Contrary to what you may imagine, EOS is not an acronym. It is, in fact, the name of the system. There have been suggestions that it should stand for “Ethereum On Steroids” or “EOS Operating System”. These interpretations, especially the second one have had much to do with the system’s popularity among traders.
There is no doubt that Ethereum smart contract protocol has proved to be quite an innovation. However, the Ethereum blockchain still experiences scalability difficulties and is not as user-friendly. Therefore, by solving these problems, many people speculate that EOS is destined to be the new Ethereum. In addition to being more scalable, the EOS network is a lot more user-friendly when compared to the Ethereum blockchain and it provides that same range of functions as the latter. Its creators aimed at developing a blockchain where one doesn’t require technical knowledge to participate safely. The network also provides several advanced features such as;
- A software interface that is user-friendly
- Vertical and horizontal scalability
- Flexibility features that can accommodate delayed transactions
How Does EOS Work?
As EOS’s primary feature, the computer software is designed to optimize the processing power of a machine and allow users to plan for applications from several different CPU clusters or cores. This amplifies the amount of processing power in the system and streamlines the costs. EOS utilizes a distinguished processing matrix referred to as delegated proof of stake which allows for improved efficiency and flexibility. Developers enjoy advanced processing speed without incurring transaction fees.
The Process Used To Convert EOS To USD
With all these merits, it is hard to imagine that anyone can want to let go of his or her EOS tokens. However, sometimes circumstances make us do things contrary to our overall objectives. If the need to convert your coins to USD arises, you have to find a suitable exchange that supports this kind of transactions. Currently, the cryptocurrency market is filled with numerous platforms that provide the same services. This makes selecting the right platform cause for a headache not just for novices but also veterans. You ought to carry out ample research before settling for an exchange. Popular among such exchanges is Binance.com, Kraken. Bitfinex, Cryptopia, and ZB.
However, when it comes to trading EOS, Binance has proven to be the ideal exchange. It is fast, has low fees and offers fantastic contests.
Being a Chinese exchange, Binance naturally supports several languages. The firm is relatively new on the market despite being so popular among traders. Its popularity is as a result of its impressive quantity of initial token offering and also the low trading charges.
When trading digital cryptocurrencies with this platform, it offers you two options for being basic and advanced options. None of these options is easy for a novice. However, with a little guidance, you should be able to use the services offered by the exchange.
Trading your EOS with Binance should be straightforward as well. You simply have to send the EOS quantity that you wish to exchange to the Binance Wallet address provided by the administrator and then follow the prompts to choose the preferred currency, confirm rates and complete the transaction.
Apart from EOS, Binance supports several other altcoins such as Ethereum, Bitcoin Gold, Litecoin, NEO and many others. The list can be endless.