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EOS.IO

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EOSIO
File:Eosio logo.svg
Denominations
CodeEOS
Development
White paperEOS.IO Technical White Paper on GitHub
Initial releaseDawn 3.0.1-alpha[1] / January 31, 2018; 6 years ago (2018-01-31)
Code repositoryeos.io on GitHub
Development statusCurrently under development
Written inC++
Operating systemmulti platform
Developer(s)block.one
LicenseMIT License (open source)[2]
Ledger
Timestamping schemedelegated Proof-of-stake
Block time500 ms
Circulating supply828,948,913 (1st of May 2018)
Valuation
Exchange rate$12.36 (31st of May 2018)[3]
Website
Websitewww.eos.io
block.one
Company typePrivate
IndustryBlockchain
Area served
Global
Key people
Brendan Blumer (CEO), Dan Larimer (CTO)
ProductsDecentralized applications
Websitewww.block.one

EOS.IO is a cryptocurrency token and blockchain that claims to operate as a smart contract platform for the deployment of decentralized applications and a decentralized autonomous corporation.[4]

EOS.IO aims to become a decentralized operating system supporting industrial-scale applications, with claims to eliminate transaction fees and also conduct millions of transactions per second.[5]

History

Based on a white paper published in 2017, the EOSIO platform is currently being developed by private company block.one to be released as open-source software on June 1, 2018. In order to ensure widespread distribution of the native token at the launch of the blockchain, one billion tokens are being distributed on the ethereum blockchain by block.one.[6] This will provide a distribution that anyone can use to launch the EOS blockchain once the software is released, while the CEO of block.one, Brendan Blumer, announced that block.one will support the EOSIO blockchain with over one billion USD in funding from the token sale.[7] On November 29, 2017, at BlockShow Asia, block.one revealed a publicly available testing environment called EOSIO Single-Threaded Application Testnet (“EOS STAT”).[8] A January 2018 credit rating of cryptocurrencies reported B ratings for EOS and Ethereum.[9]

Technical description

The aim of the platform is to provide decentralized application hosting, smart contract capability and decentralized storage enterprise solutions that solve the scalability issues of blockchains like Bitcoin and Ethereum, as well as eliminating all fees for users. EOSIO accomplishes this by being both multi-threaded (able to run on multiple computer cores) as well as using delegated proof-of-stake for its consensus protocol.[8] It aims to be the first decentralized operating system (EOSIO) that provides a development environment for decentralized applications like Steemit, a social network with monetary incentives and BitShares, a decentralized cryptocurrency exchange (DEX).

The main native token, EOS, is a utility token that provides both bandwidth and storage on the blockchain, in proportion to total stake (owning 1% of EOS tokens allows for usage of up to 1% of the total available bandwidth). EOS tokens also allow the owner to cast votes and participate in the on-chain governance of the blockchain, again in proportion to the owner's stake. The EOSIO platform will vote for 21 block producers during its launch, who will generate and validate blocks within a 500 ms block time. General purpose and smart contract language to build upon the EOS platform will be WebAssembly (Rust, C, C++),[10] a portable stack machine that is developed at the World Wide Web Consortium (W3C).[11].

block.one, EOSIO Ecosystem and Everipedia

block.one is a company registered in the Cayman Islands, which began offering EOS tokens in June 2017 to the public, raising over $700 million.[12] Daniel Larimer is currently the Chief Technology Officer of block.one, notable for his role in building Bitshares, a decentralized exchange, building Steemit, a decentralized social media platform, developing delegated proof-of-stake and proposing the idea of a decentralized autonomous corporation.[13][14][15]

On December 6, 2017, Everipedia, a for-profit, wiki-based online encyclopedia, announced plans using EOS blockchain technology and work on an airdrop token called IQ to encourage generating information.[16] The IQ tokens are intended to be exchangeable for Bitcoin.[17] One of the goals of the company is to stop certain countries from blocking the content, by the integration of the blockchain model.[18] Once Everipedia is decentralized and hosted on the EOSIO platform, countries such as Turkey and Iran that block Wikipedia will no longer be able to block it, via Everipedia's fork.[19] Mike Novogratz, CEO of Galaxy Investment LP, a cryptocurrency investment firm, and block.one led a group of institutions that invested $30 million in Everipedia on February 8, 2018. Novogratz also funds EOSIO Ecosystem, a $325-million joint venture between his Galaxy Digital LP and block.one.[20]

References

  1. ^ "eos: An open source smart contract platform". 9 February 2018 – via GitHub.
  2. ^ "EOSIO/eos is licensed under the MIT License". GitHub. Retrieved 2018-06-08.
  3. ^ "EOS". Coinmarketcap.
  4. ^ Stanley, Aaron (2017-06-25). "EOS: Unpacking the Big Promises Behind a Possible Blockchain Contender - CoinDesk". CoinDesk. Retrieved 2017-12-19.
  5. ^ "What is EOS Blockchain: Beginners Guide - Blockgeeks".
  6. ^ Kastelein, Richard (2017-06-27). "EOS Blockchain Operating System Unveils Year-Long Token Distribution". Blockchain News. Retrieved 2017-12-19.
  7. ^ Kimani, Michael (2017-10-09). "BREAKING: block.one CEO Brendan Blumer Announces $1 Billion in Capital for EOS Projects - Cryptovest". Cryptovest. Retrieved 2017-12-19.
  8. ^ a b "BlockShow Asia 2017 Begins, Opens With Big EOS Announcement". Cointelegraph. 29 November 2017.
  9. ^ Cheng, Evelyn (24 January 2018). "Ratings firm issues first grades on cryptocurrencies, sparking outrage online and a cyberattack".
  10. ^ "Web Assembly on EOS - 50,000 Transfers Per Second — Steemit". steemit.com.
  11. ^ Bright, Peter (18 June 2015). "The Web is getting its bytecode: WebAssembly". Ars Technica. Condé Nast.
  12. ^ "The most mind-blowing cryptocurrency ICO of all time is going on right now". Business Insider.
  13. ^ "DAN LARIMER: Visionary Programmer of BitShares, Steem and EOS". Hacker Noon. 2017-06-11. Retrieved 2017-12-19.
  14. ^ "Meet Cryptonomex's Dan Larimer And His 'Four Horsemen' Of Crypto-Economics". Forbes. 2015.
  15. ^ Kauflin, Jeff. "Dan Larimer's Path From Working On Weapons To Minting Crypto Riches".
  16. ^ del Castillo, Michael (6 December 2017). "Encyclopedia Blockchainica: Wikipedia Co-Founder to Disrupt His Own Creation". CoinDesk.
  17. ^ Sitaraman, Viputheshwar (12 November 2015). "Q&A: Mahbod Moghadam — Cofounder, Everipedia". HuffPost.
  18. ^ Wallenbergtorsdag, Björn (14 December 2017). "Wikipedia-grundare ansluter till utmanare startad av svensk 22-åring" [Wikipedia-founders Connect to challenger started by Swedish 22-year-old] (in Swedish). DiGITAL.
  19. ^ Rubin, Peter (6 December 2017). "The Wikipedia Competitor That's Harnessing Blockchain For Epistemological Supremacy". Wired.
  20. ^ "Novogratz's new fund, others invest $30 million in online encyclopedia". 8 February 2018 – via Reuters.
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