EOS is a blockchain-powered smart contracts platform, similar to Ethereum. It allows developers to build decentralised apps and promises to address concerns of scalability and security by using delegated proof-of-stake (DPoS) instead of the more common proof-of-work system.
The blockchain was launched on June 14, 2018. It's a new method for running decentralised applications that eliminates some common issues with existing blockchains like Ethereum. The system has no transaction fees and is controlled by users as opposed to a centralised entity such as a bank or government.
EOS was developed by Block.one, the company that also owns EOSIO, the leading open- source blockchain software, and its white paper was written by Daniel Larimer and Brendan Bulmer. Block.one was formed in 2017, a year after Larimer and Bulmer met.
Blumer is now CEO of Block.one as well as an entrepreneur and co-founder of Okay.com, a digital real estate agency. Software programmer Larimer is CTO of Block.one and has also started a series of other crypto ventures.
EOSIO is free and open-source software that will benefit the developer community, businesses, block producers and token holders. It will also serve as a platform to host decentralized applications (DApps).
EOS is a WebAssembly-compatible, general purpose decentralised application platform, compatible with front-end web frameworks. It provides databases, account permissions, authentication and communications between nodes and handles user authentication, smart contract management and communication.
EOS is designed to enable "vertical and horizontal scaling of decentralized applications" and can handle thousands of transactions per second. The blockchains can be upgraded with EOSIO software and the potential user base has unlimited scalability.