EOS is a blockchain technology which has recently been developed by the company Block.one, which uses peer-to-peer networking technology (like BitTorrent) to create a network of nodes which synchronise every transaction on the network. Transactions between “accounts” are recorded on the blockchain, which keeps record of every single transaction on the network, on every single node – this means that transactions are highly secure, and cannot be reversed. EOS is unlike Bitcoin, however, in that transaction speed is dramatically increased, with Ethereum-like smart contract abilities to run “Distributed Applications”, and the use of Distributed Proof of Stake consensus algorithms as opposed to using the highly contentious and energy wasting method of Distributed Proof of Work used by Bitcoin and many others.
Good question. The financial world is full of regulation. As EOS is a digital currency, you can’t just go to the bank and exchange your money. To buy EOS, you need to have an account with an intermediary, who will take your “real” money in the form of AUD or USD, and exchange this for EOS or any other of a whole long list of cryptocurrencies. The problem for Australian’s, is we have limited choices here; there’s only a small handful of services which allow you to purchase EOS, and even fewer which allow Australian’s to sell it!
What’s different with crypto-currency, is that you are even more responsible for securing your new found money. If your CoinSpot account is hacked, it’s easy for someone to send the EOS in your account to their own account, and at that point, it’s gone forever.
You MUST secure your account, your computer, and any other devices you use to login!
Now you do whatever you want to do with your EOS. Watch the price soar, hoping it will net you millions of dollars. The beautiful thing about CoinSpot, is that Australians can easily buy and sell EOS and transfer it to other parties with ease. You can quickly and easily just buy EOS on Coinspot.