Crypto Highlight: EOS - What is EOS, How to Get it, and More!

in #eos • 9 years ago

Hi everyone,
This opening Crypto Highlight will teach you all about the budding cryptocurrency EOS. In this article, we'll learn the answers to these questions:

  • What is EOS, and why is it different from other cryptos?
  • How can I participate in the ICO and get EOS?
  • What are the steps to claiming my tokens?

Also, if you already know what EOS is, you can skip to the section called "How to Get EOS (Participating in ICO)" for steps on how to do just that.

What is EOS?

EOS is a new, budding cryptocurrency with unbelievable potential, so much so that some analysts are even calling it an "Ether Killer." Let's explore what EOS is and delve into some of its features.

EOS's purpose is to be a simple, easy, and versatile way to create DAPPS (Decentralized Apps). DAPPS are decentralized apps relying on smart contracts. A good example of a sort-of decentralized app is Steemit itself, running on the Steem cryptocurrency. Though Steemit is not built on smart-contract cryptocurrency like ETH, EOS would actually be able to support apps like Steemit being built on the service.

EOS is also the one of the only blockchain platforms built with these features:

  • Decentralized OS: EOS.io software helps developers with all parts of the service, from databases to scheduling to authentication. This simplifies the development process and lowers the entry barrier to a much wider developer community.
  • Self-Sufficient: EOS is completely decentralized and self-sufficient. It doesn't depend on an individual, a central entity, or any sort of foundation. The blockchain is self-funding and distributed with on-chain governance.
  • DPOS (Delegated Proof of Stake) EOS is built on top of DPOS, a proof type that helps run both Steem and Bitshares.
  • Multi-thread/Parallel Processor Existing cryptos sometimes use single-threaded processing. This inhibits the growth of the platform, because it forces all applications to share one single-threaded blockchain, causing high network congestion. EOS, however, is built on parallel processing, allowing for more scalability.

Features such as these make EOS a versatile, high-performance, scalable, and decentralized platform. Additionally, the developer team (block.one) is very experienced, fast, helpful, and reliable. Due to these reasons and more, I highly recommend buying EOS as soon as possible.

How to Get EOS (Participating in ICO)

In this section, I'll detail the steps to getting EOS/participating in the ICO. This section will be split into multiple subsections:

  1. Sending Ethereum
  2. Claiming EOS
  3. Viewing EOS Balance

Let's dive in!

Sending Ethereum

  1. Go to https://eos.io (the EOS.io website)
  2. Click on "Tokens" or scroll down to the part of the page labeled "EOS Token Distribution"
  3. Click on the "Get EOS" button in the left side of the section. (Remember that if you are a U.S. Person, you can't claim EOS as per their rules)
  4. Check all of the boxes if you agree with all of the terms, and press Continue:
  5. Read the EOS Token Distribution description:

    Note that the total distribution will take place over almost a year, and that the distribution is split into many periods as detailed above.
  6. Read the Distribution Schedule description (scroll down):

    These 23-hour periods are when you can participate in the ICO. Each period will usually consist of 2,000,000 EOS being distributed.
  7. You can use many Ethereum wallets to participate, but not all. Specifically, exchange wallets, Jaxx, and a few others can't be used. I highly recommend using MyEtherWallet, which is what this guide will be using. If you already have a MyEtherWallet, you can skip to Step 8. Otherwise, see below:
  • Create a new ETH wallet at https://myetherwallet.com.
  • Go through the steps to create a password, keystore, etc.
  • Send Ethereum from your old wallet or from an exchange to your new MyEtherWallet address. To find out your MyEtherWallet address, press the "Send Ether & Tokens" tab, then sign in using your private key or keystore file. In the right-hand column there should be an ETH address for your wallet.
  1. Now that you have a MyEtherWallet, it's time to send Ether to the EOS contract. Press the "Send Ether & Tokens" tab in MyEtherWallet. Now go back to the EOS.io page, and copy the Ethereum address. If you can't find it on the webpage, hit Ctrl/Cmd-F and search for "Ethereum address for the token distribution" until you can find it.
  2. Copy that ETH address into MyEtherWallet's Send page. Fill out the transaction as follows:

    The gas limit will be automatically computed after you fill in the address and amount.
  3. Press "Generate Transaction", then confirm the transaction. Soon, your transaction will be confirmed and verified.
  4. Scroll to the "How to Claim Tokens" section. You can't claim tokens immediately, but you should copy and save the contract address and ABI/JSON Interface for later use. You'll need these to claim your tokens later.

Claiming EOS

After you send Ether, you'll have to wait a while (about a day) for your distribution period to be over. After that, it's time to claim your EOS. Here are the steps to doing so:

  1. Go to https://myetherwallet.com. This time, click the "Contracts" tab and sign in with your private key/keystore as needed.
  2. Fill in the contract information as follows:
  3. From the function dropdown, click the ClaimAll function.
  4. Click write.
  5. Set the send-amount to 0 and the Gas Limit to 4500000 (or what it says on the EOS website)
  6. Click Generate transaction. The EOS tokens are now claimed.

Viewing EOS Balance

Here are the steps to view the EOS in your wallet after claiming:

  1. Go to https://myetherwallet.com and click the Send Ether & Tokens tab (you won't be sending anything, though). Sign in with your private key or keystore.
  2. Find the Token Balances label on the right-hand side of the page.
  3. Click the Add Custom Token button. In the Token Address section, put the EOS token address. The token symbol is EOS and the decimals is 18. Then, click Save.
  4. If you've claimed or after you've claimed, you can see your EOS balance from the View Wallet & Info tab on MyEtherWallet.

Hopefully these steps were a success for you and you were able to purchase some EOS tokens. EOS has a lot of potential in the DAPPS world, and I think we'll be seeing a great future for the crypto.

If you liked this article or if the steps were successful, please upvote/follow/resteem for more content :)

Thanks for reading,
— @mooncryption

note: The first cover image is from the EOS.io website, and the other ones are screenshots from the MyEtherWallet webpage. Also, please note that US persons can't purchase EOS currently (sorry about that!)

#cryptocurrency #blockone #crypto #bitcoin
9 years ago in #eos by
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    • [-]
     9 years ago  

    @mooncryption, do you know the next major roadmap catalyst for EOS?

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     9 years ago  

    I don't know much that isn't already on the website or the GitHub, unfortunately. You can ask @eosio, but their public roadmap is here

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     9 years ago  

    Exactly what I was looking for, perfect, thank you!

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     9 years ago  

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       9 years ago  

      Este Post ha recibido un Upvote desde la cuenta del King: @dineroconopcion, El cual es un Grupo de Soporte mantenido por 5 personas mas que quieren ayudarte a llegar hacer un Top Autor En Steemit sin tener que invertir en Steem Power. Te Gustaria Ser Parte De Este Projecto?

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         9 years ago  

        This post has been ranked within the top 25 most undervalued posts in the second half of Sep 03. We estimate that this post is undervalued by $42.39 as compared to a scenario in which every voter had an equal say.

        See the full rankings and details in The Daily Tribune: Sep 03 - Part II. You can also read about some of our methodology, data analysis and technical details in our initial post.

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           9 years ago  

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             9 years ago  

            This post has received a 3.13 % upvote from @drotto thanks to: @mooncryption.

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