EOS
EOS
A high-performance smart contract platform
Top Markets
Summary
Key Metrics
24h Volume
The aggregate trading volume for EOS on Bittrex over the past 24hrs, in USD.
Circulating Supply
Amount of EOS that is currently available to the public and in circulation.
Market Cap
The Marketcap is calculated using the last price on Bittrex and liquid supply sourced from Messari.io
Key Info
Sector
Smart Contract Platforms
Category
Infrastructure
Token Type
Native
Token Usage
Payments, Vote
Consensus Algorithm
Delegated Proof-of-Stake
On-Chain Governance Type
Delegative on-chain vote
overview

EOS was published by software publisher Block.one and development is led by CTO Dan Larimer, who founded Steem ($STEEM) and BitShares ($BTS). The project competes with other popular smart contract platforms such as Ethereum ($ETH), NEO ($NEO), and Cardano ($ADA). EOS tries to differentiate itself by providing transaction throughput capable of handling thousands of transactions per second without having to pay direct fees, improved usability for all parties involved, and governance for business and chain maintenance.

EOS makes use of on-chain governance whereby token holders can vote for the block producers (BPs) as well as various upgrades to the protocol, monetary policy, or stakeholder bylaws. The EOS User Agreement defines and enforces the user bylaws. The rules are not enforceable at the protocol level but rather act as a terms-of-service agreement that users must agree to. This community developed agreement replaced Block.one’s Constitution by a majority BP vote back in April 2019.

Ecosystem funds play an important role in the growth and adoption of EOS. Their mandate is to make strategic investments that increase the value of the projects and tokens to ensure the necessary infrastructure is built and proper incentivization exists to attract developers to build on the platform. The most prominent is a $325 million fund ran by Mike Novogratz called Galaxy Digital EOS VC.

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token

EOS supports a native token of the same name that users purchase or rent to access network bandwidth, computational and storage capacity, and voting rights. The level of voting or computational power is proportional to the number of tokens held or staked.

Unlike Ethereum or Bitcoin, EOS token transfers do not require a fee, as users do not need to entice miners to include their transaction(s) in the next block. EOS block producers earn new tokens only through the creation of new blocks. But transactions are not entirely free because users and developers still need to acquire network resources in proportion to their intended on-chain activity levels.

The network resources required to submit transactions and run dApps include:
CPU: the processing power it takes to operate a dApp and read data from a storage device (measured in microseconds)
NET: network bandwidth or the average rate of data transfer through the communication protocol (measured in bytes)
RAM: data storage

Users can stake EOS tokens directly to access CPU and NET, or they can lease these resources through EOS REX, an EOS-based resource exchange.

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consensus

EOS’s delegated Proof-of-Stake (DPoS) is based on 21 Block Producers (BPs) voted on by token holders, where votes are weighted by the number of tokens held and holders can opt to delegate their votes to another holder on their behalf. Anyone can participate in the block production so long as they can receive enough votes, and the vote is ongoing so at any time BP’s can be replaced by another entity voters believe will act in their best interests.

Blocks are produced every 0.5 seconds and one BP produces a block at any given time. Once 15 BP’s sign a block, it is deemed irreversible. Under normal conditions, DPoS does not experience forks because rather than competing, BPs cooperate to produce blocks. In the event of a fork, consensus will automatically switch to the longest chain because the rate at which blocks are added to a fork is directly correlated to the percentage of BP’s that share the same consensus.

See the list of BPs here

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technology

Block.one built EOS with scalability as a primary objective. Beyond its delegated Proof-of-Stake (DPoS) consensus mechanism, EOS employs Graphene technology and (in the long-term) parallel processing to maximize performance.
Graphene technology: An open-course software toolkit developed by Dan Larimer that helps improve transaction processing capabilities. It is currently used by previous Larimer creations, Bitshares and Steem, as well as MUSE and Peerplay.
Parallel computation: Also referred to as horizontal scaling, this technology divides transactions and smart contract execution among multiple processors to help reduce the run time of a program. The first protocol version will operate on a single thread (i.e., a single processor) but will shift to a multithreaded platform in the future.

EOS requires users to obtain the following resources to submit transactions and run decentralized applications:
CPU: the processing power it takes to operate a dApp and read data from a storage device (measured in microseconds)
NET: network bandwidth or the average rate of data transfer through the communication protocol (measured in bytes)
RAM: data storage

EOS holders receive CPU and NET by staking their tokens and receiving a proportional amount of the network resources. As a result, the network utilizes a no direct fee model where tokens give holders access to their pro-rata share of network resources. That being said, any operation needing storage or to create an account requires RAM to be purchased separately.

EOS uses the WebAssembly Virtual Machine (WASM), which offers high speed and performance as well as support for a multitude of programming languages such as C, C++, and Rust, giving developers access to existing optimization and debugging tools.

Additionally, EOS implements human-readable names and account recovery solutions at the protocol level. Recovery is made possible with the designation of a recovery party that can reset the owner’s keys with their approval. Unlike traditional multi-signature applications, the recovery partner has no control over the account other than helping the owner reset their keys.

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governance

EOS protocol upgrade and code changes are subject to its on-chain governance system. Anyone is free to submit new policies or code changes, but these proposals must achieve a majority vote before being accepted into the codebase. The decision-making process for EOS’ on-chain governance is well-defined; however, governance debates, which can influence on-chain decisions, still occur off-chain. The strict on-chain rules often increase the activity of off-chain politics, as various stakeholders engage in community discussions surrounding any new proposals or ongoing voting sessions.

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