Investing, News

Welcoming EOS and Siacoin

We have more great news! Starting today Abra users will find EOS (EOS) and Siacoin (SC) available to buy, sell, and hold in all Abra wallets.

The addition of EOS and Siacoin brings a total of  30 cryptocurrencies available on Abra. Not to mention the 50 fiat currencies available, and the one and only BIT10 crypto index.

Let’s meet the new coins.

What is EOS?

EOS is the native token of EOSIO network, which is a blockchain that is being built to act as a decentralized operating system.

What that means is EOS is creating a set of tools and systems that will allow developers to build unique and customized decentralized applications.

So far, EOS is best known for their massive crowdfunding round, which lasted for a year, raised more than $4 billion, and set records in the crypto space. The capital raise gave the EOS team a lot of resources to build with, and also gives them a massive crypto market cap (currently number 7).

The EOS whitepaper came out in 2017 and outlines next-generation smart contract technology. Particularly noteworthy is the fact that goals of the EOS network are to remove fees from blockchain transactions and to build a blockchain that can scale to handle thousands of transactions per second.

While both of those features would help propel blockchain to the next level of growth and adoption, some critics and commentators wonder if those features come at the cost of centralization. EOS currently uses a unique and controversial method of achieving the consensus needed to operate a permissionless blockchain.

What is Siacoin?

Siacoin is the native token of the Sia network. Sia’s mission is to build decentralized cloud storage using blockchain technology. Siacoin has been around since 2015, so in crypto years, it’s older and more mature than other emerging crypto projects.

By building decentralized data storage, Sia is trying to connect people that have unused computing storage with people that need space. It’s a rental model (and the way their blockchain’s governance uses proof-of-storage as a mechanism is really interesting), and one that gives people more options, while disrupting the current model of data management and ownership while increasing privacy.

More about Abra’s synthetic currency

Both EOS and Siacoin are listed on Abra as synthetic currencies. Abra’s synthetic currency uses crypto-collateralized cryptoassets to securely and efficiently store and move value amongst different assets.

The underlying synthetic currency also allows Abra’s non-custodial wallet setup and provides a platform for future financial innovation.