EOS is taking China by storm
EOS is taking China by storm Pixabay

Although most of the world’s markets continue to focus on Bitcoin, EOS has consistently topped the crypto-rankings in China – closely followed by TRON and Ethereum.

EOS is the native cryptocurrency of EOSIO, a decentralized smart contract system. The open-source blockchain protocol was introduced in 2017 and has since established itself as a viable alternative to Ethereum, the first smart contract blockchain platform.

Essentially, EOSIO facilitates the operation of decentralized applications, or dApps – applications running on a distributed computing system, rather than on a central server. The platform enables users to develop, host, and execute their own dApps, including everything from simple insurance contracts with no third-party involvement to complex multiplayer games.

The EOS cryptocurrency serves the function of being EOSIO’s native currency, while also having other uses common to all cryptos: as an alternative to fiat currency and a viable investment.

The EOS environment is among the most complex blockchain networks in the world, but it is also one of the fastest. It’s estimated that EOS can be capable of over a thousand transactions per second, compared to Ethereum’s 15 – with no transaction fees.

All of this makes EOS a highly attractive option for Chinese markets, especially given that both the crypto and the platform still have a lot of potential for growth and improvement.

Yet despite the popularity of EOS in China – bolstered last year when the EOSIO-based RPG Crypto Sword & Magic was featured in a Chinese TV show – buying and using the cryptocurrency is still a challenge for users based in the country. China’s complex relationship with cryptocurrencies and blockchain in general leads to a lack of easily accessible tools and information on how to take advantage of cryptos. Furthermore, a degree of caution is required to maintain privacy and ensure transaction security.

Typically, cryptowallets – apps designed for accessing and managing cryptocurrencies – are the most common means for both everyday users and professional traders to purchase and trade crypto. However, as both a relative newcomer to the cryptocurrency field and an inherently complex platform, EOS presents particular challenges where it comes to cryptowallet integration. In addition, China’s strict approach to crypto trading limits users’ access to blockchain tools and apps, simultaneously giving rise to questionable schemes and means of obtaining crypto.

Spotting an opportunity for increasing crypto accessibility and facilitating further growth of cryptocurrency use in China, many cryptowallet developers turn their attention to the Chinese market, aiming to provide a legitimate method of crypto management. One of the companies making the biggest strides in this direction is OWNR, the Estonian start-up behind OWNR wallet. Launched in 2018, OWNR is a multi-currency wallet, supporting all of the major coins and all the 240K+ ERC-20 tokens. Recently, EOS joined the list of cryptos that users can access, trade, and purchase through the cross-platform OWNR app.

“We strive to add full support for EOS so that users don’t have to switch between the apps as it usually happens with this coin,” said the CEO of OWNR, Grygory Sytenko. “What’s more important, we’ve managed to make the account registration so simple that it takes several minutes even to a newbie.”

An accessible, intuitive user interface shouldn’t be underestimated in this context – most non-custodial wallets are aimed at professional crypto traders, which means they involve several complex interfaces and multi-step processes for transactions. Following a simple registration procedure, OWNR places all of the essential functions into a single dashboard, streamlining the experience of managing crypto.

Interestingly, alongside its milestone EOS integration, OWNR appears to be catering specifically to users based in China with its acceptance of UnionPay – one of the most popular bank card services in mainland China – as a payment method. Thanks to this development, Chinese users can now quickly and easily purchase EOS through the desktop or mobile version of the OWNR Wallet, or on the company’s website. BTC, ETH, BCH, DASH, and LTC are also available to buy using UnionPay.

As a non-custodial wallet, OWNR offers transactions that take place with no intermediaries and no third-party access. Essentially, this makes the wallet tamper-proof: the user has sole responsibility for their private keys and therefore full control of their funds. The increased security this offers is sure to be a major selling point especially in markets where outside interference can be a cause for concern.

Such concerns primarily surround the issues of government control and the prohibition of bitcoin and other cryptos. Although China has made marked progress in adopting and integrating crypto recently, the move has simultaneously raised worries regarding the centralized nature of the country’s crypto network. EOS, meanwhile, remains decentralized – and thus true to the generally accepted principles of blockchain, aiming to be a tamper-proof and independent network that is not controlled by a single entity. With enough initiative from tech start-ups and increased accessibility of decentralized cryptos for users in China, EOS has the potential to keep growing in popularity and revenue in the country.