Today at Consensus 2017 event held in NY Dan Larrimer announced his new project — EOS. Dan is known as the leader behind BitShares, Graphene and Steem technologies.

You can see live stream recording of the announcement here.

Why EOS?
You need to scale to millions of users, but you can’t
If you are going to build some DApp (decentralized application), then what options do you have today?

Corda and Hyperledger Fabric are for private networks only and have limited smart contract support.
RChain, Rootstock/RSK, have not yet been released or not production-ready.
BitShares and Graphene have very good throughput, but limited smart contracts capabilities.
Polkadot repo has not been updated in the last 6 month.
NXT, Waves, Lisk, Tezos, Tauchain (you name it…) are not competitors…
It seems that you are left only with Ethereum which has a very bad throughput and high transaction costs.

Why not try to combine the scalability of Graphene and the power of Ethereum’s smart contracts together? Etherum will migrate from Proof-of-work to Proof-of-stake (scheduled at the end of 2017/beginning of 2018) so we have some time to build a new competitor.

2 months ago Dan Larrimer resigned from Steemit in order to (obviously) develop/promote his new tool. Welcome, the new Ethereum killer!

I created Steem with a team of 2 developers working for 3 months
EOS = blockchain + bots
There’s not much technical information available currently. But EOS is not just about smart contracts + high scalability. It has a completely different design and vision compared to Ethereum.

EOS uses Delegated Proof-of-Stake just like Graphene does.

It uses Network Bandwidth Allocation system to effectively share the blockchain.

It’s like time sharing. It’s like owning an instance on an Amazon web service that you can share
In EOS the human-readable source code (the “bot”) is uploaded directly to the blockchain. As we know, the Ethereum smart contracts are binary data instead.