With its delegated Proof of Stake consensus algorithm, the EOS network is designed to offer superior scalability and transactional throughput. It supports the creation of smart contracts and facilitates the development, hosting and execution of commercial-level decentralized applications (dApps). As a platform for decentralized applications, EOS aims to solve the issues faced by Ethereum in terms of scalability, as it performs many of the same functions. The EOS ICO is one of the largest ICO’s of all time, raising approximately $4 billion over a year-long token sale.
EOS’ on-chain governance allows the token holders to vote to decide who the block producers are. They can also vote on upgrades to the platform, the protocol bylaws, and the platform’s monetary policy. EOS currently sets its supply inflation at 5% per year. The annual inflation rate of outstanding supply is decided by the 21 block producers who vote on the matter. Block producer votes are weighted by their relative EOS holdings. Tokens on the platform are essential to its growth and are used to make strategic investments that aim to make the ecosystem more valuable and more attractive to developers.
Block.one, led by STEEM creator and EOSIO CTO Dan Larimer, developed and created EOS. Block.one sought to create a smart contract platform to compete with others like Ethereum, Cardano, and Neo. EOS aims to separate itself from its competitors by handling more transactions per second, providing governance for blockchain and business maintenance, and refined usability.