EOS was created in 2017 to be the native digital currency for the EOS.IO computer network (the “EOS.IO Network”) by Block.one, the Cayman Islands based company that founded EOS. All transactions that take place on the EOS.IO Network are recorded on a decentralized, transparent, immutable, and multi-layered public ledger known as the “blockchain.”
The EOS protocol attempts to emulate many of the real-world features that computer hardware offers. The features include things like computer processing units and graphics processing units, hard disk storage and random-access memory. Users on the network offer up all of these computing resources to the network in order to keep it going, which is why the project uses the trademark principle of decentralization to its advantage. EOS also uses the power of smart contracts to facilitate transactions. The point of these features is to scale the development and the use of industrial-scale applications through what’s known as decentralized autonomous organizations (or DAOs).
EOS uses a blockchain protocol known as Delegated Proof of Stake (“DPoS”), which was designed to be an improvement on the more commonly known proof of stake protocol. DPoS protocols are desirable because they significantly lower the amount of computing power, effort and processing time necessary to validate blocks. Instead of requiring millions of individuals to reach consensus to validate a block every few seconds, DPoS allows EOS holders to vote for a small number of delegates who must reach consensus to mine new blocks (“delegated block producers”). With EOS, only 21 individuals are selected as delegated block producers, but they need to be voted in for each block. EOS claims to be able to process thousands of transactions per second, which is significantly higher than the Bitcoin or Ethereum Networks.
Delegated Proof of Stake. 21 individuals are selected as delegated block producers, but they need to be voted in for each block. The delegates must reach consensus to mine new blocks.
EOS competes directly with Ethereum and similar projects for market share. Like Ethereum, the EOS blockchain has an additional application layer that significantly lowers the entry barrier for developers to create their own smart contracts and decentralized applications (“dapps”). Developers on the EOS.IO Network can program dapps with far fewer restrictions compared to the Bitcoin Network. Dapps are like normal apps, but once deployed on the EOS.IO Network, they are unchangeable because they are recorded on the EOS blockchain. Dapps are not governed by any central body and are instead controlled by the logic written into the smart contract, which self-executes once its predefined terms are met.
Like Ether, the native digital currency for the Ethereum Network, EOS can function as a means of exchange and/or a store of value, with its value also being influenced by the additional use cases associated with its network.
Eager to buy EOS but not sure how? No worries! Bitbuy is the simplest and most secure platform to buy EOS from. Bitbuy always ensures the lowest associated fees and highest security when buying, selling or trading cryptocurrency.
Investors can easily invest in EOS by creating an account with Bitbuy, adding funds to their account directly through e-Transfer or bank wire and buying EOS directly through the Bitbuy platform. Experience problems or need questions answered along the way? Do not fear, Bitbuy is here. Our customer success will ensure your investment journey is smooth throughout.
Buying EOS in Canada as well as other digital currencies is simple and secure with Bitbuy. Here is how it works:
If at any point you need help signing up, verifying your account, adding funds, or buying and selling EOS, just contact customer support for same-day assistance.
Bitbuy is one of the best and most secure places to buy EOS in Canada. Here is why:
Every transaction you make on Bitbuy is encrypted using SSL (Secure Socket Layer) technology with two-factor authentication solutions implemented throughout. Bitbuy operates with a 99% cold storage reserve for all digital currencies in custody and executes daily encrypted and distributed backups for disaster recovery. Here at Bitbuy, it is crucial users know that their digital assets are is safe with us.
Bitbuy offers some of the lowest buying and selling fees in Canada. You can check out our trading fees and processing times before you buy EOS.
Buying cryptocurrency directly from individuals is slow and risky. Cryptocurrency exchange platforms like Bitbuy make the process faster and far more efficient.
We pride ourselves in our exceptional customer support which sets us apart from other digital asset marketplaces. Simply submit a request under Bitbuy Support to be paired with one of our experts. We believe that exceptional customer support is an essential part of simplifying cryptocurrency for everyone.
Interac e-Transfer is the most popular way to pay online in Canada. Canadians want to buy EOS with Interac, but banks do not make it easy. Bitbuy exists to simplify the process when you want to buy EOS in Canada with Interac. You can use your bank account directly to fund your Bitbuy account, which you then use to buy and sell cryptocurrencies in Canada
Looking for a place to store your EOS? Bitbuy is the perfect place to start. Bitbuy has a built-in wallet in each user’s account that you can use to store your EOS safe and securely.
Website (instructions for the mobile app below)
When you log into your Bitbuy account you will be automatically directed to the ‘Accounts’ section of your account. Click 'Express Trade' located at the top of the page if you are already logged in. To facilitate the trade click the 'Sell' button which will appear in red.
Click the drop-down and search EOS to begin the sale .
Enter the amount of EOS that you wish to sell. The dollar value of your sale will be displayed below under ‘Transaction summary'. When you are ready, click the 'Sell' button to complete the transaction.
Sign into your Bitbuy account and you will be automatically directed to the 'Accounts' section. If you are already logged in, click on 'Accounts' in the bottom right corner of the navigation bar.
Locate EOS and click on the 'Sell' button.
Enter the amount of EOS you wish to sell. The value of your sell will be displayed at the bottom of the page. When you are ready to continue, click the 'Place Sell Order' button to complete your transaction!
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