Introduction to EOS
What problem does EOS solve?
The field of cryptocurrency is expanding at an undying rate. One of the most interesting
cryptocurrencies to have emerged on the scenes is EOS. EOS is a network based on
the much-famous Ethereum Blockchain. This is where it gets its unofficial naming i.e. Ethereum Operating
System (The Analyst Team, 2018).
One can say EOS is an updated version of the
Ethereum Blockchain, but a more improved and updated version. EOS technology was developed with the
primary aim of building a network that can support and provide a more efficient and
scalable platform for decentralized applications. It performs a number of similar functions, but more efficiently
and swiftly. When Ethereum was released initially, it claimed to have been the first Blockchain
to support decentralized applications. Sooner, it was revealed that it needed more improvements as it
was plagued by a lot of scalability issues. What EOS technology does, in summary, is
that it adds another layer to the Ethereum network to help address these issues, taking
the world closer towards the possibility of decentralization.
Blockgeeks: What is EOS? How Does it Work?
What is EOS
What does the cryptocurrency EOS actually do?
EOS has a working product, but it is centralized. The purpose of consensus algorithms is
to keep a Blockchain secure.
The parent company of EOS, Block.one has come up
with many DApps (decentralized applications) after they launched their Mainnet (fully developed and deployed Blockchain
protocol). As an estimate, there are around 350 DApps working on the EOS network, which
are published by both block.one and the community members of the EOS network. The most
famous of them all, perhaps, is Voice. Voice is a social media platform, officially launched
by block.one, that allows its users to post and share content (Bloomberg , 2019).
Who is behind EOS
What team is working to make EOS successful?
The original brain behind the EOS technology is Dan Larimer, the guy who is widely
acknowledged for his genius maneuvers that gave new life to Steem (a social Blockchain network
that rewarded its members for sharing content), and BitShares (a cryptocurrency trading exchange) (Zamboglou, 2018).
EOS is officially backed up by Block.one, which is a leading company that offers high-performance
Blockchain solutions. The company was founded by Brendan Blumer, who is the current CEO, while
Daniel Larimer serves as the company’s CTO (Ladeluca, 2019).
The team behind EOS is officially represented by block.one. Daniel Larimer is the CTO who is credited with developing the technology. Brendan Blumer is the CEO, while Ian Grigg and Brock Pierce serve as partners.