EOS Platform Has Officially Launched
This morning, the highly anticipated open source blockchain platform EOS officially launched, and is now open to users. This is perhaps the most notable platform launch in the last 3 years, as EOS is expected to pose a legitimate threat to current smart contract leader, Ethereum, in market share.
Not only is EOS capable of smart contracts and dapp development like Ethereum, but it also boasts a .5 second block time, is capable of thousands of transactions per second, and is compatible with universal programming languages like Java and C++.
EOS was created by a company called block.one led by cryptocurrency veteran Daniel Larimer. Prior to EOS, Larimer created successful blockchain platforms Bitshares and Steem. His latest project, EOS, raised a record breaking $700 million in its 2017 year long ICO campaign. Block.one has a team of over 50 experienced members, and is still looking for more programmers.
EOS was originally set to launch on June 1, but was delayed for 2 weeks to allow block.one to address last minute security concerns. Thousands watched on Youtube on June 9 as EOS shareholder’s streamed live to pass an official vote confirming the launch. The vote was followed by 5 days of pre-launch network testing.
EOS uses a Delegated Proof of Stake (DPoS) consensus algorithm in which special block producers are elected by token holders. DPoS is the brainchild of Daniel Larimer, and is considered to be one of fastest and most secure consensus algorithms ever created.
The election of the special delegates took place today, and was the last action needed to be taken before the launch. Over 150 million votes were cast, and 21 delegates were elected. In addition to block production, the 21 elected delegates will be responsible for all governance decisions made on the platform.
Unlike many of the other major blockchain projects, EOS is built without a central blockchain. Rather EOS serves as an operating system for blockchain development. The team at block.one believes decentralized blockchains will optimize speed and security.
Now that EOS has launched, users will begin to build their own blockchains. Its theorized that the blockchains built on the EOS network will compete against each other until the most popular chain becomes the main chain used on the platform.
EOS is currently the 5th biggest cryptocurrency in the world, with over a $10 billion market cap. The launch today has come with a 10 percent price jump in EOS’ value. Currently EOS is trading at $11.21.
Suggested Reading: Eos vs Ethereum
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