EOS

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Discover EOS's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is EOS?

EOS is a blockchain-based, fully decentralized network that enables the development, hosting, and execution of commercial-scale decentralized applications (dApps). It prioritizes high performance, flexibility, security, and developer freedom, supporting up to 1 million transactions per second. EOS uses a delegated proof-of-stake (DPoS) consensus mechanism and operates on an ownership model where token holders can stake their tokens to participate in decision-making processes and access resources on the network.

How is EOS used?

EOS (Electro-Optical System) is a blockchain-based, decentralized platform designed to develop, host, and execute commercial-scale decentralized applications (dApps). Here's how it is used:

  • Development and Hosting: EOS supports the development and hosting of dApps, providing secure access and authentication, data hosting, usage management, and communication between dApps and the internet.
  • Payment System: EOS tokens are used as a payment system on the network, allowing for instant and feeless transactions.
  • Resource Allocation: Developers need to hold EOS tokens to use network resources and build dApps. Token holders can allocate or rent their bandwidth to other participants who need it.
  • Scalability: EOS aims to provide more scalability, flexibility, and usability than its competitors, such as Ethereum, by using a unique mechanism to manage and control the blockchain network.

Overall, EOS is designed to support the creation and execution of dApps in a way that is similar to traditional web applications, with a focus on scalability and usability.

How do I store EOS?

To store EOS tokens securely, you can use a variety of wallets that support the EOS mainnet. Here are some options:

  1. Hardware Wallets:

    • Trezor Model T: Although Trezor Suite does not natively support EOS, you can use a third-party wallet like blocks.io to manage your EOS tokens.
    • Ledger Nano S: This is a highly secure hardware wallet that supports multiple cryptocurrencies, including EOS. You can install the EOS app on your Ledger device and manage your tokens through Ledger Live.
  2. Mobile and Desktop Wallets:

    • Anchor: This is a widely used wallet on the EOS network, offering a secure and user-friendly interface.
    • Infinito Wallet: This is a mobile wallet that supports EOS and offers advanced security features like encryption and two-factor authentication.
  3. Browser-Based Wallets:

  • Blocks.io: This is a third-party wallet that can be used with Trezor devices to manage EOS tokens.

When choosing a wallet, ensure it supports the EOS mainnet, has solid security features, allows control over your private keys, and has ongoing development and customer support. Always download wallets from official websites and practice cryptocurrency security best practices.

How to buy EOS?

To buy EOS tokens, follow these steps:

  1. Get an EOS Wallet: Obtain a reliable wallet such as Ledger Nano X or Exodus to store your EOS tokens securely.

  2. Set Up Your EOS Account: Register your EOS account on the wallet and find your EOS address.

  3. Choose an Exchange: Select a suitable exchange such as Coinbase, eToro, Binance, or Kraken to purchase EOS tokens. Each exchange has its own process and fees.

  1. Fund Your Account and Buy EOS: Deposit funds into your exchange account using a payment method accepted by the exchange (e.g., debit card, wire transfer, or PayPal). Then, use these funds to buy EOS tokens.

  2. Withdraw to Your Wallet: Once you have purchased EOS, withdraw the tokens to your EOS wallet for safekeeping.

Remember to research each exchange and wallet thoroughly to ensure you understand their fees, security measures, and any specific requirements for your region.

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History of EOS

The history of EOS (EOS) began in 2017 when Block.one, a company founded by Dan Larimer and Brendan Blumer, launched the EOS.IO project. The project was initially funded through a year-long Initial Coin Offering (ICO) that started on June 26, 2017, and raised a massive $4 billion. This ICO was one of the largest in the history of the cryptocurrency industry.

During the ICO, one billion EOS tokens were distributed as ERC-20 tokens. The project's white paper was published in 2017, and the EOSIO platform was officially released as open-source software on June 1, 2018.

The EOS network was designed to be a high-performance blockchain platform that could handle millions of transactions per second. It uses a Delegated Proof of Stake (DPoS) consensus mechanism, which allows for fast and free transactions. The platform also supports the development of decentralized applications (dApps) and smart contracts.

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

In 2021, the EOS Network Foundation (ENF) was formed, which aimed to pressure Block.one into reinvesting its profits into the development of the blockchain. The ENF also announced a technical "revitalization plan" for the EOS network in 2022.

Today, EOS continues to operate as a decentralized platform, with its native cryptocurrency, EOS, being used for transactions, governance, and staking. Despite facing challenges and controversies, EOS remains an active project with a focus on scalability, performance, and developer-friendliness.

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How EOS works

The cryptocurrency EOS (EOS) operates on a blockchain-based, decentralized network designed to support the development, hosting, and execution of commercial-scale decentralized applications (dApps). Here's a detailed overview of how it works:

Authentication and Permission System

EOS incorporates a comprehensive authentication system, allowing developers to program user accounts with preset permission levels. This feature is critical for most dApps today, as it enables businesses to share database access and store data locally or on the EOS network.

Resource Management

The EOS blockchain manages three types of resources:

  1. Bandwidth: Responsible for relaying information across the network.
  2. Computation (CPU): Provides the actual processing power needed to run a dApp.
  3. State Storage (RAM): Stores data on the blockchain that can be referenced instantly.
Consensus Mechanism

EOS uses the Delegated Proof of Stake (DPoS) consensus mechanism. This mechanism employs a real-time voting and reputation system to decide who creates the next block on its blockchain. Anyone who owns EOS can help operate the network, but the more tokens you own, the more likely it is that you will be the one to create the next block.

Block Producers

Block producers generate the required number of blocks and are rewarded by the creation of new EOS tokens for each block they produce. This incentivizes block producers to maintain the integrity of the network.

Scalability

EOS is designed to be highly scalable, with the ability to process millions of transactions per second. This is achieved through parallel execution and asynchronous communication, making it suitable for commercial-scale dApps.

Token Usage

EOS tokens serve as a payment system for network resources and are required for dApp development and execution. Token holders can also participate in the blockchain validation process and vote on decisions to alter the software's rules.

Key Features
  • Cloud Storage: EOS provides cloud storage capabilities for dApps.
  • User Authentication: EOS includes integrated user authentication, ensuring secure access and permission management.
  • Server Hosting: EOS offers server hosting services for dApps.

Overall, EOS is designed to provide a user-friendly and business-friendly platform for building scalable enterprise-level dApps, with a focus on high performance, security, and flexibility.

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EOS's strengths

The EOS token has several strengths that contribute to its value and functionality within the EOS blockchain ecosystem. Some of the key strengths include:

  • Scalability: EOS is designed to handle a high volume of transactions, with the ability to process up to 1 million transactions per second. This is achieved through its Delegated Proof of Stake (DPoS) consensus mechanism, which allows for parallel processing and efficient validation of transactions.
  • Flexibility: The platform is highly adaptable, enabling users to vote on changes to the software rules and participate in the blockchain validation process. This flexibility also extends to the ability to halt and resolve problematic transactions, ensuring the integrity of the network.
  • Governance: EOS has a robust governance system, where users can vote on decisions and participate in the decision-making process. This is facilitated by the ability to stake EOS tokens, which grants users the power to vote and influence the direction of the platform.
  • Programmable Economics: The EOS ecosystem allows for easy changes to governance rules and resource allocation, making it highly flexible and responsive to user needs.
  • Business Model Adaptability: The platform supports the deployment of immutable smart contracts, ensuring that business models can be adapted without compromising the original intent of the contracts.
  • Network Upgradability: Applications on the EOSIO platform can be easily upgraded, allowing developers to add features, fix code issues, and modify application logic without disrupting the overall network.
  • WebAssembly-Based Development: The use of WebAssembly and C++ programming languages ensures that developers can create powerful and efficient smart contracts, interacting seamlessly with the EOSIO ecosystem.

These strengths contribute to the overall value and functionality of the EOS token, making it a popular choice for decentralized applications and blockchain development.

EOS's risks

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Did EOS raise funds?

Yes, the crypto EOS (EOS) raised funds through several fundraising rounds. The most notable one was its Initial Coin Offering (ICO), which took place from June 26, 2017, to June 26, 2018. During this ICO, EOS raised a staggering $4.26 billion, with $4.20 billion coming from the public sale and $60 million from undisclosed sources. This fundraising effort was significant, as it more than doubled the next biggest ICO offering at the time.

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EOS’s team

Here are the key team members behind EOS:

  • Gino Wickman: Co-founder of EOS Worldwide, known for developing the Entrepreneurial Operating System (EOS) and helping entrepreneurs achieve success.
  • Don Tinney: Co-founder of EOS Worldwide, involved in the early stages of EOS development and instrumental in building the EOS Implementer Community.
  • Mark O'Donnell: Visionary at EOS Worldwide.
  • Kelly Knight: Integrator at EOS Worldwide.
  • Pam Kosanke: Responsible for Revenue-Operations at EOS Worldwide.
  • Matthew Coy: Handles Technology at EOS Worldwide.
  • Alex Tapper: Focuses on EOS One at EOS Worldwide.
  • Ben Ertischek: Oversees Finance and Administration at EOS Worldwide.
  • Yves La Rose: Founder and Executive Director of the EOS Network Foundation (ENF), driving the growth and development of the EOS Network.
  • Zack Gall: Co-founder and Chief Communications Officer of the EOS Network Foundation (ENF), responsible for strategic communications and ecosystem engagement.
  • Hans J. Langer: Founder and Chairman of the EOS GROUP, responsible for the group's strategic direction.
  • Marie Langer: CEO of EOS, overseeing the strategic path of EOS and its subsidiaries.
  • Glynn Fletcher: President of EOS North America and responsible for Advanced Laser Materials (ALM).
  • Nikolai Zaepernick: Chief Sales Officer (CSO) at EOS, leading the development and execution of the global sales strategy.
  • Dr. Florian Mes: Chief Product Officer (CPO) at EOS, focusing on operational excellence and finance.
  • Ruha Reyhani: Chief Transformation Officer at EOS, leading cultural transformation and people operations.
  • Joe Mastrangelo: CEO of Eos Energy Enterprises, Inc., with extensive experience in the energy industry.
  • Russ Stidolph: Chairman of Eos Energy Enterprises, Inc., founder of AltEnergy, LLC, and experienced in alternative energy investing.

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