Crypto Corner: a profile on EOS

EOS is one of many cryptocurrencies we welcomed to the Wirex app last year. In case you’re not familiar with it, here’s the lowdown.

What is EOSIO?

EOSIO is a blockchain designed to host, develop and run decentralised applications (dapps). One of many new blockchains prioritising dapp performance, EOSIO aims to tackle the issue of limited resource availability on blockchain networks by providing a high level of scalability, flexibility and usability. It also uses its EOS.IO software to eliminate transaction fees and conduct millions of transactions per second.

EOSIO is powered by the native EOS token, which is required to purchase the network’s three main resources. This means that developers need to buy EOS tokens in order to run dapps on the platform.

What can you do with EOS?

Aside from being a required method of payment for network resources, EOS can also be used for voting and governance. The network implements a delegated proof-of-stake (DPoS) system, which itself uses a real-time voting and reputation system to decide who can create the next block on the blockchain. Token holders are given the ability to help operate the network, and each token they lock into the network represents one vote.

EOS also allows users to vote on decisions that influence software rules, and become block producers, who are responsible for carrying out approved decisions. Both groups can vote on changing the “EOS Constitution”, a document that summarises the rules and regulations between users.

Who came up with the idea?

EOSIO was co-founded in 2017 by Dan Larimer and Brenden Blumer and was developed by the private company During its initial coin offering (ICO) period, the project managed to raise over $4 billion.

Any fun facts?

Before EOSIO was launched, Larimer was already a well-known name among blockchain developers. Most notably, he previously designed BitShares, one of the very first decentralised exchange, as well as the Steemit social media platform.