Building a social media platform isn’t easy. The hardest aspect is acquiring new users. And then the next challenge is keeping them. Engagement is everything.
Facebook’s key moment was when Mark Zuckerberg decided to open the platform to app developers. That created a whole new ecosystem that thrived on its own. Facebook had won the social networking game simply by allowing every developer on the planet access to his billions of users.
Tons of Facebook apps were created, anywhere from silly viral games to marketing tools for businesses. Developers across the world started raking in millions of dollars in just months. In the past, this was impossible to achieve without overblown marketing budgets.
Instead of trying to do everything by himself, Zuckerberg’s plan allowed himself to focus on the core user experience while third-party developers did all the heavy lifting for him by creating games and apps that boost user engagement.
Now, what if Zuckerberg didn’t just allowed access, but decided to incentivize developers simply by offering an extra $1 billion fund? That would drive every developer from the four corners of the world to give up their jobs and come work for him.
That’s what makes EOS a real contender.
Why is EOS the Real Deal?
EOS is a $6 billion company and the 10th largest cryptocurrency in the world. It is now the largest and the longest running ICO in the world.
Dan Larimer, who announced the EOS project in New York last year is one of the world’s most sought after Crypto entrepreneur. He’s founded billion dollar projects like Steemit and Bitshares and now he has turned his attention to EOS.
The aim for EOS is to build a blockchain that is fast, free and easy to scale.
Looking at the current market, cryptocurrencies are facing an insurmountable challenge to take on more users. And most people don’t really care what crytocurrencies are, they just want to get the job done.
So what Dan Larimer is proposing with EOS sounds cool right? So does every other cryptocurrency on the block. Each with their own marketing ploy and world changing solutions.
Then you might ask what makes EOS so special compared to the rest? Well, they have a dream team of experienced blockchain experts behind a company called Block.one.
- Dan Larimer who founded Steem and Bitshares
- Brendan Blumer who has been programming since the age of 15
- Brock Pierce one of the original Bitcoin innovators and the founder of Bitcoin Foundation.
…that have all come together to create what I believe will be the world’s most widely used decentralized application on the blockchain. A platform where thousands of developers can build and launch their own apps, bringing in more customers that millions of users can interact and engage with.
This would make the underlying platform even more valuable. Just like how Facebook became the world’s most valuable social networking platform.
What makes it even more compelling and unique compared to Ethereum is the fact that developers can use C++, a common programming language where programs can run on top of the EOS operating system without needing to start building from the bottom up.
Not only that;
- It is designed to be feeless
- It can be fixed without needing to fork, where a chain can be frozen until the dispute is resolved.
- It aims to handle over millions of transactions per second.
- Did I mention it has a $1 billion change to fund budding developers?
Having said all that, EOS has yet to switch from the Ethereum blockchain to one of its own. And there have been concerns over its year-long fund raising project, the antithesis of all ICOs ever created.
The EOS tokens that you may have bought or otherwise planning to buy, serves no purpose, no features and no rights at the moment. You have to register your EOS (ERC-20) tokens before 30th May 2018 in order to get the equivalent amount of usable EOS coins.
Wherever you may have bought EOS from, even from Kraken or Binance are just placeholders tokens and require registration in order to be granted real ones when EOS goes live.
The fact that EOS hasn’t officially launch makes a better case for you and me. It certainly has a great shot at becoming one of the largest Cryptos in the market because of its team, support, partnerships and billion dollar fund.
Once it starts being used, the prices will reflect its underlying value behind the setup.
How and Where to buy EOS Tokens?
- Video on Storing ERC-20 Tokens on the Ledger – different token used as an example
- Video Using MyEtherWallet + Ledger Nano S
Disclaimer: Before you begin, I am not responsible for any of your token losses, this has many steps so please focus and do not be distracted by anything else.
Some links may contain affiliate links, to fuel my motivation in writing more tutorials like this. If you benefited from this blog post, I don’t expect any donations, but please consider using the links to support my work. Thank you!)
IMPORTANT: Your EOS Tokens Needs to be Registered.
Right now EOS is offering its tokens for sale (ICO) and hasn’t issued any real usable coins yet. Everyone who buys EOS before the official launch are only getting placeholders.
I recommend registering your tokens immediately after you purchase them. And you only have to do it once, after that, any additional tokens you buy are automatically linked.
May 30th will be the latest date you can register. After that all your unregistered tokens will have ZERO VALUE.
I went ahead with using my Bitcoin Gold (BTG) to exchange for some EOS tokens.
I sent my BTG to Binance > Exchanged it for Bitcoin > Before I could exchange it for some EOS tokens.
Each exchange for a different crypto incurred a small fee. First by changing to bitcoin, then from bitcoin to EOS.
After that upon withdrawing my EOS tokens, there was another 0.7-0.8 EOS withdrawal transaction fee.
By the time I got it into my EOS Exodus wallet, I was left with only a couple of EOS tokens. I’ve lost about $6USD from all the stupid back and forth transaction i did on Binance. So don’t repeat this stupid noob mistake I did.
What I was supposed to actually do is to create my Exodus wallet first right here. Download and install the application on your computer and then create your account by setting up a password and writing down your 12-word seed phrase.
Then go to the EOS tab and click on Receive to display your EOS address where you’re going to send your newly acquired tokens.
Then go straight to Changelly or Shapeshift and exchange your coins for EOS tokens.
Remember to send a small test transaction first. (Remember to always do this step with any crypto transaction.)
Under the Send to tab, paste your EOS Exodus wallet address.
After confirming all the details are in order, follow the sending instructions.
Send your coins to the address shown under the “Sending” tab. And wait until the transaction completes before your close the page.
In my situation, It took me about 10 – 15 minutes sending BTG from my Ledger nano S using “standard” which cost about 7-15 cents to get confirmation on the page.
Major key, don’t fall for any phishing traps that look pretty much like (binance.com) with the exception of 2 dots at the bottom of two characters, stay focused. These predators are just waiting for your lapse of concentration.
Now to Register your EOS Tokens!
Now that you’ve receive your very first EOS tokens, you can now start going through the process of registering it. Do not wait until last minute. I cannot stress this enough!!!
The EOS ICO ends on June 1st 2018. By that time, all tokens have to be registered in order to be considered for the real thing.
NOTE: Before you begin, you will need to access MyEtherWallet (MEW), and send at least 0.01 ETH to your Exodus Ethereum wallet to start this process.
You could buy Ether right here with Changelly using this widget (Upon clicking the exchange link you will be brought to the payments.changelly.com site):
After that you can send your Ether directly to your Exodus Ethereum wallet. You can only register your EOS Tokens with some Ether, as you can see, registering an ERC-20 token requires a small fee to process in the blockchain.
IMPORTANT: This next part requires exporting your Exodus private key. Please proceed with caution, anyone who can intercept this private key can steal ALL your funds from your Exodus wallet.
Open your Exodus Menu
You will notice upon using Windows that your Exodus wallet doesn’t display the Developer menu. (Credit: Exodus support images)
1. Press and hold these three buttons simultaneously (Control + Shift + D) for the Exodus menu to appear.
Then access Developer > Assets > Ethereum > Export Private Keys. Copy your key from within the Excel sheet.
2. Go to MyEtherWallet > Send Ether & Tokens > then select Private Key. Paste the key into the box and click Unlock.
3. After unlocking you can search for your EOS tokens in the long list on the right hand sidebar. Click on EOS to reveal how many tokens you have (It will be the same with what you have in your Exodus wallet).
Note: you will be able to see the Ether you bought on Changelly on the side bar too. You need a minimum of 0.01 Eth to initiate this process.
4. Now go to https://nadejde.github.io/eos-token-sale/ to create your EOS Public and Private Key. This is not to be mistaken with the private key for your Ethereum Exodus wallet. You will need to store this for future use as well.
- If you bought a huge amount of EOS token and cannot afford any losses. ~ It is recommended that you disconnect your computer from the Internet before you click on Generate EOS key in order to avoid being intercepted if your computer has been compromised.
- You can reconnect after you have stored them safely offline and upon closing the page.
5. Return to MyEtherWallet > select Contracts from the menu then click on Select a contract.
Choose EOS – Contribution > Click “Access” this will prefill the EOS contract address.
6. Scroll down the page and click “Select a Function” then choose “Register” from the menu.
7. Paste in your EOS Public key in the field “key string”, then in the next field “How would you like to access your wallet?” choose “Private Key” and paste in your Exodus Ethereum Private key, click unlock and then select “Write.”
8. In the pop-up window “Amount to Send” should be 0 and “Gas Limit” should auto-populate. Then click “Generate Transaction” and select “Yes, I’m sure.”
Voila! Your EOS ERC-20 Tokens are now registered and your EOS public key is linked to your Exodus wallet’s ETH keys. (Your registration would fail if you do not have sufficient ether in the wallet)
To verify the tokens have been registered:
1. Select “Contracts” from the menu then click on “Select contract” and choose “EOS – Contribution” then scroll down the page and click “Select a Function” then choose “Keys” from the menu.
2. Find your Exodus ETH public key ( Exodus ETH Receive Address). You can find this by going into the Excel sheet and copying the “Address” or you can go to your Exodus app > Ethereum > Click on Receive to display this.
Paste under Address & Click “Read.” You will then see your EOS public key (the github site you use to generate this key) in the -string- attached to your ETH public key.
Please wait a few minutes and try again if they do not appear, it may be due to network congestion.