What is EOS Cryptocurrency? - Betting Crypto Coin Explained
Stake is proud to implement EOS cryptocurrency on our site. EOS provides players with more ways to bet and have fun at our online casino and sportsbook. This digital asset is ideal for deposits and withdrawals, thanks to its fast transaction time and low fees.
Find out how it works and how to use it at Stake in this full guide.
What is EOS & How Does it Work?
EOS is a blockchain-based decentralised platform designed for hosting and running applications for Web3. The EOS token is used to power the network, with developers able to purchase network bandwidth and storage capacity using their EOS tokens. However, EOS is also usable as a digital currency and is capable of processing millions of transactions in a short space of time.
The EOS open-source blockchain platform functions like a cloud computing network, with the ability to store data in blocks, fulfil smart contracts, process information and relay it to other devices and users on the network. Web3 is a concept of a decentralised internet, one that isn’t controlled by any single company or organisation.
The creators of EOS designed the network to be able to host multiple decentralised applications (dApps), which perform a wide variety of functions. It’s also compatible with Ethereum, which is one of the most popular cryptocurrencies and shares similarities with EOS.
While the main features of EOS are the functionalities of the network and its ability to host dApps, the EOS native token is well-suited for online payments. The network is designed to process over one thousand transactions per second with extremely low fees.
History of EOS Coin
September 2017 – The original EOS whitepaper was published, and a test-net was launched.
May 2018 – The EOS Initial Coin Offering (ICO) raised $4 billion.
June 2018 – The EOS platform was developed and launched by private company Block.one.
June 2018 – One billion EOS tokens were distributed to ICO backers by Block.one.
August 2021 – The EOS Foundation was created by an EOS enthusiast who criticised the way Block.one and CEO Brendan Blumer have managed the EOS network and tokens.
May 2024 – The EOS community voted on new tokenomics, limiting the total supply of EOS to 2.1 billion and creating a four-year halving cycle where staking rewards are halved.
If you already own EOS, simply copy the wallet address and paste it into your wallet.
If you don’t have any EOS, you can purchase it on crypto exchanges and send it directly from there.
Alternatively, it’s possible to purchase EOS using Moonpay, Swapped.com and local currency. Check the available payment methods and then buy to instantly add EOS to your account.
Withdraw
Withdraw EOS from your account by following these steps:
Open your wallet and check you have enough in your account to cover the minimum withdrawal.
Paste your personal wallet address and verify that it’s correct.
Enter the amount you’d like to withdraw and confirm.
Wait for the transaction to be confirmed and your coins to arrive.
How is EOS Different from other Crypto Coins on Stake?
There are lots of different cryptocurrencies available for deposits, withdrawals and betting at Stake. Whether you prefer Bitcoin, Ethereum, Litecoin, DOGE, Tether, Solana, Tron or anything else, you can choose the one that works best for you. Of course, each has its own advantages and disadvantages for crypto gambling.
Bitcoin is the most valuable cryptocurrency in the world and one of the most widely used. It’s more decentralised than EOS, as it’s not owned or controlled by any company, organisation or government. However, the main disadvantage of using Bitcoin is that its transactions are much slower and more expensive compared to EOS.
Ethereum and EOS share a lot of similarities. Both blockchain networks were designed to run dApps and provide a greater function than just being a currency. While Ethereum is very popular, the network isn’t capable of handling as many transactions as EOS. Typically, EOS payments are considerably faster and cheaper.
Litecoin and Tether offer similar transaction times and cheap transactions, although they probably don’t have the same potential as the EOS network. If Web3 takes off, EOS could be a central part of that, which is something that attracts investors. Of course, the fact that Tether is a stablecoin makes it more suitable for online payments, as the price is less likely to move in relation to the cryptocurrency market.
Why should you Bet with EOS?
Secure payments – When you make a deposit or withdrawal using EOS, you don’t need to enter your personal bank details. Simply copy and paste the wallet address to send and receive funds.
Fast transactions – The EOS network is capable of processing over 1,000 transactions per second, significantly higher than many other cryptocurrencies, including Ethereum, which processes 12 per second. This means your deposits and withdrawals are very fast.
Extra security with the vault – The Stake vault lets you secure your coins and locks them behind additional security measures such as 2-factor authentication. This way, you can deposit EOS safely and not have to worry.
Easy to purchase – It’s really easy to purchase EOS as it’s available on most popular exchanges, such as Binance. You can also buy it through MoonPay and Swapped.com using your preferred payment method.
Low fees – EOS transactions have very low fees, with an average fee of just 0.01 EOS. You can send your funds anywhere in the world and not have to worry about fees for deposits and withdrawals.
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Stake has made crypto gambling safer and more accessible than ever before. We accept a wide range of cryptocurrencies, and our help pages make it easier for anyone to get started buying, depositing, betting and withdrawing crypto.
