What is EOS?

May 04, 2018 at 15:34

Coin overview

EOS is a Blockchain platform designed to scale transactions, while providing an avenue for decentralized applications (dapps) to develop.

BlockOne is the team that innovated and is currently running EOS. One of its founders is a well-known name in the cryptocurrency industry: CTO Dan Latimer who created Bitshares and had a hand in the establishment of Steemit. He claimed to have worked on Bitcoin during its very early days under the wing of Satoshi Nakamoto.

The present speed of transactions in EOS is estimated at 300,000 transactions per second. The developers intend to increase that to at least a few million per second upon its launch.

Developers who build their apps and web interfaces on its network will have access to features such as cloud storage, server hosting, and user authentication.

EOS runs on a consensus model called Delegated Proof-of-Stake, invented by Latimer himself to safeguard the security of the Blockchain by arresting the formation of mining clusters. The Delegated Proof-of-Stake limits the creation of new blocks to 20 ‘witnesses;’ these witnesses are individual or institutional users who are voted into that position by other users holding EOS tokens.

Is it mineable?

The fixed total of EOS tokens is 1 billion, and more than 520 million of it will be allocated for active circulation.