EOS

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EOS.io
Eos logo.jpg
Founded 2017
Headquarters Hong Kong
Key People Dan Larimer
Employees 200
Twitter @EOS_io
LinkedIn Profile
Facebook eosblockchain
Website EOS.io

EOS is a blockchain-based software platform developed by block.one. Its native cryptocurrency token uses the same name. It seeks to provide a platform for smart contract and dApp development capable of scaling to accommodate millions of user-to-user transactions per second, eliminate user fees like those of bitcoin and Ethereum, and improve the process of maintaining applications based on its blockchain.[1]

Background

EOS, or EOSIO, was developed by Block.one, an open source software publisher specializing in blockchain technology. The EOSIO engineering team is led by Dan Larimer.[2] Larimer is known as the founder of Bitshares and the inventor of the delegated proof of stake consensus mechanism, an algorithm that allows blockchain-based applications to continue functioning despite widespread failure of block producers, or nodes, in its network by making it easy for the network's community to "vote in" replacement producers quickly.[3]

Among its early investors was Brock Pierce, a former child star turned cryptocurrency entrepreneur.[4]

Before launch, EOS tokens were airdropped to interested users as ethereum ERC-20 tokens. These were "frozen" prior to launch, allowing users to convert them into EOS tokens.[5][6]

EOSIO 1.0 launched June 2, 2018.[7] It became the world's fifth most valuable cryptocurrency, with a market cap exceeding $13 billion.[8] Despite launching on-time, EOS did not go live, or become usable to general consumers, until June 15th.[9][10]

Talent Exodus

In September 2018, several members of the original EOS development team from Block.one - David Moss, Thomas Cox, Brian Abramson, and Corey J. Lederer - announced they had left the company. They said they had begun working on a new startup called "StrongBlock." David Moss, the CEO of the new startup, said over Twitter that "EOS will be a 787 and StrongBlock will be a custom 787 factory." This tweet was accompanied by a picture of two Boeing 787 airplanes inside of a hangar. One of the employees said that the purpose of StrongBlock (as well as the implied reason the group originally left Block.one) is to address "a need in the blockchain marketplace that Block.one was not going to address," though they did not disclose any detailed information about how StrongBlock planned to address this "need."[11]

Overview

EOS was designed to make the process of scaling decentralized applications as easy and efficient as possible.[12][13]

EOS has been criticized for having a blockchain that is too "centralized."[14] However, Dan Larimer insists that the delegated proof of stake model is solid and will allow the platform to surpass other dApp platforms like ethereum in transaction speed, user-friendliness, cost-effectiveness, ease of maintenance, and scalability.[15]

John Oliver

EOS was a prominent target in the HBO talk show host John Oliver's special episode on cryptocurrency. While discussing questionable or unscrupulous practices by various ICOs, Oliver brought up EOS's $500,000,000 ICO. He continued to poke fun at EOS, particularly its support by Brock Pierce. In the episode, Oliver highlighted Pierce's past legal battles surrounding allegations of sexual misconduct. He also referred to Pierce as a "sleepy, creepy cowboy" (referencing his taste in headgear), and a "douche." Pierce himself tweeted about it, saying Oliver had him laughing "while making important points." He went on to recommend that his followers watch the entire episode.[16]

Following this episode of Oliver's show, Last Week Tonight, Block.one announced that Pierce would be stepping away from the EOS project as part of a "mutual agreement" to end his role with the company.[17]

References