatly to public opinion. Everyday users will have a say in this system, and if nodes are found to be abusing their powers in any way, they will be quickly voted out by other network participants. If they are found to be incapable of fulfilling their duties, they will also be booted, and another delegate will gladly take their place.

While this system may not be perfect, it does offer the ability for cryptocurrencies to grow into the mainstream, and it allows for this network to command the immense processing speeds that industrial applications will require. On a slower, more decentralized network, this is not currently possible.

How does delegated proof of stake work in the EOS ecosystem?

In a standard Proof of Stake system, anyone is allowed to verify network transactions as long as they hold coins. While this does allow for more people to participate, it also means that it’s harder to eject bad players from the network and that those with the most wealth can more easily control it. In the EOS ecosystem, the number of nodes is limited to 21, and the rights to these slots are assigned to delegates who must apply for the position. If these users are found to not be behaving in the best interest of the community then they can lose their position. These nodes must also put up a certain number of coins as collateral, and they will be penalized with removal of that investment if they are found to be validating fraudulent transactions.

In the case of a voting user, they too must lock up their coins in order to cast their vote. Steemit has a similar system, where you must invest Steem into your account in order to vote on content. If you plan to cancel your voting privileges, your funds will be returned to you over several months. This methodology forces people to become invested in the network, as opposed to simply flipping their tokens for fast profits.

While the number of nodes is severely limited in contrast to other cryptocurrency networks, they do have some interesting governance models in place to rid their network of those who might abuse it. It’s not currently clear whether EOS voting will follow the same method as Steemit, whether voting weight is based on the number of tokens held.

Is EOS A Good Investment: A Buyer’s Guide

Investors looking to invest in EOS should consider the many benefits that their platform potentially offers to applications that might utilize their platform. While they do not yet have a finished product, the success Dan Larimer has seen with other projects such as Steemit and Bitshares leaves many optimistic about EOS as well. However, if you are expecting the price to skyrocket to “the moon”, you need keep in mind that supply plays a huge role in the price appreciation of an asset. The number of circulating EOS tokens is far larger than that of Ethereum, and it would take a much larger influx of capital to drive the price up to similar highs.

On a purely technological level, it seems likely that EOS will succeed. Many are hesitant to give up on Proof of Work methods – after all it has been tried and tested for over a decade – but the truth is that it is not a very efficient process. The amount of electricity and resources required to mine these cryptocurrencies has left many inside and outside the space skeptical of its ability to gain mainstream appeal, and critical of the ecological impact of these cryptocurrencies.

In the future it’s probable that some type of Proof of Stake hybrid will become the leading consensus method. Even Ethereum is working on switching to a Proof of Stake model to ease their many woes. While some of these solutions are believed to be more centralized in nature, the fact is that cryptocurrency has outgrown the confines it was created in, and to continue on its trajectory some alterations must be made – whether they be from the current set of alternatives, or an evolution that we have not yet seen.

Potential investors should also realize that there will never be one option. It’s possible for multiple projects to succeed right alongside each other, and it may be wise to build a portfolio containing multiple smart contract enabled coins. EOS is a good choice, but don’t forget about alternative networks such as Zilliqua or POA network. These coins are working on their own solutions to the scalability problem, and it’s hard to tell exactly who has the best method at this point.

However, when it comes down to EOS vs Ethereum, the main take away for investors should be that while EOS does propose a fascinating new platform, it is not yet tangible. Ethereum has proven themselves, and they offer a more stable investment vehicle to investors. EOS is largely untested, and while Dan Larimer has had success with his other projects, past success is not a guarantee of future success.

A lower market cap coin is subject to heavy price fluctuations, and many casual investors simply do not have the stomach for it. If you plan to invest your money into a new and untested asset you must be prepared to weather the ups and downs, as there will likely be many. However, if you are patient enough to ride out the storm, EOS offers some very promising solutions to the problems currently faced by cryptocurrencies, and it could provide a useful bridge to the mainstream that is needed for continued growth in the space as a whole.

How to secure your EOS purchase

Once you’ve purchased your investment, it’s time to make sure that it is secure. Cryptocurrency is a wonderful thing that offers us many freedoms, but those freedoms also come with responsibility. If your coins are lost or stolen there is no way to get them back. There are no governing bodies which will return your investment to you. This means you need to take matters into your own hands, and take steps to secure your funds yourself.

Hardware Wallets

Hardware wallets or cold wallets are often cited as the safest way to store your investment. These are small devices that allow you to store your coins with a password and are then disconnected from the internet. Not allowing internet access is by far the safest way to be sure that your coins can not be accessed by anyone else.

There are several popular options here including Ledger, Trezor and KeepKey. The assets which these wallets can store will vary by device, and you’ll need to verify that they can hold your tokens or coins. All of these devices have a secure backup method, so that if you ever lose your wallet, it can easily be restored to your new device. These are typically quite easy to use, and if you have a good deal of coins that you need to store safely, then it might be a good idea to get one.

EOS FAQ

When will EOS be available on CoinBase?

CoinBase has announced that they will provide support for ERC20 tokens, but they have not given a concrete date. However, in the case of EOS, this integration will likely take place after the main net has launched, and they have not voiced any intentions to support the new coin as of yet.

When does the EOS Main Net launch?

The EOS Main Net will launch on June 2, 2018

Is EOS better than Ethereum?

It’s currently hard to determine which is better, since both of them use different approaches, and EOS has not yet proven themselves as a platform. However, EOS will be able to offer higher transaction speeds which could make them a better choice for applications that require a lot of micro transactions. Investors will need to wait for Ethereum’s own scaling solution to be implemented before it can be judged which is better, and in the end they may both be better suited for specific tasks or situations.

How does EOS protect itself from malicious supernodes?

The EOS system uses a democratic voting procedure that will allow network participants to kick out supernodes which do not operate in the network’s best interests. In addition, these nodes must stake their investment in order to participate, and if they are found to be validating fraudulent transactions, they can lose that collateral.

Where can I buy EOS?

Investors can purchase EOS at the above listed exchanges.