What is EOS? — Coin of the Week: EOS

EOS [EOS]

EOS is a blockchain-based, decentralized operating system, designed to support commercial-scale decentralized applications by providing all of the necessary core functionality, enabling businesses to build blockchain applications in a way similar to web-based applications.

One of the co-founders of EOS is Dan Laimer, who has previously developed BitShares, Steemit and has invented Delegated Proof-of-Stake consensus algorithm (which is used in both BitShares and EOS).

Two promised features of EOS have really caught everyone’s attention: elimination of transaction fees, and scalability — they say it can process millions of transactions per second with asynchronous communication and parallel processing.

High transaction costs and bad throughput are Ethereum’s critical weaknesses, so these features make EOS a serious contender for the title of go-to blockchain development solution. But currently EOS is still mostly conceptual and its ICO is being conducted on Ethereum (ERC-20).

Interesting facts:

· “EOS” is not an officially defined acronym, but the community has given it many different names like, “Ethereum On Steroids”, “End Of Silence”, “Endless Online Scaling”, and even “EOS Operating System”.

· EOS distributes their tokens during their ongoing 341-day ICO, which has an entirely novel structure. The ICO is divided into 350 23-hour long windows. In every window 2,000,000 EOS tokens will be distributed amongst investors at market price.

· The first 5 days of EOS’s ICO were done “traditionally”, during which EOS raised around $185M in ETH.

· Running an EOS node requires Linux/OS X operating system.

Whitepaper: https://github.com/EOSIO/Documentation/blob/master/TechnicalWhitePaper.md

Website: https://eos.io

Coinmarketcap: https://coinmarketcap.com/currencies/eos