EOS is a blockchain for fast and cheap computing.
Dan Larimer, the creator of EOS, also created social network Steemit and BitShares exchange.
EOS uses Delegated Proof of Stake (DPOS) as a consensus method. It works as follows. First, people select block producers, those who will add blocks to the chain. Then, selected voters will produce blocks one by one every 3 seconds. If the chain will split, the fork will be created. In this situation, the longest chain will become the major fork and other chains will be minor. Users will eventually switch to a major fork. This way, the chain with most block producers will win.
EOS focuses on multi-threaded code execution. That is, whenever possible, EOS software is aimed to use all available processor cores to run application code.
Users can create accounts. Under these accounts, they can create groups, subgroups, and messages. Messages can represent any action, like functions in smart contracts. Users can send messages and respond to messages from other users. Users can set permissions and permission groups. Those who belong to a required group and have required permissions can send messages on behalf of another person.
Developers can run applications on the blockchain. These applications can have memory state, and be used by accounts. Applications can be updated and stopped without the need to hard fork.
As the network can be scaled up to millions of transactions per second, the full size of blockchain could grow very quickly. Thus, unlike many traditional blockchains, it is not supposed that regular users will keep all transactions on their computer. Instead, they can “subscribe” to specific parts of the blockchain, having only those parts of blockchain that they interact with.
Core team started token sale that will last for 340 days. During this period, people can trade ETH for EOS tokens. As stated on official site, EOS tokens have no value. The core team also stated that they are not going to launch network by themselves. Any person who will start the network may initially set balances based on the distribution of purchased EOS tokens.
- April 5, 2017: First code on Github github.com
- May 6, 2017: Launch of unofficial thread on Bitcointalk bitcointalk.org
- May 22, 2017: Announcement of EOS on Consensus 2017 youtube.com
- June 26, 2017: Token sale start twitter.com
- September 15, 2017: Release of Dawn 1.0. This update further improves parallel execution by various improvements. Applications can read the state of other applications. The application also can store part of the data on behalf of users. steemit.com
- December 4, 2017: Release of Dawn 2.0. This update delivers code that allows launching a test private network. steemit.com