The EOS project was launched by Dan Larimer and Block.One CEO Brendan Blumer in June 2018. Larimer, who is also the founder of the Steemit project, co-authored EOS’ whitepaper in 2017 with Brendan Blumer. Like Ethereum, it aims to become a decentralized computing platform that is focused on creating an ecosystem of decentralized applications, with the planned advantage of being able to process many more transactions than Ethereum. The project, which has nearly a billion tokens in circulation, raised $4 billion in its ICO, a development that was very notable for its time.
Despite the wide ranging goals of the platform, EOS has a strict focus on building comprehensive tools for enterprise development, allowing them to leverage the advantages of decentralized technology without having to worry about security, stability and performance. Decentralized storage is also an important aspect of the project’s development goals. Based on the InterPlanetary File System (IPFS), the storage feature would allow anyone to access data stored on the network via a web browser. This is also important in the context of dapps, which can use the storage system to store data.
EOS differs from Ethereum in that it operates on a delegated Proof-of-Stake consensus protocol. The token itself is used in on-chain governance and users can use this to vote for EOS’ 21 block producers, who earn tokens for validating transactions.
The project has since moved strictly into a research and development mode, with Blumer saying that “great things take time”