EOS is a cryptocurrency token native to the EOS IO protocol. Like Ethereum, EOS IO is a platform for the development of decentralized applications, or “dApps.” EOS IO touts its transaction speed, security, scalability and flexibility as advantages of using its platform.
The EOS IO platform was developed by a private company called Block.one. Block.one conducted a year-long, $4 billion initial coin offering (ICO) to raise money for the development of the EOS IO platform. One interesting difference between EOS IO and Ethereum and other blockchains is that there is no transaction fee to perform actions or transfers on the EOS IO blockchain. Instead, the entities that run the network periodically earn new EOS tokens generated by the protocol.
This is made possible by an innovative consensus model called Delegated Proof of Stake. Today, people are building decentralized apps on the EOS IO platform. In order to acquire resources to build their dApp, they need to “stake” EOS tokens. This staking is a source of token buying, in addition to speculation on the potential future value of EOS.
The current price of EOS is $6.37 US dollars. This price is up 1.87% from yesterday