What is EOS?
EOS is a blockchain-based decentralized platform designed to support the development, hosting, and execution of decentralized applications or dApps. EOS was created to solve the scalability and usability issues that exist in many blockchain-based systems, particularly the Ethereum network. The EOS platform aims to provide faster transaction processing times, a more user-friendly interface, and the ability to host a large number of dApps at the same time. EOS also features a unique governance system that utilizes a delegated proof-of-stake consensus algorithm, allowing token holders to vote for block producers who are responsible for validating transactions on the network. Additionally, the EOS token is used to pay for transaction fees and resources on the EOS network. Overall, EOS aims to provide a scalable and user-friendly platform for developers to build decentralized applications.
What is EOS token?
EOS is a native cryptocurrency of the EOSIO blockchain platform, which was launched in 2018 after an initial coin offering that raised $4.1 billion. Initially, EOS tokens were based on the Ethereum blockchain, but later the EOS mainnet was launched, and EOS tokens were migrated to the new EOSIO blockchain. EOS token is used to power the EOSIO software and pay for transaction fees and resources on the EOS network. The EOS token is also used as a governance mechanism for EOS, where holders of the token can participate in voting for block producers and protocol upgrades.
Who created it?
EOS was created by Dan Larimer, who is also the founder and creator of other blockchain-based platforms such as Bitshares, Steem and Block.one, a Cayman Islands-based company, that created the EOS.IO software and developed the EOS blockchain.