This is the official HackerNoon wiki for EOS. As part of our coin price pages, this living wiki displays on EOS crypto price page. If you’d like to suggest edits to our official EOS wiki, please submit them in the comment field below, a real human editor will read and review your suggestions for accuracy and publication.
EOS.IO is a smart contract blockchain software made for building, hosting, and running decentralized applications. It offers a public infrastructure ecosystem for the creation of decentralized applications. It is scalable, flexible, and highly usable through the use of web tool kits. The native cryptocurrency token for EOS.IO is the EOS coin.
The main goal of the platform is to make it easy for programmers to make use of blockchain technology. EOS tries to make the goal easier to achieve by providing a variety of tools and educational resources to support developers who would like to learn how to build on the blockchain. EOS also aims to deliver scalability and more transactions per second than cryptocurrencies like blockchain and Ethereum which can only handle a few transactions per second at a time.
History
EOS was founded by a company known as Block.one. The EOS white paper was written by Daniel Larimer and Brendan Blumer.
EOS launched its mainnet in June 2018 after the initial coin offering for Block.one from June 2017 to June 2018. They sold $4.19 billion worth of EOS tokens, making it the largest ICO in that time.
Biggest Claims to Fame
EOS has the capacity and capability to accommodate hundreds of decentralized applications comfortably. The number of people using the platform on different apps does not affect the speed or efficiency of the platform or any of the apps based on it. They can do this by making use of both parallel executions and by making use of a modular approach.
All the people who own EOS tokens are able to vote for the representatives who can validate transactions on EOS. This prevents smaller miners from being pushed out of their jobs by those who own a large stake of EOS taking the mining jobs from them as it happens on many of the blockchains that rely on mining.
EOS can be bought from several cryptocurrency exchanges making it easy to purchase. The cryptocurrency can also be purchased by traditional currencies through the use of a bank transfer or credit card. This increases the accessibility of EOS far above several other cryptocurrencies which cannot be purchased through the use of traditional currency or through the use of more than one or two cryptocurrency exchanges.
A developer only needs to hold EOS in order to use, build, or run apps on the blockchain. Those who hold EOS but are not running any apps can rent or allocate their bandwidth to participants who need it. This is a way for users and investors to get money on their EOS investments since the tokens do not actively have to be traded or used by a user in order for the user to make money from it.
Biggest Criticism
Block one, the company responsible for EOS is a centralized company. The initial idea behind the creation and execution of blockchain technology and cryptocurrency was to remove the element of centralized institutions having control and say of the people’s money. Block.one having control and owning a significant share if EOS and EOS technology goes against the fundamental principles of Blockchain and cryptocurrency.
The purchase agreement of EOS tokens essentially releases Block.one from any expectations for the rights of buyers. This distances Block.one from the development of the EOS platform which is an issue as the development of EOS.IO is still not fully completed or refined. Essentially, should Block.one decides they do not want to complete the development of the EOS platform, there is nothing legally stopping them from doing so.
Team
EOS was founded by the company Block One under entrepreneur Brendan Blumer and software programmer Daniel Larimer.
Brendan Blumer is an entrepreneur. One of his first ventures was selling virtual assets for different video games. He was one of the co-founders of Okay.com which is a digital real estate agency based in Hong Kong. He met Larimer in 2016 and co-founded Block one in the next year. He works as the CEO of Block.one.
Daniel Larimer is a programmer who has worked as a startup founder of several crypto ventures. Some of his developments include the cryptocurrency trading platform Bitshares and the cryptocurrency blockchain Steem. He currently works as the Chief Technical Officer at Block.one.
In Conclusion
EOS is a well thought out system in theory. In a practical sense, there is a lot of uncertainty as to whether the project will exist for the long term. It is also an issue to trust in its decentralized system since the system is based on a centralized company.
This is the official HackerNoon wiki for EOS. As part of our coin price pages, this living wiki displays on EOS crypto price page. If you’d like to suggest edits to our official EOS wiki, please submit them in the comment field below, a real human editor will read and review your suggestions for accuracy and publication.