The EOS coin is the native token of the EOSIO network, which utilizes blockchain technology in order to function as a decentralized operating system. In effect, this means giving blockchain developers the tools and services they need to create and expand decentralized apps in the simplest way possible. There are no fees associated with sending or receiving EOS. Instead, the protocol compensates the parties that manage the network with additional EOS on a regular basis, replacing inflation for transaction fees.
The network’s first whitepaper was published in 2017, and the team held an ICO for a year, raising more than $4.1 billion in funding. EOSIO now has one of the greatest market caps of all blockchain systems, making it one of the largest crowdfunding events in crypto history.
First and foremost, familiarize yourself with the EOS platform and how it works, before we go into more details on how to store your tokens into one of the best EOS wallets, the Ledger Nano S.
How Does EOS Work?
EOS seeks to create a decentralized blockchain that can execute transactions quickly and securely while also supporting smart contracts.
EOS aims to be an operating system by delivering innovative features like cloud storage, user authentication, and server hosting. This is designed to make developing dApps exceedingly simple and efficient. Developers must own EOS tokens in order to access the EOS blockchain and resources. They do not need to pay to use EOS; they only need to own some coins.
EOS is similar to Ethereum in certain ways. They’re both capable of hosting smart contract-based decentralized apps. However, one of the most significant differences is that EOS is designed to process thousands of transactions per second (TPS), whereas Ethereum can only handle 15 TPS. EOS does this by adding a layer on top of Ethereum to solve the scalability difficulties. This, however, means that EOS’s market value is inextricably linked to Ethereum’s.
Main Benefits of EOS
Here are some of the main advantages of EOS:
- Scalability
EOS allows developers to create scalable dApps on the EOS blockchain platform. It functions similarly to an app store, with the exception of decentralization. Typically, developers use smart contracts to fuel dApps. On the other hand, instead of smart contracts, EOS employs dApp transactions, which are more efficient.
- Free transactions
The majority of blockchain solutions have transaction fees attached to them. However, this is not the case with EOS. EOS allows processes or services to be performed without incurring any expenditures. This translates to no transaction fees. For dApps service fees, however, the block-producer model will be employed.
- Self-sufficiency
The platform as a whole is self-sustained. This ensures that block producers will continue to be rewarded for their efforts. This is accomplished by the EOS built-in inflation system that’s set at a rate of 5% per year. This rate is split up between two groups with 1% for block producers and 4% for worker proposal systems. Every year, the EOS platform will fund dApp proposals from the community and ensure that new ideas and developers migrate to EOS and contribute to the platform’s growth.
How to Store EOS
Creating a default EOS account is simple, however, it lacks the security it needs to protect your private keys from potential hackers. By using a hardware wallet to manage various functionalities on the EOSIO blockchain you will be able to secure your private key.
The Ledger Nano S hardware wallet is quite a popular cold storage solution. The EOS Ledger application is developed and supported by the EOS community to easily manage and secure your EOS assets using Ledger Nano S. We’ve developed this tutorial to walk you through the process of creating an EOS account using your Ledger hardware wallet.
Why Choose Ledger Nano S?
There’s a reason why Ledger Nano S is the most widely used hardware wallet in the world. When used in conjunction with the Ledger Live application, it allows you to safeguard, buy, and grow all of your crypto assets in the palm of your hand.
Ledger Nano S supports a variety of crypto apps and altcoins, including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), XRP, Cardano (ADA), EOS, Stellar, and many others, and you can install up to three at a time depending on your storage needs. You can keep your crypto wallet entirely secure and offline using Ledger Nano S, and only you have access to it. You may also buy, sell, and trade anywhere, at any time, with Ledger Live.
The Ledger Nano S is the ideal hardware cryptocurrency wallet you can buy if you’re an inexperienced trader because it’s meant to be user-friendly for cryptocurrency beginners. It’s more secure and safer than a typical smartphone or web wallet.
If you’re a power user with a lot of experience, you might want to go with the more advanced Ledger Nano X, which is equally secure as the Nano S and is integrated with the Ledger Live app. However, Nano X includes more sophisticated features such as Bluetooth technology, a bigger display, and increased storage space.
The Nano X can hold up to 100 crypto apps at once, providing you with complete crypto power for trading at all times. In comparison, Nano S can only manage three apps at a time. For instance, if you download the EOS app, you can use it to manage your EOS tokens on the Ledger. The EOS community is responsible for developing and maintaining the EOS Ledger app.
How to Prepare Your Ledger Nano S
Before you can begin using your Ledger wallet, make sure that the wallet is running the most recent firmware, to be able to load the EOS application. Jump to the next section if you have already done this step, and if not, simply follow these steps:
Step 1: Download the Ledger Live Application
After downloading the Ledger Live application, launch the app and click on “Manager” to go through the verification process and update your Ledger device. If this is the first time you’re using your Ledger wallet, follow the instructions to complete the process of configuring it with the Live App.
STEP 2: Setting Up the EOS Ledger App on Your Device
You can download the EOS application from the “Manager” option in the Ledger Live app, where you can find a list of all the supported apps. Look up the EOS application and install it on your Ledger.
After downloading and installing the EOS application on your Ledger wallet, press the two buttons on your Ledger device to open the EOS app and access its settings. When “Arbitrary Data” appears on your device’s screen, press the two buttons again.
Step 3: Creating an EOS Account
Since Ledger Live doesn’t allow private and public key generation, we will utilize Scatter in order to generate keys. Scatter is an EOS-compatible desktop software that is utilized to access EOS dApps and toolkits. The most recent version of Scatter Desktop is available for download.
Install Scatter according to the on-screen instructions. Begin by selecting a password, accepting the terms and conditions and selecting a backup folder for automatic backups. After setting up Scatter on your computer, choose Add Keys to import the existing keys and hardware. Ensure that Ledger and EOSIO are selected and that the address index is set to 0, then click on the import key.
After importing your key, it will load all EOS accounts with the Ledger’s first public key path set to the active owner. You may rename the key to a clearly identifiable name and connect it to the EOS account in Scatter by typing your account name once you’ve imported the key. Your new Ledger identity, as well as all related accounts, will now be visible.
Note: The Ledger Nano S can make as many key pairs as you need. When importing keys to Scatter, you simply need to change the key “index address” from 0 to 1,2, etc.
Once you’re done importing the keys that will be used to establish the account in Scatter, you can continue with the next step. Access the Keys and Blockchains tab in your identity entry to see your Ledger’s initial public key path. This public key can be duplicated and used to assign permissions to your EOS account. Refresh the identity after updating the permission with this key, and your other account will now be connected in the Ledger identity import.
Step 4: Storing and Accessing EOS
Access Bloks.io website and log in via Scatter. Scatter will appear once you hit the log-in button, asking you to choose a new Ledger identity and an account to utilize within it. Click the “Wallet” option after logging in. You’ll find your account information as well as all of the actions you may use, such as transferring tokens, stake/unstake, and so on.
After that, you may access EOS by logging in with Scatter, which you must then approve on your Ledger. We recommend always being cautious while utilizing dApps and toolkits, and double-checking any transactions before approving them.
A Few Words Before You Go…
You’re all ready to manage your EOS, and use your favourite toolkits and dApps for the most secure means of signing transactions to the EOS blockchain and securing your account with your Ledger. Make sure your Scatter app is logged in, and your Ledger wallet is connected and logged in, with the EOS application open, before you start utilizing dApps. After that, you may access all applications by Logging in with Scatter, which you must then approve on your Ledger.