EOS is a coin that operates as a Smart Contract Platform for the deployment of Decentralized Applications through an autonomous corporate model. Smart contracts of the EOS Platform make it possible to eliminate transaction fees and also process millions of transactions every second.
The EOS platform was developed by the company Block.one, and the white paper was written by Daniel Larimer and Brendan Blumer. The two continue to be members of Block.one’s executive team, with Blumer serving as CEO and Daniel Larimer as CTO.
Blumer was a serial entrepreneur, and one of his earliest ventures involved selling virtual assets for video games. He later founded Okay.com, a digitally focused real estate agency in Hong Kong.
Larimer is a software programmer who has also started a series of crypto ventures. They include the BitShares crypto trading platform and the Steem blockchain. The pair met in 2016 and formed Block.one the following year.
EOS is designed to support all decentralization needs by providing all core functions, such as database, accounts, signatures or permissions, schedules, authentication, and handling of communications between applications connected to the Internet. Thus, EOS will make it easier for business people to stay focused on business development rather than their payment system.
According to the company, it has the capacity to accommodate the requests of hundreds, if not thousands, of DApps — even if used by multiple people. Parallel execution, as well as a modular approach, is said to drive this efficiency. Uniquely, token holders have the ability to choose block producers — as well as other things like protocol upgrades.
Unfortunately, some of the most notable features of the EOS are those that certain critics dislike the most. Some argue that Block.one’s extensive involvement with the project means it’s somewhat centralized — and some argue this is the opposite of what blockchain and crypto are trying to achieve.