EOS – EOS

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EOS – EOS

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EOS – EOS is advertised as a smart contract platform that doesn’t require any fees for making transactions. Among others, it was meant to compete with Ethereum and is labeled as the ‘Ethereum Killer’.

What is EOS – EOS?

EOS is a deployed blockchain powered by the EOSIO software and managed by the EOS blockchain community. 

The EOS blockhain was designed to compete with Ethereum while addressing some of the typical issues that blockchain faces, like speed and scalability. Therefore EOS provides free and fast transaction processing.

The EOS blockchain is powered by the EOSIO software. A free, open-source software where highly customizable blockchains can run blockchain applications. This software is developed by a company specialized in high performance blockchain solutions, named Block.one.

EOS.IO is thus the underlying software that runs, operates, and manages the EOS blockchain network. It offers developers:

  • creating decentralized applications – dApps on the EOS blockchain
  • smart contract capability
  • decentralized storage solutions

This review of EOS – EOS was created for informational purposes. This article is not intended for promotion.

General info about EOS – EOS

In late 2020, Google joined the EOS community by becoming a block producer. By doing so, Google Cloud works with Block.one. A company that develops open source blockchain powered software. Its first developed project was EOS, which is considered an appealing platform for developers to build applications on, because of its speed, scale, and low-cost transactions.

Co-Founders & Team

EOS was introduced in May 2017. 

The EOS platform was released as open-source software in June 2018, by the private company Block.one that is registered in The Cayman Islands.

 Block.one is a company that develops open source blockchain-powered software. Its first project was EOS.

 

 

Brendan Blumer is CEO and Founder of Block.one.

He is an early investor in blockchain technology and got full time involved when he met business partner Dan Larimer.

Previously he founded multiple businesses: E.g. Gamecliff, The Accounts Network, Okay.com

 

 

Dan Larimer is a software engineer and he has been a serial entrepreneur for over 15 years. He ran three software businesses and as he said himself, “Virtual Reality Simulators and unmanned vehicle control systems”.

Previously he served as CEO at Cryptonomex Inc (2015-2016) and worked on Bitshares (2013-2016), a decentralized exchange.

 

He departed from Block.one as CTO at the end of 2020 where he was leading the development of the Block.one technology. 

In January 2022 Coindesk claimed Dan Larimer was back. He is supposedly wanting to retie the knot with EOS technology and its community.

Larimer is bringing the “Mandel” upgrade, a hard fork which is easily expressed as a change in the EOS Blockchain protocol and this would give ENF effective control of the EOS codebase.

A hard fork splits a single cryptocurrency into two and results in the validation of blocks and transactions that were previously invalid, or vice-versa.

SEC VS. EOS

Block.one, the company that created EOS, is ordered by the SEC (Securities and Exchange Commission) to pay $24 million after settling charges that it operated an unregistered securities sale with its $4.1 billion EOS raise.

The Executive Director at EOS Foundation, Yves La Rose claimed that;

EOS has been a terrible investment. He indirectly refers to its developer Block.one and says that the EOS Foundation is needing to step up. The project, as it is now, can no longer rely on Block.one ,which is registered in the Cayman Islands

He also stated: “Unfortunately Block.one decided to walk away from the negotiations and as a result the EOS Block Producers determined it was in the best interest of the community to freeze the vesting of all the EOS tokens that Block.one was to earn in the future.”

Meaning that EOS stakeholders had voted against Block.one’s token grants of the coming years of $250 million. From now on the EOS Foundation would take back control of the protocol and expand the project with the help from venture capital firms.

Roadmap

The official EOS.IO website does not share a roadmap. Yet we did find a roadmap on the EOS Community Forum

In a path to become independent from its developer Block.one, EOS has the following updates lined up:

  • January 31, 2022 Release Candidate of Mandel 3.0
  • February 2022 Mandel 3.0 Test Network launched and community validation
  • March 1, 2022 Final Release of Mandel 3.0
  • March 2, 2022 Network deploys Contract Pays system contract
  • April 1, 2022 Mandel 2.3 Released
  • April 9, 2022 Next Eden Election
  • May 19, 2022 EOS aims to become independent from Block.one

 

It is planned that EOS will start running on a software version that is not developed or released by Block.one.

For a more in-depth overview about the upcoming changes to the EOS protocol and a timeline with upcoming hard forks, please refer to this medium.com post.

Whitepaper

No whitepaper was found on the official EOS.IO website. 

For more information about how the EOS – EOS protocol works, please refer to the introduction paper, found on allcryptowhitepapers.com/eos-whitepaper

Use case of EOS – EOS

The EOS token is a cryptocurrency, used to make payments on the EOS.IO network.

EOS tokens can be traded on different exchanges or they can be stored in various wallets such as MetaMask and MyEtherWallet.

EOS has build a variety of applications

EcoMatcher, the app that lets users plant trees and forests, built on EOS.IO.

Travel virtually to planted trees to learn more about each tree and farmer. Take a selfie and share your planted tree on social media to create awareness.

 

Blankos Block Party, a free-to-play open-world multiplayer video game for PC, built on EOS.IO.

Buy, sell or collect Blankos (playable characters) as Non-fungible tokens (NFTs)

 

 

PUML, a mobile app that rewards you with PUML tokens for being sporty and staying healthy.

PUML offers Web 3 Gamified Challenges such as Step, Activity, Sleep, Hydration, Meditation and More.

What protocol does EOS use?

EOS blockchain brings a fundamental change in programming on the blockchain. It tackles crypto’s biggest problems, scalability and high-transaction fees.

Scalability is the capacity to be changed in size or scale. It is the measure of a system’s ability to increase or decrease in performance and cost.

Delegated Proof-of-Stake (DPoS)

EOS uses a variant of a Proof-of-Stake consensus algorithm called Delegated Proof-of-Stake (DPoS), invented by Dan Larimer, CTO at EOS. Proof-of-stake is a type of consensus mechanism used to validate cryptocurrency transactions. It allows owners of the cryptocurrency to stake their coins and basically earn interest on their coins.

Delegated Proof-of-Stake (DPoS) added another feature on the regular Proof- of-stake system by adding a voting and delegation mechanism to its users to secure the network with their staked collateral.  

The Delegates consist of the top 21 block producers.

Block producers stake their EOS tokens to ensure the security and genuine functioning of the EOS ecosystem. These Delegates are custodians, chosen by the community, and they are not to act fraudulently or they’ll lose their staked coins. Its task is to verify all the transactions on the network. 

Block producers use the Asynchronous Byzantine Fault Tolerance (ABFT) Algorithm. 

This is allegedly the strongest level of security that can be attained.

The EOS mainnet has achieved a high of 4,000 transactions per second (TPS). Almost 230 times more than Ethereum but nowadays 15 times lower than Solana.

EOS is not at the end of his rope yet, knowing that the network could handle 10,000 TPS. More could be possible, provided with the necessarily updates.

Zero Fees

EOS allows making transactions without any fees. This means you can interact with smart contracts or use DApps, zero fees.

EOS provides feeless transactions and makes this realizable because developers pay for prepaid network resources with their staked coins when they position a smart contract on the EOS blockchain. 

Staking

When staking your EOS tokens, they will not be accessible until you unstake them. Unstaking your EOS tokens should take 3 days to release. Afterwards you can transfer the tokens to wherever you please.

Tokenomics

  • Circulating Supply: 985,442,776
  • Total Supply: 1,047,943,909
  • Max Supply: unlimited

 

The total supply of EOS tokens is allegedly to grow constantly at 5% per year.

Block.one began offering EOS tokens in June 2017 to the public, raising over $4 billion, which is a record for an Initial Coin Offering – ICO , for early investors.

Where to buy and sell EOS – EOS?

What do we think about EOS – EOS?

EOS has withstood the test of time since it was launched in 2017. However we do need to take into account that other projects also offer neglectable fees.

With Larimer’s departure as CTO, the community and investors reacted, resulting in a value drop of EOS of 30 percent. Now that Larimer returns to EOS, wanting to clear its path to independence from its the ‘fraudulent‘ Block.one and the fact that the majority of token holders know that Block.one misrepresented their capabilities. It could be that the project will expand in a way that was intended.

Will we ever see EOS reaching its all-time high of 20 USD (April 2018) again? Another significant high – although a lower high- was reached where EOS reached up to around 14 USD (May 2021).

EOS – EOS conclusion

EOS – EOS was meant to compete with Ethereum as a decentralized open-source platform. It offers a fast transaction process and allows you to make transactions with zero fees. EOS has been plagued by concerns about centralization in recent years, but its partnership with Google Cloud can not go unnoticed. 2022 should be the year that EOS reaches its independence and will no longer have to rely on its former developer Block.one.

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