EOS

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EOS.io
Eos logo.jpg
Founded 2017
Headquarters George Town, Grand Cayman Islands
Key People Dan Larimer
Employees 200
Twitter @EOS_io
LinkedIn Profile
Facebook eosblockchain
Website https://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 has not yet gone live, or become usable to general consumers.[9]

Overview

EOS was designed to make the process of scaling decentralized applications as easy and efficient as possible.[10][11]

EOS has been criticized for having a blockchain that is too "centralized."[12] 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.[13]

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.[14]

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.[15]

References