EOS is a blockchain designed to compete with Ethereum . Like Ethereum, it supports smart contracts and DApps, and provides high transaction throughput, free transactions, and increased performance.
Dan Larimer, CTO of block.one (founder of Bitshares and Steem) is considered one of the founders of EOSIO. EOS held one of the largest ICOs in the crypto space, the project attracted almost half of what was invested in all cryptoproject offerings during 2017, namely USD 4 billion.
The network boasts an enticing technology that, on paper, surpasses Ethereum in scalability and ease of development. Moreover, EOS-based decentralized apps do not ask users to pay for transactions, making them more convenient than expensive Ethereum-based decentralized apps.
Unlike Bitcoin and Etherium, EOS uses the delegated bid confirmation consensus (DPoS). Only 21 nodes can produce blocks and therefore be rewarded for blocks. The incentive to join the coveted block production committee creates competition, which theoretically benefits the network as a whole.
Despite this, EOS is doing worse than most top crypto projects because of internal scandals, accusations of network centralization, and a host of other controversies. DApp developers are reluctant to join the development of the EOS ecosystem because of the high financial entry threshold, they have to pay for transaction bandwidth. This slows down the development of the project, which in turn affects the rate and capitalization of the EOS coin.
But despite all the problems, EOS project has a brilliant technological blockchain solution, the coin is traded on all major cryptocurrency exchanges and has its users.