EOS

• Its the first blockchain operating system designed to support commercial decentralized applications(DApp's).
• The EOS tokens are being launched by Block.One, which is an enterprise blockchain solution platform.
• It is a project of Dan Larrimer who is also the leader behind BitShares nd Steem technologies.

Vision of Company

Widespread usage of EOS tokens among large firms to automate processes, monitor assets and to create various decentralized applications.

The Hype

• The token was launched yesterday for purchase to the cryptocurrency and investors community at Consensus 2017 event held in New York.
• Eos crowdsale is one of the most eagerly expected ICO's in the community.
• Distribution of ERC-20 compatible tokes, called "EOS tokens" will take place over one year as follows :

20 percent of EOS Tokens (200,000,000) will be distributed during the first 5 days of book opening.

70 percent of EOS Tokens (700,000,000) will then be split evenly into 350 consecutive 23 hour periods of 2,000,000 EOS tokens each starting July 1, 2017.

10 percent of EOS Tokens (100,000,000) will be reserved for block.one and cannot be traded or transferred on the Ethereum network.

• EOS is being designed to scale mainstream development for large enterprises, currently unsupported by existing blockchain platforms.
• EOS introduces asynchronous communication and parallel processing to support millions of transactions per second, higher than that of Facebook and Google at 52 and 40 thousand per second, respectively.

Selling Point

• Block.one claimed its platform has eliminated transaction fees and has the ability to process millions of transactions per second.
• EOS uses Delegated Proof-of-Stake(DPoS) just like Graphene does.
• The most important promised feature of EOS is its scalability.
• Its main competitor is Ethereum, so expect a huge ROI in case of EOS success.
• To ensure inclusivity, EOS are not sold for a fixed price, but sold at a price determined by market demand.
• The goal of the EOS token sale is to make it truly democratized and provide equal access to everyone.
• The Team :

Daniel Larimer is CTO : He is focusing on innovative technologies ranging from virtual reality simulators to second-generation crypto currencies, most notably BitShares. Dan is the inventor of the widely adopted “Proof of Stake” and “Decentralized Autonomous Corporations” concepts.

Brendan Blumer is CEO. He was involved in the blockchain industry since 2014. Brendan has built businesses including trading of virtual currencies in MMORPGs in the US, okay.com in Hong Kong and 1Group in India.

Brock Pierce is Partner. He is a venture capitalist and entrepreneur who pioneered the market for digital currency in games and has raised more than $200 million for companies he founded. Brock is the Chairman of the Bitcoin Foundation, and co-founder of Blockchain Capital, among others.

Ian Grigg is Partner. He is a financial cryptographer who has been building cryptographic ledger platforms for over 20 years, Ian is the inventor of the Ricardian Contract and the co-inventor of Triple-Entry Accounting.

The Reality

• Etherum will migrate from Proof-of-work to Proof-of-stake (scheduled at the end of 2017/beginning of 2018) so EOS have some time to capture the market.
• Important technical questions remain unanswered.
• The time window till Ethereum updates to DPoS will come and then may be Ethereum will become a giant that cant not be taken down.
• The actual solution as to how a million transaction per second will be done has not been discussed.

The Future

Pros

• EOS will incorporate Larimer’s delegated proof-of-stake (DPoS) consensus protocol – which can be compared to a republic whereby members of the community delegate the responsibility of verifying transactions to elected "witnesses."
• DPoS has the potential to reduce transaction processing time because fewer nodes are involved in the verification process. This, in turn, provides a workaround to some of the traditional scaling issues found in proof-based protocols.
• Scalability

Cons

• According to Tone Vays, a blockchain consultant, in both Larimer’s former projects :

the cryptocurrencies at work were controlled predominantly by a small inner circle looking to hype the platform.

Dan Larimer has started several proof-of-stake based projects and they have all been shady in nature.

Both Bitshares and Steemit allowed insiders to create lots of tokens for themselves, and after that, the proof-of-stake nature of the project allowed those insiders to print tokens of value for themselves in perpetuity.

• While it’s certainly possible the claims to infinite scalability and free transactions could come to pass, objectively evaluating is challenging with the information currently available.

• Wayne Vaughan, founder and CEO of Tierion says :

The white paper does not go over any specifics and there is no code yet. So nobody can answer any specific technical questions.

Conclusion

EOS provides some very interesting ideas about scalability and the speed of transactions. Also the core team seems strong and though there are some skeptics as to how the actual work will be done but still people have a positive sentiments.

Share your views about what you think is going to happen with EOS (Ethereum on Steroid or the Ethereum killer).

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