Everything To Know About EOSIO (EOS)


What is EOSIO? (EOS)


EOSIO


EOS.IO is a blockchain protocol based on the cryptocurrency EOS. The smart contract platform claims to eliminate transaction fees and also conduct millions of transactions per second.

EOSIO is a blockchain designed to facilitate the operation of a new kind of program called a decentralized application (dapp). 

Its technology attempts to solve historical issues in using blockchains to run dapps, as popular applications have even clogged capacity on larger, more developed blockchains like Ethereum (ETH), resulting in performance issues for all users.

One of a number of new blockchains that have prioritized dapp performance, EOSIO has made design choices meant to confirm more transactions per second while eliminating fees charged to users making transactions. 

However, there are other notable differences that set it apart from competing blockchains.

The first is that EOSIO programmers can develop dapps using WebAssembly languages like C++, Java and Python, as opposed to a new project-specific programming language. 

Also, on EOSIO, software updates are decided through voting using EOS. EOS is the native cryptocurrency on EOSIO and is needed to pay for the costs of operating its blockchain.

EOSIO is perhaps best known for holding the largest-ever initial coin offering (ICO), raising over $4 billion by selling 1 billion EOS over the course of a year-long sale.

Since then, EOS.IO has continued to keep users updated on the status of its roadmap through its official website.

Who created EOS?


Founded in 2017 by Dan Larimer and Brenden Blumer, Block.One is the private company that developed the EOSIO protocol. Larimer is a notable name among blockchain developers. In addition to EOSIO, he architected the first decentralized exchange, BitShares, and the first crypto social media network, Steemit. 

As the Chief Technology Officer for Block.one, Larimer is the lead architect behind the EOSIO software. He is also known for having created the delegated proof-of-stake (DPoS) consensus mechanism used in the operation of the EOSIO blockchain.

How does EOSIO work?


The EOSIO blockchain is designed to emulate the performance of a real computer, and the software itself uses some familiar computing concepts in its operations. 

For example, there are three types of resources that power the EOSIO blockchain. 

These are:

  • Bandwidth (Disk) : needed for relaying information across the network
  • Computation (CPU) : the processing power it takes to run a dapp
  • State Storage (RAM) : used to store data on its blockchain 
 
EOS is needed to purchase all three of these resources on EOSIO, meaning developers must buy EOS to run dapps they launch. 

Notably, dapps built on EOSIO don’t require users to pay for transactions, making EOS free to transfer for dapp users. These costs don’t disappear on EOSIO, though, they’re simply passed on to dapp developers who must pay for network resources.

Delegated Proof-of-Stake (DPoS)

To secure its blockchain, EOSIO uses a system called delegated proof-of-stake (DPoS).

DPoS uses a real-time voting and reputation system to decide who can create the next block on its blockchain. This means anyone who owns EOS can help operate the network, however, the more tokens you own, the more likely you are to be chosen by the software.

Each EOS token can be locked, or “staked,” to represent one vote that can be used to support development of the platform. 

Governance 

EOSIO takes a more active approach to governance, with features enabling its users to vote and carry out decisions to alter the software’s rules. 

Owning EOS gives a user the ability to vote on decisions, and block producers are responsible for carrying out decisions that are approved. Both groups can vote to change the “EOS Constitution,” a governing document that codifies the rules between all EOSIO users. 

This gives EOS block producers extensive powers over network users. 

As an example, EOS block producers have the ability to freeze accounts. (Freezing an account only requires 15 of the 21 EOS block producers to vote to lock funds.)

This has led to criticisms that the design of the EOSIO blockchain could become victim to centralized control and abuse.

History of EOS


Based on a white paper published in 2017, the EOSIO platform was developed by the private company block.one and released as open-source software on June 1, 2018. In order to ensure widespread distribution of the native cryptocurrency at the launch of the blockchain, one billion tokens were distributed as ERC-20 tokens by block.one. This provided the distribution to allow anyone to launch the EOS blockchain once the software was released. The CEO of block.one, Brendan Blumer, announced that block.one would support the EOSIO blockchain with over one billion USD in funding from the token sale and ultimately block.one raised over four billion USD to support the blockchain during the Initial Coin Offering (ICO) period.

The original test net, Dawn 1.0, was released on September 3, 2017, with test net versions Dawn 2.0 released on December 4, 2017, Dawn 3.0 on January 25, 2018 and Dawn 4.0 on May 7, 2018. The name of the cryptocurrency EOS comes from Ancient Greek Ἠώς, "dawn".

EOSIO's Dawn 1.0 was launched on the EOSIO mainnet on June 1, 2018 and currently operating under version 2.0.8.

In September 2019, block.one agreed to settle U.S. Securities and Exchange Commission charges related to the $4 billion unregistered ICO for a $24 million penalty. The settlement did not require a restitution offer, registration of tokens, or any disqualifications.


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