Introduction to EOS: The crypto of the future!

In 2018, the EOS cryptocurrency was launched along with thousands of cryptocurrencies and blockchain networks. Among those other chains, EOS stood out and became known as the ‘Ethereum killer’ for its scalability and technology that are on par with the second largest blockchain.

Discover more about EOS, how it compares to Ethereum and how to use it in gambling at Bitcasino. 

EOS Explained: What is EOS crypto? 

EOS.IO, or the Electro-Optical System, is a blockchain platform created by Dan Larrimer (developer of Steem and Bitshare platforms) and developed by the Cayman Island-based firm called Block.one. Running on the EOS.IO network is its native token called the EOS cryptocurrency. 

It’s an open-source blockchain platform where developers can create their decentralised applications or dApps and write EOS smart contracts. Though it sounds similar to Ethereum, the EOS blockchain aims to be better than its main competitor by simplifying the process of creating EOS dApps and making it easier for programmers to create safe and user-friendly applications.

Additionally, EOS solves the problem of slow transaction processes associated with decentralisation in other blockchains. Unlike Ethereum which can only process 30 transactions per second (TPS), EOS can handle 4,000 transactions without so much as a hitch in its system. This puts EOS at the top of the fastest blockchain networks out there. 

How EOS crypto works

The EOS.IO blockchain aims to enable fast and cheap transaction processing while supporting smart contracts in dApp development. 

To achieve this, EOS.IO provides users with out-of-the-box services like server hosting, cloud storage and user authentication to make creating dApps easier. But to access EOS.IO’s unique operating system and use these features, you must first have EOS tokens. 

You don’t necessarily have to use the EOS token to pay for the services in the EOS.IO platform. You only need to hold a substantial amount in your account so EOS.IO will recognise your authority and allow you to access its limitless resources. 

EOS consensus protocol: Delegated proof of stake

To choose block validators, EOS DeFi uses the modified version of the proof of stake (PoS) called the delegated proof of stake or DPoS. network users can vote and elect a delegate or block producer that would verify the next block in the chain. 

Through this EOS proof of stake system, users vote on a delegate by putting their tokens in a staking pool and linking it to their chosen delegate. Whoever gets the largest backing becomes chosen as the delegate and confirms the new block. Afterwards, they receive the block reward and share it with all who voted for them.

The higher your stake in the pool, the higher your share in the rewards would be. This means that if your stake is equivalent to 10% of the total staking balance, you can take home 10% of the block reward.  

What is EOS crypto used for? 

EOS.IO’s different services and offers are not just for application developers but also for regular users who invest in smart contracts and crypto trades. Take a look at the list of the different EOS use cases and benefits below:

1. Reserving transaction resources 

Other blockchains allocate and manage their on-chain resources based on transaction fees. The higher the demand for these resources, the more expensive they become.

Luckily, you won’t have to worry about hiking resource prices in EOS. Through the EOS Power Up model, you can lock up your EOS tokens to reserve resources and use them when prices run high.

In the EOS.IO public blockchain, there are three major resources needed for EOS dApps: the network bandwidth (NET), CPU bandwidth and RAM. NET is used as the measurement in bytes of every transaction. Meanwhile, CPU is the amount it takes to process each transaction. Lastly, RAM is the amount of available storage space in the chain. 

Owning an EOS token is like having a percentage of all these resources in the EOS.IO chain. This means that the amount of RAM, NET and CPU you will receive as a user depends on the number of EOS you have locked up in your account.

2. Earning EOS through inflation

EOS.IO is one of the few blockchains that don’t use transaction fees to pay for the infrastructure of the network but use inflation instead. Every year, the value of EOS will inflate by 5% and the token holders can vote on whether to increase or decrease the inflation rate. 

The inflation rate will be split into two pools: the worker proposals and the block producers or delegates. The delegates can receive 1% of the inflation rate while the worker proposals receive 4%. The higher the inflation value is, the more the two variables would earn. 

3. Electing delegates in the blockchain

If you are an EOS.IO user with EOS stored on your account, you can participate in staking pools where you nominate the next delegate who would verify the block. Different betting pools would be placed and all of it is linked to a specific block producer. You can drop your stake at the pool of the delegate you support. If they get chosen, you will receive a percentage of the block reward depending on the amount you staked. 

4. Earning rewards by staking in EOS REX 

REX is a marketplace created within the EOS blockchain. Here, you can stake your network resources (CPU, RAM and NET) without worrying about the risks. Since the resources in EOS.IO are limited, the users who are not actively using their resources can lend their CPU, RAM or NET in a peer-to-peer (P2P) lending system. The returns you would earn would be based on the bid fees and RAM trades. 

The returns are paid in the form of REX tokens, a non-tradable and non-transferable currency that represents a percentage of the REX pool economy. The REX tokens you earn would be held in maturity buckets where they will wait till the maturity date before they can be sold in exchange for EOS tokens.

What’s amazing about this system development by REX is that the participants can't receive less EOS than they have staked or loaned through their resources. The longer your resources are in the pool, the higher value it would accrue due to the economic activity in the pool. 

5. Using and developing dApps 

Running a Dapp in EOS.IO usually requires three resources, RAM, CPU and Network bandwidth. Unlike Ethereum which uses pay-per-use gas fees to access its resources, EOS gives you ownership of the resources in the network through staking. This involves having EOS tokens on your account. The more EOS tokens you have, the higher you would be in the priority access of the limited resources for Dapp development.    

6. Gambling in online casinos

EOS can also be used for online crypto gambling. A lot of crypto casinos these days accept EOS as a wager for different casino games. One example is Bitcasino itself. By connecting your preferred crypto wallet to Bitcasino, you can deposit your EOS tokens and play your favourite games anytime, anywhere! 

What’s even better is that with the high scalability of EOS, you can enjoy a quick transaction without having to wait long for your deposit to be processed. 

7. Creating utility applications for non-fungible tokens (NFTs)

The EOS blockchain can also be used in creating NFTs. To do this, you have to use a dApp existing within the EOS blockchain to serve as a marketplace for NFTs. One of the popular NFT dApps in the EOS network is the AtomicHub where you can create, trade, sell and buy NFTs.  

EOS potential for the future: Will EOS go up?

Since EOS was launched in 2018, it has been at the top of the crypto market and even ranked 5 in the top cryptocurrencies of the same year according to CoinMarket Cap. At the time of writing, the EOS coin has a value of US$1.20 and has consistently ranked top in popularity. 

They’ve also achieved a faster transaction rate through increased horizontal scaling wherein additional nodes are added to the infrastructure to cope with the user demand. Along with this, EOS also uses a better approach to a consensus system with DPoS. 

EOS is also one of the only blockchains that don’t require any transaction fees. Any other prices that would be charged on your transaction would fall on your wallet or application. 

Crypto EOS future

Looking at this, it does seem like EOS has a lot of potential to offer in the future, especially since they have proven to continuously grow as a well-rounded and unique investment option. It is shaping up to be not just a better alternative for Ethereum but an excellent blockchain all on its own. 

Moreover, the EOSIO Enhancement Proposal program establishes a formal communication channel for the EOSIO community, promoting an ever-changing and positively improving environment.

There, the EOS users can propose new features, tools, solutions and design standards that would help move the EOS ecosystem forward while keeping the members of the community involved in the progress. 

EOS vs Ethereum: Is EOS an Ethereum killer or is it just a myth?

Since the EOS blockchain was created specifically to be better than the Ethereum open-source network, one cannot help but ask which among the two is worth the investment. After all, Ethereum has been around for a far longer time than EOS. 

What is crypto Ethereum?

Just like EOS.IO, Ethereum is an open-source peer-to-peer blockchain network that executes smart contracts. Running on it is its native coin called Ether (ETH) that users need to access the network's features.

To verify the transactions within Ethereum, the network uses the Proof of Work protocol wherein a miner is selected to create the next block in the chain only if they can solve a unique hash of codes. 

And similar to EOS.IO, you can also create dApps in Ethereum, but you need to pay gas fees to access the resources needed to develop your application. Meanwhile, in EOS.IO, you only need to have a stored token in your account to have your share of resources.

EOS vs Ethereum

Get an unbiased look at which of the two blockchain competitors offer a better benefit for your investment as we compare the scalability, price, protocol and overall use cases in the EOS vs Ethereum table below: 

Overall, EOS did prove itself better than Ethereum in all the aspects or features that were described above. Of course, that doesn’t mean that Ethereum doesn’t have its merits. It is still the second biggest crypto network in the world and EOS needs to continue its improvements if it wants to catch up with Ethereum’s current pace.

How to buy EOS for casino gambling?

As we have previously mentioned, EOS can be used for gambling on your favourite EOS online casino sites like Bitcasino! What’s even better is that since there are zero fees for transactions in EOS, you can save your assets and dedicate more tokens to your casino games. 

Check out the guide on how to buy EOS below to start wagering:  

How to buy EOS

Step 1: The first thing you need to do is to open your crypto wallet account or download a crypto wallet if you don’t have one yet. We recommend Metamask at Bitcasino for EOS transactions.  

Step 2: After that, open the cryptocurrency selection of your preferred wallet and find EOS. Once you found it, click the ‘buy’ or ‘purchase’ button and select your payment method. 

Step 3: There are multiple ways to pay for crypto transactions. First, you can trade your other crypto coin for EOS or you can purchase it with your credit card. Bank transfers are also possible but it might take longer depending on your bank. Check for the price and confirm once you are satisfied. 

Step 4: Wait for your transaction to be confirmed and see if the amount you purchased reflects on your account

Where to buy EOS

If you want to purchase EOS but don’t know where to begin, these exchange platforms would be a good place to start! Check them out below: 

Binance 

Binance is a popular platform for crypto exchange so there is no doubt that it is safe and reliable when it comes to crypto transactions. What’s even better is that Binance has one of the largest crypto token offerings in the world and their selection includes EOS. Its user-friendly interface makes it easy for you to find the best deals available for your EOS purchase. 

Kraken 

Kraken is a globally recognised US-based crypto exchange platform that has hundreds of cryptocurrencies to choose from. They offer a good value for exchanges and would provide you with the best deals for your EOS purchase. 

EOS casino 

Now that you have purchased your EOS, it’s time to make use of your tokens in the most exciting way possible through EOS gambling! 

EOS casino games

Enjoy choosing from a selection of over 4,000 games at Bitcasino. If you don’t know which games to try, then take your pick at the ones listed below: 

EOS slots 

Discover a world of adventure when you spin the reels using EOS! Bitcasino can offer you slot games of all themes where you can use your EOS bets by connecting your wallet straight to your account. Check out some of the exciting games you can try below:  

• Moon Princess 
• Sugar Rush
• Gigantoonz.

EOS poker

Put on your poker face and prepare for the win of a lifetime when you bet with EOS in Bitcasino. Find the best live poker games where you can pull off the most mind-blowing card game strategies on your opponents. Here’s a list of games you can try:

• High Hand Holdem Poker 
• Texas Hold’em Poker High Roller
• High hand Holden Poker Pro.

EOS blackjack

Race every other player to 21 and take hold of the biggest win using your EOS bets in Bitcasino. Find a new twist in your classic blackjack games with the exciting titles below: 

• Evolution Blackjack Lobby
• Lightning Blackjack
• OneTouch Bombay Live Blackjack Lobby.

EOS roulette

Spin the wheel and let the roulette decide your fate. Shoot your shot on the best roulette games online below:  

• Evolution Live Roulette Lobby
• Gold Bar Roulette
• Lightning Roulette.

All you have to do is create your Bitcasino account and then deposit EOS to play. Wait for Bitcasino to process your transaction and start playing your favourite casino games. Feel the thrill of each gamble with every high roller stake and wager your EOS for real-money rewards! 

Is EOS a good investment? 

From the price and scalability to real-world use, EOS is certainly a worthy investment that you shouldn’t miss out on. It is an ever-growing network that continues to give its users the best services with lesser fees. 

What we love more about EOS is how easy it is to use for dApp developments and smart contract draftings. It has accomplished feats that even the top crypto networks like Ethereum haven’t reached yet. Plus, EOS has flexible use across the EOS.IO blockchain and even outside of it, giving you plenty of options on how to use it. 

EOS FAQs 

What is an EOS coin? 

EOS is the native coin of the EOS.IO blockchain network. 

When was EOS crypto created?  

The whitepaper for EOS was drafted by Daniel Larimer in 2017, but the blockchain of EOS.IO itself was launched on January 31, 2018. 

How many EOS cryptos are there? 

There are currently 995,528,087 EOS in circulation.

Which is better: EOS or Ethereum? 

Both platforms are excellent all on their own, but EOS boasts faster transaction speed, offers a lower fee and presents an easier way to create dApps and smart contracts. If these are important criteria you look for in a platform, then EOS is indeed better. As for stability, Ethereum has been around for a long time and constantly ranks second only to Bitcoin.

Word by: Ana Gabrielle Gundran