EOS (EOS) Price, Charts, and News | Coinbase: eos coin, eos crypto, eos price

EOS is a cryptocurrency designed to support large-scale applications. There are no fees to send or receive EOS. Instead, the protocol rewards the entities that run the network periodically with new EOS, effectively substituting inflation for transaction fees.

What Is EOS (EOS)?

An open-source blockchain leveraging smart contracts, EOS is used to deploy and run decentralized applications (dApps) for real-world use. EOS can support thousands of dApps without experiencing slow confirmation times or high fees, and it aims to be fast, flexible, reliable and forward-driven. EOS hopes to enable developers, entrepreneurs, and institutions to build and innovate with confidence.

Existing blockchains are burdened by large fees and limited computational capacity. Developers and businesses face issues like clogged capacity and limited dApp support, resulting in performance issues. This limits the widespread adoption of blockchain technology. To address these issues, EOS was created to be easy to deploy.Built and run by the community, EOS aims to solve problems developers face, particularly related to speed, scalability, and flexibility, so that they can focus purely on building. 

The EOS blockchain offers features that set it apart from competing blockchains. Firstly, the blockchain is highly configurable, and developers can develop dApps using simple languages such as C++. Secondly, the blockchain supports fast transactions, with settlement speeds of under 0.5 seconds. Lastly, the blockchain maintains data integrity and security through verification standards and end-to-end authentication.

Talking about the architecture of the EOS blockchain, it is designed to mirror the performance of a real computer. There are three types of resources required to power the EOS blockchain:

• Bandwidth: It is needed for the transmission of information across the network.

• Computation: This is the processing power required to run a DApp.

• State storage: It is used to store data on the blockchain.

The EOS core infrastructure has a flexible architecture and keeps much of the blockchain functionality at the smart contract layer, enabling the EOS Network to remain agile and allowing block producers (BPs) to reach consensus on adopting new enhancements to the platform, often without requiring a difficult-to-coordinate hard fork of the network.

EOS is the native token of the EOS blockchain. The token is used for purchasing or renting access to network bandwidth and storage capacity on EOS, participating in DPoS network consensus and on-chain governance, and an account for value on native EOS-based applications. 

History of EOS

In May 2018, the first stable version of EOSIO, a 3rd generation blockchain protocol from former B1 CTO Dan Larimer, was released. In June of 2018, a decentralized group of block producers (BPs) used the EOSIO protocol as a core infrastructure to then launch the EOS blockchain, bootstrapping EOS based on a token distribution snapshot from B1’s ICO – the largest ICO in history, raising $4.1B.

As part of the initial token allocation, 10% of the token supply (100m tokens) was held in a system contract and set to vest over a period of 10 years, with 10% unlocking each year to B1 for the continued development of EOSIO and the creation of public goods for the EOS ecosystem.

EOS enjoyed early success as a project with technical innovation that enabled it to outperform other L1 blockchains of the time. However, as time went by, the development of the necessary tooling and support for the initial codebase began to falter and venture capital that had been pledged to support projects building on EOS fell through. This caused community-led teams of node operators and dApp developers to lack the tools and resources to continue operating on the network.

On August 25th, 2021, EOS block producers reached a consensus to support the launch of the EOS Network Foundation (ENF) by signing an MSIG proposed by the ENF’s founder Yves La Rose, to reactivate the eosio.saving account with 2% inflation while also approving a transfer of ~3.4m EOS to eosio.grants for the purpose of empowering the ENF to coordinate both financial and non-financial support to encourage the growth and development of the EOS Network.

Under the leadership of the ENF, multiple public goods programs have since been organized and funded —leading to a renaissance of development on EOS. In addition, the ENF funded four initial working groups to study the opportunities for areas of improvement and recommend a course of development through the creation of “Blue Papers” in several key areas of development, including core infrastructure (Core+), API infrastructure (API+), Software Development Kits (Wallet+), and security analysis tooling (Audit+).

On December 8th, 2021, after several weeks of negotiations, and citing the founding team’s failure to live up to commitments such as the continued development of EOSIO, and deployment of capital into the EOS ecosystem, a supermajority of EOS Block Producers passed a multisignature proposal (MSIG) to freeze the B1 token vesting contract. This move by EOS BPs established the EOS Network’s identity as a DAO.

On September 21st, 2022, EOS declared code independence when community engineers, led by the ENF, performed a non-contentious hard fork from EOSIO 2.0 to Leap 3.1, the C++ implementation of the new Antelope protocol. 

On November 9th, 2022, the ENF announced that it had initiated a proposal to launch a $100M ecosystem fund to be managed by EOS Network Ventures. On November 12, 2022, EOS BPs reached a consensus on issuing ~68M tokens for this purpose. On November 12, 2022, the network signalled support for EOS Network Ventures with a mission to attract capital investment and deploy that capital for the benefit of the growth of the EOS Network as a whole. 

How Are New EOS Tokens Created?

Due to the design of the blockchain rewards system for the creation of new blocks, EOS is a 3% inflationary coin with no limited max supply. 

How Many EOS Tokens Are There?

There is no cap on the maximum number of EOS tokens to be issued. There is a supply of 1.14 billion EOS coins, with 1.08 billion in circulation at the time of writing.