EOS Specifications

Type

COIN

Algorithm

Protocol

DPOS

Start Date

02/07/2017

Max Supply

1,006,245,120

Circ. Supply

1,054,937,991

Website

Explorer

Social Media

Intro

EOSIO was developed and launched by block.one and released in 2017, a company headed by Daniel Larimer and Brendan Blumer. It was one of the most famous ICOs (Initial Coin Offering), with an almost year long uncapped ICO being offered to investors between June 2017 and June 2018, resulting in a funding of almost 4 billion US dollars.

Considered to be one of the improved blockchains that aim to solve the scalability problems of Bitcoin/Ethereum, EOS aims to serve as a host for dApps, smart contracts whilst reducing transaction costs for users to zero. This is achieved via itu2019s consensus model, Delegated Proof of Stake (DPOS), where users vote for a set of 21 block producers who generate and validate blocks on a much shorter time scale that the proof of work blockchains, and they conduct millions of transactions per second. This makes for faster consensus but also has the weakness of being much less centralized than competing blockchains.

Aiming to be a decentralized Operating System, network resources are described in familiar terms from computing, with CPU and RAM being the two critical limited resources for the network. Resources (CPU/RAM) required by a user to interact with the blockchain are priced by staking EOS tokens instead of via fees by validating miners. Purchasing and staking EOS tokens allows a user to interact more seamlessly with the blockchain.

Features

Cost-Effective
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.
Scalable & Fast
A parallel processing mechanism promises greater scalability and faster transaction speeds. This all helps result in EOS being among the fastest blockchains.
Governance
EOSIO takes a more active approach to governance, with features enabling its users to vote and carry out decisions to alter the softwareu2019s rules. Owning EOS gives a user the ability to vote on decisions, and block producers are responsible for carrying out decisions that are approved.
Delegated Proof-of-Stake (DPoS)
To secure its blockchain, EOSIO uses a system called delegated proof-of-stake (DPoS). DPoS uses a real-time voting and reputation system to decide who can create the next block on its blockchain. This means anyone who owns EOS can help operate the network, however, the more tokens you own, the more likely you are to be chosen by the software.

Website

Explorer

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*The indicators above, do not represent an investment advice and should not be treated as such. Please make your own research and risk assessment before exchanging your assets.