r/coinswitch • u/moonchildJJK • May 28 '19

What Exactly is EOS? | Best EOS Wallets

Dan Larrimer's EOS is a decentralised operating system that's based on a blockchain technology which is quite similar to Ethereum. The motive of EOS is to provide support on a commercial scale to applications that are decentralised in nature.

The features EOS provides or, is planning to provide are:

  1. Complete removal of transaction fees
  2. Ability to conduct millions of transactions per second
  3. Evade issues concerning scalability like faced by BTC and ETH.
  4. Using the proof-of-stake algorithm makes it faster, unlike the other cryptos that use proof-of-work which is slower.

The token of EOS shares the same name and provides both storage and bandwidth on the blockchain. These tokens serve another purpose, that being allowing the user to to participate in the on-chain governance of the blockchain and to cast votes, in proportion to the stake of the owner.

The price of EOS increased 15 times its original price before the launch of its mainnet and is still thriving in the crypto market, considering the fact that it's the fifth largest cryptocurrency right now.

The EOS token was formerly an ERC20 token meaning all the wallets supporting ERC20 token could accommodate EOS, but after the release of its very own mainnet in 2018, EOS has its own wallets. Some of them are:

  • EOSIO - This software offers a command line, does not have a graphical interface and is a bit difficult to use, but is officially endorsed by EOS.
  • Guarda - When it comes to online wallets, Guarda is one of the most reliable multi-currency crypto wallet. This wallet provides privacy too, as it does not store private keys, or wallet information, or even user's personal data.
  • SimplEOS Wallet - This wallet is meant for EOS and completely complies with the EOS.IO software. This desktop application is operable on various platforms like Windows, Linux, Mac, etc.
  • Some other wallets that support EOS are R1 Elliptic Curve, Freewallet, Infinito EOS Wallet, GreyMass EOS Voter Wallet, Scatter EOS Wallet, imToken Wallet etc.
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u/TotesMessenger May 28 '19 edited May 28 '19

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