While it's less viable in the US right now, there have been recent moments where cryptocurrency miners have taken control over what's going on in small towns.
As this technology is constantly evolving, people are learning ways to generate wealth, trade with it, and store the valuable assets. If you need to store your crypto in an EOS coin wallet, you need to learn more about how the tech works in general.
If you're curious about EOS and coin wallets, here are 8 things you should know.
1. There Are Some Main People Behind It
Knowing who the people behind EOS is a place to start when you're learning about how to interact with it. The original creators of Block.one are named Brendan Blumer and Daniel Larimer. They worked hard to create this technology which is constantly evolving.
You can perform transactions and even trade for other coins using the technology. The blockchain technology that underpins it was created by some clever technologies. They're even responsible for creating the social media platform Steem.
2. The Name Means Nothing
The name "EOS" doesn't actually mean anything but it denotes a specific type of blockchain technology that's used by lots of developers around the world. According to the founders, they just threw the letters together as a name for the technology.
Some people in the blockchain community have considered that it might be interpreted as the Ethereum Operating System. While this isn't an official title, it's how some people regard the three letters. Regardless, it's still a powerful platform, even if the name doesn't mean a thing.
3. The Two Main Elements
If you want to understand EOS coins, you need to understand the major components of the EOS ecosystem.
The whole thing is made possible by an architecture known as EOS.IO. This language allows for developers to create and for people to mine. This architecture works like an operating system would on its own.
EOS coins are the other major element of the platform. This is the native token for the network. When you hold the token or the coin, you're eligible for storing using EOS or getting additional bandwidth.
4. Their ICO is Breaking Records
EOS was able to keep a one-year ICO up and running throughout 2017. They ended up being able to get $4 billion together in that short period of time, somewhere in the middle of 2018.
While the ICO ended, they ended up doing a MainNet launch just over a week later. They were focused on building value and getting the coin out there to the people interested in it.
EOS tokens were originally created as an ERC-20, which has helped to increase adoption rates and keep people interested in the coin and its future.
5. Their OS is Decentralized
The amazing thing about the EOS.IO architecture platform is that it's got immense flexibility. Every kind of app that any developer creates with the EOS platform can function on its own, as a decentralized application.
If you have the EOS coins that you need in advance, then you can pretty much set it up and hit the ground running. If you start off owning tokens, then new users can get access to the blockchain. The resources that the blockchain provides are available to any EOS users at all.
As long as you can prove that you own the EOS, you can get access to the blockchain.
6. Scaling Is Easy and Wallets Can Help
The scale of any platform is valuable when you're looking to work with technology or to hold on to a valuable asset. Because this user-friendly rival of Ethereum has been so broadly developed with decentralized apps, the EOS coins created has become huge. If you're ready to scale, EOS is ready to withstand the pressure that growth puts on the coin.
While Bitcoin has a maximum scale of 4 TSP, it turns out that EOS can handle up to 50,000 TSP. This is going to make it a powerful tool in the future and need to you have a safe and secure way to store your coins.
When you're buying any EOS at all, you need a wallet that allows you access to your coins at all times. When you have a lot of options to choose from, you can take advantage of the most important features that exist when it comes to scaling.
7. You Need Private Keys
You need a private key to send and receive funds. Make sure that any wallet that you use allows you to use your balance to give you control over the currency you own.
A wallet that allows you to retain control of your private key means that you can use your cryptocurrency as needed at all times.
While the technology will continue to develop over time, the wallet they use must be ready to handle the upgrades and changes. You need it to be functional at all times and to protect you from any major security issues.
8. Customer Support Matters
When you're looking for the best EOS wallets out there, think about whether or not they allow you to get in touch with support. You'll need to have access to tech support and the variety of people who can help you if you encounter issues. Just because you don't know everything about a coin doesn't mean you shouldn't be able to learn and get involved.
An EOS Coin Wallet Can Help You Build Wealth
When you're looking to take your valuable assets out of the market and hold onto them while they grow, you might need a wallet. When you're able to store your coins in an EOS coin wallet, you can keep control over the wealth that you build over time.
If you want to learn more, Cryptoversity offers online courses in crypto trading. Check out our curriculum today.
Remember that nothing in this article, in our courses or on our website should be considered as professional advice. We are not qualified to offer advice, we only provide education.