EOS Digital Coin is one of the most talked about blockchain projects distributing a token; and it doesn’t even have a blockchain yet. Launched by block.one, the company building the EOS.IO software, the EOS token is explicitly stated not to have any value, utility, or purpose. Yet its token market capitalization has already surpassed that of older and more well-established cryptocurrencies like Zcash, BitShares, Steem, and Augur.
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Like Ethereum, EOS is a smart contract enabled hosting platform built for open-source projects and consumer-facing decentralized applications. It intends to take market share from Ethereum while promising a more scalable blockchain with usability for large-scale businesses.
Two new features of EOS have caught the entire crypto world’s attention, the elimination of transaction fees (via an ownership model whereby users own and are entitled to use resources proportional to their stake, rather than having to pay for every transaction), and scalability (they say it can process millions of transactions per second with asynchronous communication and parallel processing). High transaction costs and bad throughput are Ethereum’s critical weaknesses, so these features make EOS a major contender for the title of go-to blockchain development solution. EOS is still largely conceptual, its ICO is being conducted on Ethereum (ERC-20).
EOS has introduced the ability to fix bugs and rollback changes with a supermajority consensus, rather than a hard-fork. This is can be provided by EOS using delegated-proof-of-stake, with multiple witness-nodes being nominated by the network as representatives to make specific high-level decisions, without polling the entire network. This does make the blockchain somewhat less decentralized, this allows mainstream enterprises to adopt and interact with blockchain technology.