What you need to know about EOS


            EOS plans to launch an, open-source smart contract platform focused on scalability, free usage, simple upgrades, low latency, and performance. The platform uses a delegated proof-of-stake (DPOS) consensus algorithm and includes a toolkit for interface development, the capacity to freeze and fix broken applications, named accounts with private messaging and role-based permission management, stolen key recovery, and support for multiple virtual machines, including the Ethereum Virtual Machine.2, 3

            The EOS development team has been led by Block.one, a company based in the Cayman Islands focused on business-grade blockchain solutions.2  Block.one consists of CEO Brendan Blumer, CTO Dan Larimer, Kokuei (Guo) Yuan, Andrew Bliss, Wendy Lee, Alexander See, Ian Grigg, Brock Pierce, Nathan Hourt, Gerlof Van Ek, Aaron Liebling, Joshua Lavin, Abby Christine, Tama Churchouse, Phil Meisner, and Brian Johnson. Brendan Blumer founded ii5 prior to Block.one, a software and service company serving Indian realtors, Okay.com, a platform for real estate consultants, The Accounts Network, serving the commerce of massively multiplayer online games, and Gamecliff, a retailer of virtual gaming assets.6 Dan Larimer also leads Cryptonomex Inc. as CEO and previously worked on Bitshares, as CTO of the Steemit blogging platform, CEO of Invictus Innovations, and as a Software Engineer at Phoenix Integration.7

With a market capitalization of $301,173,223, EOS sits at number twenty-three on coinmarketcap.com's list of tokens by capitalization as of October 30, 2017.3 EOS has a unique, year-long token offering structured to include all interested investors beginning on June 26, 2017 with a total of 1,000,000,000 EOS tokens for sale: 200,000,000 in a five-day period from June 26 to July 1, 2017 and 2,000,000 tokens a day for 350 days with 100,000,000 left over in reserve for Block.one.2 The first five days of the token sale concluded with $185 million raised.3 The current distribution of 2,000,000 EOS represents period 128/350 and U.S. I.P. addresses are excluded from participation in the EOS token sale.1

            Allowing developers to create applications that do not require micropayments from users provides a significant advantage over many smart contract platforms but not one that immediately outweighs Ethereum's first-mover advantage. Ethereum may require virtual gas to run but the improvement over the transaction fees associated with credit cards represents such a leap forward that the difference between gas payments and no payments seems far less significant than the difference between credit fees and gas payments; at least for now. That could change if Ethereum fails to improve in the next several years.

            One point of controversy has to do with the fact DPOS relies on twenty to a hundred validators to keep the network in check as opposed to spreading the work across all of the nodes.8 Detractors argue against such a centralized system, worried that a major player given the right opportunity could have access to enough validators to affect the network. On the other hand, token holders continuously vote to select the validators so given that the crowd has the opportunity to select open, transparent validators, the chances of a validator co-opting the system seem highly unlikely.4

EOS recently launched their testnet, EOS Dawn 1.0, and announced that they plan to launch testing and security audits by the end of the year.9 They also released a white paper for a decentralized file storage system capable of providing free storage to anyone with access to a web browser.10 The EOS team has proven themselves capable of high-level innovations and watching their progress should continue to be highly interesting for the cryptocurrency community.

Sources

1.     https://eos.io/
https://steemit.com/eos/@eosio/eos-io-storage-white-paper-now-available

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