EOS, or Enterprise Operating System, will be familiar to anyone who participates in the world of cryptocurrency. This blockchain platform has continuously been the subject of speculation since it was introduced.
The way EOS functions has a lot of similarities to Ethereum’s since both are aimed at creating decentralized applications (Dapps).
Many supporters have even labeled EOS as “the Ethereum killer.” It’s not easy to beat Ethereum, however, EOS’s digital currency growth to the fifth place concerning market cap, demonstrating the debut success of the EOS project and its related utility tokens.
EOS Has Some Key Advantages
The project will make it easier to develop DApps, as it provided services and functions that DApps can use. To put it more simply, EOS wants to provide an easy-to-use blockchain platform that any user can access.
While many blockchain systems focus on decentralization, EOS focuses on improving existing blockchain problems.
Some of these issues include:
Credibility: Compared to bitcoin, the EOS platform is more secure.
Speed: Cloud hosting, storing and bandwidth downloading are parts of EOS.
Flexibility: Micropayments like Ethereum's network are not needed for decentralized applications hosted on EOS.
Scalability: EOS uses the Delegated-Proof-of-Stake (DPoS) algorithm to quickly handle millions of transactions per second. This algorithm can fix the current issues that most blockchains are trying to solve.
Verification: The EOS has a complete authentication system with loads of features. Users are provided with various ways to prove their transactions and restore access to the hacked account.
Your Step-by-Step Guide to Mining EOS
All those key advantages listed above are compelling reasons for any blockchain supporter to start investing with EOS. But the biggest concern is: there’s no potential for mining EOS.
When it comes to bitcoin, Proof-of-Work (PoW) is necessary. But the same doesn’t happen with the EOS system.
In fact, all the EOS tokens that will ever exist have been generated already. Many believe that EOS can overtake Ethereum, but as it happens, EOS is more like the spawn of Ethereum. All the EOS tokens are created from Ethereum and follow the ERC-20 standard.
There is, however, a way for miners to get on board with the EOS system.
Since Ethereum is involved, you can begin mining Ethereum and convert ETH tokens into EOS’s at a cryptocurrency exchange platform like Transcrypt. Indeed, any coin could be mined, whether it’s ETH or BTC, you just need to eventually convert it into EOS.
The following step-by-step guide might make EOS mining simpler for you:
The first step is to download and configure mining software for your chosen mining pool.
Start mining ETH.
Send the ETH to a Transcrypt wallet (or other exchange; hundreds are offering EOS).
Convert ETH to EOS for the next step.
Good news: you’ve successfully mined EOS.
The final step is to pass the EOS tokens into your pocket. Every wallet compatible with ERC-20 is ready to go!
A Note on Ethereum
Since Ethereum is widely known, you can easily find all the information about how to mine ETH everywhere. If you're not interested in mining Ethereum using your device, you can always look for a cloud mining service to mine Ethereum and then convert the ETH to EOS.
Cloud mining is a convenient mining process, where you rent a server's computing power from a cloud mining firm. They are doing the digging and you're getting the bonuses. Hashflare and Genesis Mining are some common, easy to use and trusted names in terms of cloud mining.