Dan Larimer’s EOS is a system entirely focused around decentralized applications with vastly extended functionality and much focus on user-friendliness compared to is competitors.
Although EOS technically is a utility token, not a currency, it is one of the most popular assets around.
EOS has gathered $153 368 000 in the first five days of its ICO, making Block.one, the development platform behind EOS, one of the most impressive crowdfunding projects around at the time (the biggest ICO of 2017).
EOS eventually raised $700 000 000 in 2017 and $5 000 000 000 altogether. The EOS Token has enjoyed a few spectacular increases in price (although not as much as Bitcoin) from the level of around 50 cents to almost exactly 43 times as much at $21.46 on 29.04.2018.
EOS offers vertical and horizontal scaling, complete transparency through smart contracts, a wide array of tools aimed at user’s convenience in terms of dApps maintenance, like a web toolkit for interface development, self-describing interfaces, and databases, and inter-blockchain communication; and generally improved functionality as far as blockchain scalability, throughput, and effectiveness are concerned.
The traditionally held opinion is that through using DPOS (Delegated Proof Of Stake), EOS can scale a lot better than Ethereum (although it can get very complicated) and that a very substantial VC fund behind it holds much promise in terms of gaining ground in the tech sector.
Also one of the most attractive features of EOS is that there are no transaction fees whatsoever, which, coupled with very substantial levels of TPS (currently at 4000 TPS and counting) allow for creating industrial-magnitude applications. Participants will need to prove they have EOS coins to use the system but do not need to spend them. Having EOS tokens allows users to use certain network features like RAM.
EOS speeds up operations through usage of local storage facilities that bypass the traditional process of using the whole blockchain to access data like private keys, balance, and so on. Data is stored in RAM for quick access. Here, RAM is a finite resource that needs to be purchased in order for developers and users to keep using the platform. EOS offers trading RAM (here) at the market price.
Dan Larimer, with his background in creating Bitshares in 2014 and Steemit in 2016, provided one of the most fundamental blockchain protocols, which is the Delegated Proof Of Stake Algorithm. He’s also a real person.
He, along with his father, who happens to have taught actual Rocket Science at the US Air Force Academy, founded Cryptonomex Inc., a software consulting and development company based in the US.
Cryptonomex appears to certainly have overcome the scalability issue Bitcoin always struggled with as they claim they have “designed and built one of the most advanced blockchain architectures on the market, capable of processing over 100,000 transactions per second with an average confirmation time of less than 1 second”.
How can EOS not officially stand for anything?
Some of the most popular versions regarding what EOS actually stands for include EOS being named after the Greek Goddess of The Rising Sun, EOS standing for End Of Slavery <To The System>, Evolution of Scalability, Ethereum On Steroids, and so on.
Criticism and vulnerabilities
EOS offers features like parallel processing (which will help with network overload), self-sufficiency, and high-end new technology that enabled it to increase the TPS number to just under 4 000 at the time of writing - and continuing.
EOS’ official launch, however, was plagued by uncertainty and difficulties such as one occurrence when hackers were able to take over Block.one and get away with millions by phishing users out of their money.
Despite troubled and controversial history, EOS mainnet has now been live for some months and enjoys the status of being, according to some sources, the most used blockchain network in the world.