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EOS is a consensus blockchain operating system that provides databases, account permissions, scheduling, authentication and internet-application communication so as to improve the efficiency of smart business/smart contract development that uses parallelization to make possible blockchain scalability to millions of users and millions of transactions per second.
The goal of EOS is to create a blockchain that’s usable for scalable commercial purposes. Today’s leading blockchains (i.e. bitcoin, Ethereum) are burdened by large fees and limited computational capacity.
In order for blockchain technology to gain widespread use, EOS believes certain changes need to be made, including the ability to support millions of users.
Other problems with today’s blockchains include the fact that users have to pay for services on certain platforms. Social network users are not accustomed to paying for services. Few people are willing to pay to access a platform online – whether they’re paying with fiat currencies or cryptocurrencies. In EOS, users can participate in EOS apps for “free” without needing to purchase EOS tokens.
Instead of charging users a fee to take action in the EOS network, EOS’s proof of stake system ensures that bandwidth, computation, and storage capacity are allocated in proportion to the amount of EOS staked within an application.
Provides cryptography and app blockchain communication functions that allow developers to focus on specific logic functions
Generalised role-based permissions
Web toolkit for interface development
Self-describing database schemes
Declarative permission scheme
Testing & Security Audits – Spring 2018
During this phase the platform will undergo heavy testing with a focus on finding security issues and bug. At the end of Phase 3 version 1.0 will be tagged.
Develop Example Applications
Example applications are critical to proving the platform provides the features required by real developers.
Bounties for Successfully Attacking Network
Attacking the network with spam, virtual machine exploits, and bug crashes, and non-deterministic behaviour will be a heavily involved process but necessary to ensure that version 1.0 is stable.
Adding support for additional languages to be compiled to WASM: C++, Rust, etc.
Documentation & Tutorials
Phase 4 – Parallel Optimization Summer / Fall 2018
After getting a stable 1.0 product released, we will move toward optimizing the code for parallel execution.
Phase 5 – Cluster Implementation in the future.
INITIAL COIN OFFERING (ICO)
200,000,000 EOS Tokens (20% of the total amount of EOS Tokens to be distributed) will be distributed during a 5-day period beginning on June 26, 2017 at 13:00 UTC and ending on July 1, 2017 at 12:59:59 UTC (the “First Period”).
700,000,000 EOS Tokens (70% of the total amount of EOS Tokens to be distributed) will then be split evenly into 350 consecutive 23 hour periods of 2,000,000 EOS tokens each beginning on July 1, 2017 at 13:00:00 UTC.
100,000,000 EOS (10% of the total amount of EOS Tokens to be distributed) will be reserved for block.one and cannot be traded or transferred on the Ethereum network.
At the end of the 5-day period and at the end of each 23-hour period referred to above, the respective set number of EOS Tokens set forth above will be distributed pro rata amongst all authorized purchasers, based on the total ether (“ETH”) contributed during those periods.
Creators / Founders
Core Development Team
Development on the EOS project is led by the Block.one team, headed by Brendan Blumer as CEO.
Daniel Larimer, best-known for creating BitShares, Steem, and delegated proof of stake consensus, is CTO.
Brock Pierce, chief strategy officer (and former child actor)
Mr. Bo Shen is the Founding Partner and General Partner at Fenbushi Capital. Mr. Shen founded Fenbushi Capital in 2015 as one of the first venture capital investors focusing exclusively on blockchain-enabled companies. He held prominent roles at several successful businesses, including Chief Executive Officer of DACx, Managing Partner of Confederated Asset Management and Chief Executive Officer of Shanghai HuaJi Holdings. He has also been a Member of Advisory Board at Storj Labs.
Trade Crypto Live Sentiment
Once EOS is released it will inevitably have many developers building applications on its platform. Any issues with the EOS platform will not likely be seen until any of the applications to be built on the platform reach a large scale. However, the problems could arise at the outset since there is limited information on who will be operating the platform and software. Therefore, the jury is still out with respect to EOS being the long-term solution that everyone is anticipating.
Reference & Links