What Is EOS?

 

What Is EOS?

The EOS Network stands as an open-source blockchain platform emphasizing high performance, flexibility, security, and developer experience. Operating as a third-generation blockchain platform fueled by the EOS virtual machine, EOS integrates an expandable WebAssembly engine for precise execution of transactions with minimal fees.

EOS emerges as the most scalable, divisible, and programmable digital currency in the market. Functioning as a Delegated Proof of Stake (DPoS) network, EOS grants stakeholders the authority to choose node operators. With token distribution across the EOS Network being decentralized, authority doesn't rest solely with block miners but extends to all parties involved.

The allure of the EOS Network lies in its advanced technology and supportive community. It enables developers to undertake projects that may not be feasible on other blockchains. The network boasts simplicity and offers numerous tools and educational materials to aid users in adapting to blockchain technology.

Who Are the Founders of EOS?

The EOSIO software, the foundation of the EOS Network, was crafted by Block.one, under the leadership of Daniel Larimer.

In June 2018, the EOS blockchain was inaugurated by a decentralized consortium of block producers (BPs) who initiated the network based on a token distribution snapshot from Block.one's Initial Coin Offering (ICO).

On August 25, 2021, EOS block producers reached a consensus to establish the EOS Network Foundation (ENF), led by Yves La Rose.

The EOS Network Foundation functions as a non-profit entity coordinating financial and non-financial assistance to foster the growth and advancement of the EOS Network. Serving as the epicenter of the EOS Network, the ENF leverages decentralization as a catalyst for positive global transformation, mapping out a unified path forward for EOS.

What Makes EOS Unique?

The EOS Network represents a third-generation Layer 1 blockchain, offering a low-latency and highly performant environment that empowers developers to manifest their visions—uniting programmable architectures, adaptable blockchain infrastructures, and tailored smart contracts. What sets EOS apart is its technological framework and resilient community.

The EOS Network encompasses diverse communities brimming with innovative ideas and effective leadership. Token holders collaborate primarily with developers and other ecosystem leaders to drive growth. The EOS community upholds values such as transparency, openness, honesty, accountability, liberty, and respect, embodying the core tenets of a blockchain. EOS marks the first blockchain with a community-driven foundation and user assistance. Token holders on EOS elected a foundation to spearhead network expansion. Simultaneously, a faction of community members initiated live EOS support for network users.

How Many EOS Coins Are There in Circulation?

At present, the EOS Network boasts 995,528,087 EOS coins in circulation.

Upon its launch, the software developer (Block.one) was allocated 100 million EOS tokens, subject to a 10-year vesting schedule. In December 2021, consensus was reached within the EOS Network to halt the vesting of these tokens, essentially terminating Block.one due to its failure to sustain software development or support for the EOS ecosystem. The remaining 68 million unvested tokens are locked in the eosio.stake account and remain outside of circulation.

The Network continues its operations with a 3% annualized inflation rate, with 1% directed towards block producers and the remaining 2% allocated to the treasury for the EOS Network Foundation.

How Is the EOS Network Secured?

EOS operates on delegated-proof-of-stake (DPOS), a variant of proof-of-stake that grants governance power to token holders in proportion to their stake in the system. The EOS token represents a proportional claim to access the EOS network's resources and governance rights. The EOS Network functions as a decentralized operating system governed by a Decentralized Autonomous Organization (DAO).

In DPOS, EOS token holders delegate their stake to elect representatives tasked with validating transactions. This system helps prevent consolidation, where smaller miners are overshadowed by those with greater computational power and resources.

Where Can You Buy EOS?

EOS is purchasable through platforms like Binance, Coinbase, Kraken, Bithumb, Upbit, and numerous other exchanges. Given its widespread adoption in the crypto industry, it's challenging to find a trading platform that doesn't support EOS.