EOS

About EOS

EOS is a cryptocurrency designed to support large-scale applications. There are no fees to send or receive EOS. Instead, the protocol rewards the entities that run the network periodically with new EOS, effectively substituting inflation for transaction fees.

What is EOS?

EOS is an open-source blockchain platform that prioritizes high performance, flexibility, security, and developer experience. It is powered by the EOS virtual machine and has an extensible WebAssembly engine for deterministic execution of near fee-less transactions. EOS operates on a Delegated Proof of Stake (DPoS) network, where stakeholders have the authority to select node operators. This decentralized nature of token distribution ensures that power doesn’t reside solely in the hands of block miners, but is shared among all parties involved in the EOS Network. EOS is known for its scalability, divisibility, and programmability, contributing to its distinctiveness in the digital currency space.

How does EOS work?

EOS operates on a Delegated Proof of Stake (DPoS) consensus mechanism. In this system, EOS token holders delegate their stake to elect representatives responsible for validating transactions. This approach aims to prevent consolidation, where smaller miners are pushed out by those with greater computing power and resources. The EOS token represents a proportional share of access to the EOS network’s resources, as well as a proportional share of its governance rights. The EOS Network is a decentralized operating system governed by a DAO, which ensures the security and integrity of the network.

What are the potential use cases for EOS?

EOS aims to provide a platform that allows developers to build projects that other blockchains cannot support. Its technology and community make it an attractive choice for developers. The EOS Network is straightforward and offers multiple tools and educational resources to help users acclimate to the blockchain. EOS is among the blockchains with a community-led foundation and user support, where token holders elected a foundation to spearhead network growth. This feature of EOS opens up a wide range of potential use cases, from creating custom smart contracts to developing versatile blockchain infrastructures.

What is the history of EOS?

The EOSIO software, which the EOS Network was built upon, was developed by the company Block.one and architected by Daniel Larimer. The EOS blockchain was launched in June 2018 by a decentralized group of block producers who bootstrapped the network based on a token distribution snapshot from Block.one’s ICO. The EOS Network Foundation (ENF) was funded following a consensus among EOS block producers. The ENF, launched by Yves La Rose, is a not-for-profit organization that coordinates financial and non-financial support to encourage the growth and development of the EOS Network.