While the market of dApps and crypto investment is more popularly populated by cryptocurrencies and blockchain solutions like Bitcoin and Ethereum. They are not without their challengers on the horizon.
One of these, of course, is the blockchain solution known as EOS. Its team managed to break into the ecosystem with a splash of media publicity and, to be honest, shock from the news team. Since this happened, it's managed to serve as the foundations upon which some major decentralized apps (dApps) were established.
But this doesn't take away from the fact that the average person, while knowing little about blockchains like Bitcoin and Ethereum, will likely never even heard of EOS. So let's go through all you need to know about it.
The creation of EOS was the subject of a 'best of both worlds' thinking from its development team, which was otherwise known as 'Block.One.' These being the minds behind the project - Dan Larimer (CTO) and Brendan Blumer (CEO) - both of who brought a substantial amount of knowledge and experience to the field.
Larimer initially made name for himself as the creator of the Delegated Proof of Stake (DPoS) along with Decentralized Autonomous Organizations (DAOs).
Blumer, meanwhile got involved in blockchain back in 2014, and brought with him an understanding of economic models from the febrile world of MMORPGs and real estate.
So what is it that got these two piecing together EOS? This brings us onto the 'best of both worlds' thinking. They saw some of the exceptional advantages that solutions like Graphene, Bitshares and Ethereum brought to the table for users.
Graphene and Bitshares for their throughput. And Ethereum for its innovative smart contract solutions. Problem is that you could only ever get one or the other, and never have both in a combined package - until EOS.
So why is it that EOS came as such a surprise to news outlets? In order to kick-start its blockchain solution, it hosted a YEAR-long Initial Coin Offering. The end result was Block.One successfully raising 4 billion dollars in the process. A staggering war-chest that it puts to use in supporting developers that may be interested in making use of EOS for their projects.
The solution itself is a distributed platform which allows for developers to create a range of dApps, while making use of its decentralized architecture. But what is it that EOS brings to the table that will get developers choosing it over Ethereum, for example?
While Ethereum is the most popularly known blockchain for developers, these same creators are left with a painful choice between low quality and faster transactions, or high quality and slower ones.
EOS, on the other hand, operates in such a way as to not require transaction fees, providing greater autonomy for developers. In addition to this, one of the other limitations that Blockchains have for the moment are transaction speeds and scalability.
While Ethereum does build up on Bitcoin's restrictive transaction speeds (3-5 transactions per second) with 20 per second, it is still restricted in contrast with centralized counterparts such as Visa (1,700).
EOS, according to its core development team, while varying depending on the volume of users, ranges from 50-80 transactions per second (with recorded tests having it hit 250 to 3,000).
Making use of the Distributed Proof of Stake solution allows EOS to offer users a significant degree of flexibility and security. An example of this we see is how a DAO attack paralyzed the Ethereum ecosystem some time ago.
If EOS was presented with a similar issue, then its block producers could easily freeze malicious dApps until the issue is resolved.