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What is EOS?

EOS is intended to be a highly scalable blockchain platform with the intent of quick and easy decentralized app deployment. They differ from Ethereum, which can be thought of a global computer, whereas EOS is envisioned more like a global operating system.

The most outstanding feature, compared to Ethereum, would be that, developers can update their dapps with ease, instead of burying the old version and starting a newer version from scratch, with each update, like it is on other renowned Web3 platforms.

Furthermore, the use of the network does not entail transaction costs! The use of the blockchains resources is distributed relatively to the amount of EOS staked.

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In the following step-by-step guide we will explain how you can buy EOS

Can I buy EOS with PayPal?

Buying EOS is very easy and secure these days.

  • Step 1: Sign up
    Create a free Anycoin account so that you can buy EOS with PayPal.

  • Step 2: Deposit euros and select payment method
    Select e.g. PayPal as your preferred payment method and the desired amount. This works both via the mobile app and the desktop website.

  • Step 3: Buy EOS securely with Anycoin
    Buying EOS with PayPal takes less than 2 minutes. You select Buy EOS. Then choose how or where you want to store the EOS and start trading.

It's that simple! The EOS will be in your personal account within a few minutes.

Delegated proof of stake mechanism of EOS

EOS's creator, Dan Larimer, designed the EOS Blockchain in a way to prevent the formation of mining pools, which he saw as a potential risk to the blockchains security, by compromising the decentral nature of blockchains. This is why the EOS network uses the so called "delegated proof-of-stake (DPoS) consensus mechanism.

Under DPoS, only 20 individuals or entities, so caleld "witnesses", are authorized to be EOS block producers/ miners. Those witnesses could be individual or institutional miners and are voted upon by the EOS Token holders.

In the end the Top-20 on the voting list will automatically be selected for the next 21-block round, thereby preventatively circumventing certain security breaches for the network. On some blockchains we can see that the largerst 3 mining pools take up more than 60% of the hashrate, which is not the idea behind decentralization at all. Those mining pools then not only slurp up all the mining rewards but also make attacks on the network more probable, since it would be harder to take over 20 block producers instead of two or three, which might make up 51% of the total.

DPoS serves to prevent mining pool formation and enhance network security by restricting the pool of miners to 20 entities. Elected witnesses are incentivized to act in the blockchain's best interests, as failure to do so could result in losing their position.

This means that the EOS token holders delegate or vote who will be running a node for the eos network foundation for the next 21-blocks. And then it all starts over again. So if you want to be part of that decision making process you have to buy eos token and participate in the DAO decision making process and vote. All the money or tokens are in the end burned by the given mechanism.

EOS Plattform Plug and Play for Businesses?

The founder, Dan Larimer, explained the difference EOS offers to businesses or any other organization wishing to use the platform, compared to the other Cryptos, which lies in its ease to use. Similar to the way XRP handles the Ripple Network, on EOS the users do not necessarily need to obtain EOS Tokens in order to let organizations use their blockchain and smart contracts.

The blockchain is designed to support millions of transactions per second and is already leader in the number of swaps per second.

All that thanks to the DPoS (Delegated proof of stake) Mechanism.

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The Vault is a safe alternative to the traditional crypto wallet for those who want to buy, sell and swap their coins on Anycoin Direct. Within the Vault you can store all your digital assets and swap them against one another. Still want to send crypto to an external wallet like your Ledger? No problem, the Vault is an additional feature. The choice is yours. 

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Balances in the Anycoin Vault, are kept in a foundation. This foundation has only one purpose, to preserve our customer funds. This construction ensures that customers are entitled to compensation in the unlikely event of Anycoin Direct's bankruptcy. In addition, we want to reiterate that we always want to give customers a choice between using the Anycoin Vault and sending coins to an external wallet.

Additional information about EOS

Can I buy EOS with PayPal?

Yes, you can buy at Anycoin Direct EOS with PayPal. You can also pay with GiroPay, VISA, MasterCard, SEPA, Sofort and EPS bank transfer.

The advantages of PayPal when buying EOS

The PayPal platform is simple and fast. It is very easy to carry out transactions with just a few clicks. If you want to buy EOS with PayPal, you don't have to enter your bank details every time. Therefore, money transfers with PayPal are completed within a few moments. In addition, PayPal has been around for 25 years and is one of the largest payment methods in the world. Anycoin Direct allows you to buy EOS with PayPal.

Can I deposit my EOS into my PayPal account?

No. It is not possible to deposit EOS directly into your personal PayPal wallet.

How can I store EOS ?

You can store EOS in the Anycoin Vault. In the Vault you can easily and securely store, exchange, sell or buy your crypto. This is because Anycoin Direct uses cold-storage, which makes it extra secure. When you use the Anycoin Vault, you pay fewer transaction fees, your cryptocurrencies are stored securely and you can easily and quickly trade between cryptocurrencies.

Can I only buy whole EOS ?

No, as with EOS holdings, you can only buy a fraction of a EOS token.This means you don't have to buy a whole EOS , but can opt for 0.1 EOS , for example. With Anycoin Direct, you can trade for as little as €10.

Is it safe to buy EOS ?

Yes, buying EOS is safe at Anycoin Direct because we have advanced security techniques and are officially licensed by BaFin. Buy EOS safely with us with a wide range of payment options.

Is EOS legal in Germany?

Yes, EOS is legal in Germany. You don't have to worry about the legality of buying EOS .

Do you have to pay taxes on your cryptos?

Germany has some of the friendliest crypto tax regimes in the world. If you hold cryptocurrencies in Germany after one year and then sell them, it's completely tax-free. Additionally, you won't be taxed if you have less than €600 in short-term capital gains.

You only have to pay tax if your short-term capital gains are more than €600 per year or if you earn income from cryptocurrencies.

Can I buy EOS anonymously at Anycoin Direct?

No, identification is mandatory for all our customers. We are obliged to carry out a thorough customer check. This is done according to the “know your customer” (KYC) principle.

Can I carry out a business transaction with Anycoin Direct?

Yes, you can. All you have to do is select that it is a business account when registering and you can safely add cryptocurrencies to your crypto assets portfolio.

Buy cryptocurrencies with Anycoin Direct

Want to buy a cryptocurrency or invest as an investor? Anycoin Direct is your trusted broker for buying cryptocurrencies and offers an easy way to enter the emerging world of digital currencies. As one of the leading crypto brokers in the Netherlands, Anycoin Direct offers a wide range of cryptocurrencies to diversify your portfolio.

Your trusted cryptocurrency provider Anycoin Direct stands out as a trustworthy broker that specializes in buying and selling cryptocurrencies. With a user-friendly platform, you can invest in your desired cryptocurrency in just a few steps. Transactions are secure and trustworthy, and you have the option to deposit using various payment methods, including SEPA bank transfer and more, to buy your desired cryptocurrencies.

Your journey into the crypto world starts here. Buying cryptocurrencies at Anycoin Direct allows you to enter the world of digital assets. With a wide range of cryptocurrencies available and a reliable broker by your side, you can diversify your portfolio and benefit from the opportunities offered by the cryptocurrency market. Don't hesitate any longer and start your journey into the world of crypto today by buying cryptocurrencies on Anycoin Direct.

Architecture of EOS

The architecture of the EOS-Blockchain found itself in quite a hype in the years of its announcement. Interesting, if you think about the fact, that in 2017 it only had a whitepaper and an ERC-20 Token which could be bought during the ICO.

EOSIO, which is the name of the software which uses the EOS Network, is natively supporting dApps (decentralized Applications) by providing a highly scalable and flexible blockchain infrastructure. Whereas the term flexibility is used for the easy application of bug fixes on the decentralized apps.

The platforms consensus mechanism makes use of the aforementioned delegated proof-of-stake (DPoS) mechanism bringing about faster transaction confirmation and higher throughput (expressed in TPS) in comparison to traditional proof-of-work (PoW) blockchains. EOS means business, for which the blockchain is actually made for.

EOSIO uses features like

  • parallel processing, allowing multiple transactions to be executed at the same time and

  • asynchrous communication, which serves the efficient communication within the blockchain.

It is developed, ground up, to be user friendly and achieves this by providing their developers with clear and standardized methods for interacting with the blockchain, which developing and to integrate dApps easy.

Scalability and performance

EOSIOs scalability was one of the highest priorities for block.one, which is the founding company of the EOS Project. It aims to support a widespread adoption of dApps across various industries and user bases.

It achieves scalability through innovative ways like

  • horizontal scaling, which works through multiple nodes parallelly executing transactions and

  • resource partitioning, which dynamically allocates network resources based on demand.

Even under heavy loads it wants to deliver a responsive user experience, which is facilitated by the optimization of the processing of transactions and network performance. This will help dApps to handle large transaction volumes with ease.

There is also a focus on the perfomance of the network, which aims at effective and fair allocation of resources among all participants.

Governance and Decision making

EOSIO's governance model is stated to be promoting transparency, accountability and community led decision making. This makes EOS a fundamentally decentralized network.

Token holders elect witnesses, which is the definition given to the block producers/ node operators, and approve changes to network parameters.

By the decentralized governance, EOSIO aims to foster consesus and coordination among the participants, leading the platform to a truly decentralized nature.

Furthermore the governance framework offers mechanisms for resolving disputes and implementing protocol upgrades in a transparent and orderly fashion, ensuring the stability and reliabilty of the network.

EOS Advantages

The platform aims to set itself apart from existing projects primarily through its scalability. Thousands of dApps, even at enterprise level, could be executed on it, according to the project. This is possible because authentication is separated from other processes.

A classic transaction can be taken as an example: This consists of reducing the sender's credit balance, increasing the recipient's and proving that one is authorised to carry this out (by signing). A clear separation would mean

  • Authentication = Validation of signatures

  • Processes = Decrease A's balance, increase B's balance

Authentication only takes place once, when a block is added. Once it has been saved in the blockchain, it does not need to be validated again. This brings near fee less transactions on validating transactions, which leaves the network with greater computing power for the EOS virtual machine and EOS network.

Other important points are:

  • Flexibility: By using a delegated proof of stake consensus mechanism, users can freeze dApps if they lead to errors.

  • Governance: The delegated proof of stake consensus mechanism should not only ensure consensus for transactions, but also serve to vote on self-financed ‘community benefit apps’. According to the Proof of Stake, one's own share of tokens also represents the voting rights for these decisions.

Challanges and Criticism

Despite its strengths, EOSIO has to deal with challanges and critics, which argue about the lack of decentralization, governance issues and security vulnerabilites.

  • Centralization concerns arise from the number of block producers, which is limited to 20 in total, who then are able to control the majority of the network resources, raising questions about the blockchains decentralization and resilience to attacks.

  • Governance issues, such as the buying of votes and collusion among block producers, have raised doubts about the fair and effective use of the existing governance mechanisms.

  • Security vulnerabilities, where smart contracts with bugs or network attacks pose risks to the integrity and reliability of the network lead to a greater focus on topics like auditing and enhanced security measures

Addressing these challanges will require the EOSIO community and their stakeholders to increase their efforts in order to achieve the promised decentralization, improve governance processes and in the end strengthen the security on the platform, in order to blossom with long-term success and sustainable growth.

EOS Token

The platform's token has the same name: EOS. The system does not charge any fees, so the tokens cannot be ‘used up’. Whoever owns one per cent of the tokens has the right to one per cent of the computing power, one per cent of the bandwidth and one per cent of the storage space. This means that dApps have to acquire a certain amount of tokens at the beginning (or obtain them through funding) and can use them to operate their project. It is then no longer necessary to top up tokens or pay fees during operation.

From EOS Token to EOS Coin

When EOS had his yearlong ICO (with only the Whitepaper being published, nothing else), it's token distribution for the ICO was taking place with a EOS Token build on Ethereum, and did in fact not give legal binding to block.one (the publisher) to transfer ownership of those ERC-20 Tokens to their respective customers on their own EOS-Blockchain further down the road.

Fun fact: One early vote, regarding the resource allocation to fund more developers, resulted in a complete mess, when voters could not come to an agreement of how the tokens should be allocated, resulting in a burn of those allocations.

EOS Smart Contracts

The Smart Contracts deployed on the EOS Network differ from Smart Contracts on e.g. Ethereum, where once the smart contract is available there is no possibilty of updating the smart contract, in case there are some bugs etc. On EOS on the other hand, the developers can decide whether or not Smart Contracts are deployed as "immutable" or not, which makes life for the deveolpers easy, in case they want to fix or add new features to the smart contracts.

EOS own Virtual Machine - EOSIO WebAssembly (WASM)

The EOS Blockchain comes with its native execution environment for running decentralized applications, which is distinct from the Ethereum Virtual Machine (EVM). This native environment, called the EOSIO WebAssembly (WASM) Virtual Machine, was integral to the blockchain from its start in June 2018.

The EOSIO WASM VM is designed to execute smart contracts compiled into WebAssembly, a binary instruction format. This setup allows for high-performance execution of smart contracts on the EOS blockchain, optimized for the needs of decentralized applications, which could potentially be used in the business world. With the WebAssembly VM EOSIO achieves their goals of higher throughput and flexibility, with no transaction fees.

Income model for EOS without transaction fees

How does the EOS network foundation generate income, which is needed for sustaining a business, when they do not charge network fees for the use of their blockchain?

Quite easy! Users need to stake a certain amount of EOS-Coins, which are relative to the computational power you get.

For example, one entity who wants to use the blockchain, which owns (and stakes) 2% of the available EOS-Coins, is then entitled to 2% of the blockchains computational power etc. which can be scaled up or down, based on demand by the entity.

With a growth of the network and thus higher computational power, this would mean, that users would need less coins for the same hashrate of the network. At the same time they could increase the amount of customers on their blockchain, which in theory would keep the coin price in balance. Nevertheless, we cannot, and do not want, to give financial advice on highly volatile crypto assets. Hopefully our educational resources here, are some kind of a help in DYOR!

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