EOS blockchain was scheduled to go live on June 9, 2018, at 1300 hours after receiving a ‘Go’ vote from block producers on June 8, 2018. Though it has not been confirmed just how successful this launch was, it is no in doubt that the entry of this new blockchain will have a significant impact on the cryptocurrency market.
EOS launched just a week after its creator, Block.one rolled out version 1.0 of the EOSIO blockchain software. This software allows community-driven and enterprise level businesses to create blockchain applications that are scalable.
According to a post published on Block.one’s site, developers who use the EOSIO software will be able to create business logic that collaborates with algorithms that need deterministic execution. This means users will be able to interface with business logic through safe public keys.
Competing with Ethereum
On its white paper, Block.one’s EOS blockchain project promises to eradicate user fees and facilitate fast processing of transactions with millions of transactions being finalized per second. Designed to facilitate the development of commercially scalable decentralized applications, EOS is perhaps the most significant competitor that Ethereum blockchain will now have.
The white paper outlines that the EOS software comes with “accounts, authentication, databases, asynchronous communication, and the scheduling of applications across many CPU cores or clusters.”
EOS came to the limelight in 2017 when Block.one’s CEO, Brendan Blumer alongside the Chief Technical Officer, Dan Larimer introduced the system during the 2017 Consensus Conference. Exactly one year after, the project crowdsourced $4 billion through a 12-month initial coin offering.
During the ICO, Block.one issued ERC-20 tokens on the Ethereum blockchain. However, EOS token holders got an opportunity to swap their ERC tokens for EOS tokens. Those who registered to have their tokens swapped got their ERC-20 tokens changed to EOS tokens via the EOSIO platform on June 2, 2018.
Management of EOS Ecosystem
The EOS ecosystem has created opportunities for users and ‘miners’ to contribute to the management of this new blockchain network.
EOS token holders will participate in managing the EOS ecosystem though voting for block producers, the equivalent of miners on the Bitcoin blockchain. On the EOS blockchain, the work of block producers is two-fold, maintaining the blockchain network and mining blocks.
Further, block producers get rewards in the form of EOS tokens maintaining the network and validating transactions on the blockchain. However, unlike other blockchain networks, block producers on the EOS blockchain are evaluated by the user community regularly and can get ‘fired’ for underperformance reflected by failure to develop new blocks or validate transactions that take place on the network.
At the same time, users of decentralized applications developed on the EOS network will get access to resources that are equivalent to the value of EOS tokens they hold in specific applications.
At the time of writing this article, EOS had a market capitalization of about $1.9 billion, making it the 5th largest cryptocurrency based on CoinMarket data. The EOS token was trading at $11.15, down from $14.37 on June 9, 2018.