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EOS.IO is an open-source platform where developers can create and run decentralized applications, as well as deploy public and private blockchains.
EOS.IO was founded by a private company Block.one and was highly publicized for holding the largest-ever initial coin offering (ICO) that ran from 2017 to 2018, raising over $4 billion by selling 1 billion EOS.
EOS.IO’s main advantages are said to be high throughput as the network is capable to process up to 20,000 transactions per second as well as scalability. Developers wishing to build dApps on EOS.IO may use common programming languages like C++, Java, and Python.
The platform offers free developer tools and no EOS.IO fees are charged from users, however since EOS.IO blockchain’s software applies some common computing concepts, developers need to purchase the following network resources using the EOS.IO native token EOS: RAM, the permanent storage space for blockchain data, CPU bandwidth, the processing power to run a dApp, and NET bandwidth, measure of transactions in bytes required for information transfer over the network.
The EOS.IO utilizes a Delegated Proof of Stake (DPoS) with a Byzantine Fault Tolerance (BFT) model, where DPoS is involved in electing the active block producers who will be authorized to sign valid blocks in the network, while BFT runs the actual process of confirming each block until it becomes permanently valid.
In the EOS.IO ecosystem, the process of block production and validation is entrusted to special nodes named "block producers", who are elected by the platform’s native token stakers (EOS). Each stakeholder is entitled to vote for up to 30 block producers in each voting round, while the voting power is proportional to the number of staked tokens.
The top 21 block producers are selected at the end of each voting round. Those block producers can be regarded as DPoS delegates as they are assigned to produce and sign blocks on behalf of the stakeholders, while the remaining producers are moved to the waiting list in the order based on votes received and categorized as standby producers. This voting process repeats every schedule round while the number of votes obtained by each producer is added up to the following election round. Once the block producers are selected for the next schedule, they are sorted in alphabetical order by producer name, which sets the order of production.
Block producers are expected to produce 12 blocks containing as many validated transactions as possible per round which lasts 126 seconds. During the block validation process producers receive incoming blocks from other validators and approve the transactions contained in each block.
Once the supermajority of active producers has confirmed the block validity, these blocks are permanently recorded in the blockchain and are not subject to any changes.
Building EOS.IO dApps requires technical background and programming skills. The platform has a developer portal, with detailed tutorials, getting started guide, tools, SDK to help build EOS.IO smart contracts.
For the smart contract to be executable, it must be added to the EOS.IO blockchain. The smart contract can be uploaded either to a node that is running locally or to one of the multiple community-run networks. More details can be found here.
Once the smart contract is deployed, the user interface is needed to interact with it. EOS.IO has a selection of tutorials and SDKs to integrate applications written in the most popular languages.
EOS.IO also offers training programs to learn core concepts and explore the capabilities of the platform.
EOS.IO wallet setup guide can be found here.
The EOS is the native token of the EOS.IO network. EOS is used to buy network resources and to build and run dApps. Since every time a block is created, new EOS tokens are issued to circulation, there is no maximum token supply.
Users can stake their EOS tokens to choose the block producers and receive rewards proportional to the number of EOS tokens staked by all other users in the EOS.IO network.
Both active and standby block producers are rewarded on a daily basis with newly minted EOS tokens in the amount of 1% of the yearly total supply.
EOS.IO resources also fall under the staking mechanism, specifically CPU and NET. When staking EOS tokens to obtain CPU and NET, users get system resources proportional to the total amount of tokens staked by all other users for the same resource at the same time.
The company behind the EOS.IO is Block.one, a Cayman Islands-based private company engaged in the production of open-source software.
Brendan Blumer is the CEO and Co-Founder of Block.one. Before Block.one, Brendan founded okay.com, a data-sharing ecosystem for the property market in the Asia Pacific region. Earlier in 2001, he started Gamecliff, a company that automated the valuation, purchase, and resale of in-game items.
Andrew Bliss is the Chief Strategy Officer of Block.one, where he is responsible for the company's strategy, governance, and corporate expansion initiatives. He had previously served as the COO of the company. Prior to joining Block.one Andrew held various positions in the field of finance, operations, and compliance.
More detailed information about the Block.one team can be found here.
The EOS.IO ecosystem includes such well known projects as Telos and Wax, networks built on EOS.IO.
Other projects built on EOS.IO include WORBLI - a financial services-oriented blockchain network; Gimly - decentralized identity company focused on self-sovereign identity and secure data exchange; Chintay - a comprehensive blockchain solution that modernizes capital markets for asset managers, banks, and enterprises; Ultra - an entertainment platform providing a variety of games industry services; and Bitfinex - digital asset trading protocol.
EOS.IO doesn’t have a 2022 public roadmap.
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Last updated: Aug 22, 2023
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