Recent Bitcoin and Ethereum fluctuations have turned the traders’ stake to other altcoins like EOS, Ripple, Litecoin, etc. As one of the most competitive rivals of Bitcoin, EOS has drawn investors and enterprises attention. As a global crypto derivative exchange, Bybit is also interested and will introduce this new coin to you, and soon on its platform. In this article, we will explain what is EOS, how it compares to Ethereum, and where to buy EOS.
What is EOS?
In general, EOS is a blockchain platform for the development of decentralized applications like Ethereum, but it also provides operating system services for the developers, which lowers the costs and the level of difficulty. The goal of this project is to build a network that can process millions of transactions per second. What is EOS exactly? Its function as an operation system and provides services like user authentication, cloud storage, and server hosting.
The EOS ICO was not only interesting but also a resounding success. It started on June 26, 2017 and lasted for almost a year. It lasted for such a long time so as to make sure everyone had a chance to be involved and purchase some EOS. Eventually, $4 billion was raised, making it the most successful ICO of all time. The EOS founder team have really experienced team members, including Daniel Larimer, co-founder of BitShares and Steem.
Ethereum vs EOS
Since both Ethereum and EOS are a platform for decentralized applications, which one is better? In other words, what are the differences?
As the first and original smart contract based technology, Ethereum takes an average of 16 seconds for a transaction to be verified on the blockchain. The time it takes remains the same, regardless of the location of the senders and receivers. For the record, it can take up to three days for a bank to do an international transaction. So this is a really short transaction time. However, in this Ethereum vs EOS combat, EOS aims to process millions of transactions per second, while Ethereum can only handle up to 15 transactions per second.
What’s more, according to the EOS white paper, there will be no transaction fee required when you send or receive any funds. In comparison, originally, for Ethereum to verify a transaction it costed less than 1 cent. But in 2017, as more people started to use the platform and coin, the fee rose to $4, which is relatively expensive in small amount transactions. It has since lowered back to under $1.
Getting past their transaction fees and processing time, let’s take a look at their market cap and current prices. As for the market cap, ETH is reaching up to $14.53 billion, ranking second after BTC. EOS holds $3.41 billion, which is the fourth largest cryptocurrency by market cap. As for the price, the current ETH price is $138.22, while EOS is priced at $3.76.
The combat of Ethereum vs EOS goes on in more aspects such as liquidity, usability, etc. It is hard to define which is better, but what we can offer is a multidimensional explanation and comparison. The conclusion is totally up to you.
Where to Buy EOS
If you have been seduced by its potential and want to start trading EOS, we are very happy to announce that Bybit will soon launch a new EOS product on its platform in the form of perpetual contracts but not to buy it directly. Therefore, Bybit is here to offer you a list to tell you where to buy EOS.
Binance is a reputable cryptocurrency exchange with relatively low transaction fees. Besides that, Changelly also supports fiat to coin purchases, although the fee is higher. Do note that no matter the exchange, if you want to use a credit card to buy EOS, you have to first buy BTC or ETH on a fiat exchange, and then go to coin to coin exchanges, such as the ones previously mentioned, to purchase EOS.
This concludes today’s article on what is EOS, its comparison with ETH and where to buy EOS. We hope you learned a lot, enjoyed the read, and stay tuned for more great content.