Merchants now have the option to accept EOS payments through using the CoinPayments gateway within their e-commerce store. CoinPayments will be the first service that allows merchants to accept EOS.
“We are happy to announce the integration of EOS to our growing list of accepted cryptocurrencies. We believe this platform will be one of the best token-creation platforms available, and look forward to all the different decentralized apps that will come from its architecture.”
– CoinPayments Development Team
EOS was designed to provide a blockchain architecture that enables vertical and horizontal scaling of decentralized applications (dApps). Supported by its native EOS token, this platform was designed to improve upon several issues faced by other blockchains that have been unable to scale and meet the potential demand for the cryptocurrency community. With the goal to drive crypto-adoption through e-commerce, the CoinPayments team has integrated support for EOS payments, as its blockchain will be able to support the cryptocurrency growth that is expected in the future.
How Does it Work?
EOS was developed with the goal in mind of being able to accomplish several goals through a blockchain solution:
- Support millions of users – to be able to compete with large established technology companies which can support a massive user base;
- Free Usage – providing flexibility to developers and value to users, plus encouraging adoption through a free to use service;
- Easy upgrades and bug recovery – ease of use for businesses upgrading with new features, and robustness when tackling bugs in the system;
- Low latency – reliable feedback and low latency of transactions;
- Sequential performance – to facilitate the management of high volumes on the platform;
- Parallel performance – allowing the platform to divide workload across multiple CPUs and computers to increase speed and efficiency.
EOS runs with a delegated proof of stake (DPoS) consensus algorithm in conjunction with the asynchronous Byzantine Fault Tolerance (aBFT) to achieve lightning fast transaction irreversibility. Within 1 second, the transaction is irreversible on the blockchain.
CoinPayments was founded in 2013 as the first altcoin payment processor for e-commerce merchants. It has grown to support over 1,000 altcoins in addition to bitcoin for its userbase of over 2.3 million accounts over 182 countries. It offers an easy-to-use platform with pre-built plugins and integrations that is compatible with all major e-commerce platforms, including Shopify, Woocommerce and Magento. With hosted wallets, conversion and fiat settlement functionality, CoinPayments leads the way in furthering the adoption of cryptocurrencies.