EOS News: The Rebirth of a Blockchain Powerhouse
LONDON (Bywire News) - After a tumultuous few years, the EOS blockchain project is looking to make a comeback. The project, recently reviewed by Messari, was once considered one of the most promising in the world of smart contract platforms, having raised a staggering $4.1 billion in its initial coin offering (ICO) in 2017-18. However, lack of development and investment from the founding team, Block.one, led to a decline in the project's fortunes, which was bad EOS news.
Now, the community-led EOS Network Foundation (ENF) is working to turn things around. In 2021, the community formally distanced itself from Block.one by freezing the team's token vesting contract and forking the open-source codebase. Since then, the ENF has made several ecosystem and protocol improvements, including an inter-blockchain communication implementation and upcoming consensus mechanism and EVM solution upgrades.
EOS is a Layer-1 (L1) blockchain built on the Antelope protocol (formerly EOSIO), a Byzantine Fault Tolerance (BFT) blockchain that uses the Delegated Proof-of-Stake (DPoS) variant of Proof-of-Stake (PoS). Users can delegate their tokens to validators or block producers who validate and produce blocks. The top 21 block producers based on voting rank participate in consensus, and each producer produces 4.76% of the blocks each round, regardless of stake. Block producers earn block rewards funded by 1% network inflation, and delegators need to vote weekly to keep their full voting power. EOS's smart contracts are written in C++, but SDKs for Rust, Go, AssemblyScript, and EVM supporting Solidity are under development.
Inflation currently sits at 3%. A third of this is allocated to block producers, and two-thirds is distributed to the ENF.
Community-Led Upgrades and a Renewed Growth Strategy Bring the EOS Crypto Back to the Forefront of Smart Contract Platforms
Despite some recent improvements, EOS still has some way to go to catch up to other leading L1 blockchains. Daily transactions have fallen by 65% since the start of 2021, though daily active addresses have increased by 7%. The network is currently averaging 1.3 million daily transactions and 38,000 daily active addresses, but there was a spike to 436,000 daily active addresses on January 31, 2023, which the EOS Network Foundation is unsure about.
The EOS ecosystem includes DeFi applications, NFT marketplaces, gaming applications, and more. The most popular dapp on EOS is Upland, a Play-to-Earn digital real-estate and metaverse game that launched in 2019. AtomicHub is the network's primary NFT marketplace with over 5,000 collections and $1,400 in daily sales volume. The EOS Network Foundation has initiated several grant programs and other growth initiatives to boost the ecosystem, including Pomelo, ENF Direct Grant Framework, EOS Network Ventures, and hackathons.
Looking ahead, the EOS Network Foundation plans to release a new whitepaper that reflects changes made so far and details planned technical upgrades. The consensus mechanism upgrade will expand the validator count beyond 21 and bring near-instant finality, while the EOS EVM solution will be implemented as a smart contract on EOS using EOS as its native token. The Antelope Coalition committed to providing $8 million in annual funding toward Antelope development.
EOS is poised for a new chapter of success and growth, with the community-led rebuild spearheaded by the ENF, setting the stage for an exciting future. After some years of underperformance, the EOS ecosystem is once again on the rise thanks to its loyal and dedicated community of supporters, and with a renewed investment in development and ecosystem funding, it is clear that the best days of this innovative and forward-thinking blockchain are yet to come. EOS is once again on track to become a major player in the world of cryptocurrency, and the future looks brighter than ever.
(Writing by Michael O'Sullivan)