This week, EOS found itself in hot water after allegations arose that a major part of its blockchain governnance, led by Chinese crypto exchange Hubobi may be involved in a corruption scheme. EOS’ parent company and Huobi have issued public statements since these allegations, but refrained from admitting or denying the charges.
What is EOS?
EOS.io is a blockchain-powered smart contracts protocol for the development, hosting, and execution of decentralized applications (dApps). It aims to operate in a way similar to the web-based applications and retains similar structural principles, which makes it comparable to Google’s Play Store or Apple’s App Store.
EOS.io is supported by the native cryptocurrency EOS, currently the fifth largest crypto by total market cap. Those tokens could be staked for using network resources either for personal use or leased out for developers use — as per the project’s whitepaper, dApp developers can build their product on the top of the EOS.io protocol and make use of the servers, bandwidth and computational power of EOS itself, as those resources are distributed equally among EOS cryptocurrency holders. Hence, EOS.io attempts to represent a decentralized alternative to cloud hosting services.
The EOS.io platform was launched in June 2018 as open-source software. Its first test nets and the original whitepaper emerged earlier in 2017. The platform was developed by block.one, a startup registered in the Cayman Islands and lead by Daniel Larimer and Brendan Blumer.
EOS holds the absolute record in terms of funds raised during initial coin offerings (ICOs): it has managed to gather around $4.1 billion worth of investments, or about 7.12 million Ethereum, after fundraising for nearly a year. Its predecessor, messenger Telegram, has raised less than half this much – $1.7 billion.
Click here to see more.