EOS was created in 2018 to become a more convenient and faster platform for smart contracts than Ethereum. In total, there can be 1 billion EOS coins, all of them were created at the same time, at the launch of the project. The network relies on a Delegated Proof of Stake (DpoS) consensus algorithm to confirm transactions between free blockchain nodes. There is no commission for transactions in the network. Also, the speed reaches 50 000 transactions per second. The problem of computational resource cost (gas) has been solved, due to which decentralized computations are possible without using gas.

Confirmation of transactions is performed by 21 EOS nodes which are chosen by the voting of the network members. Only one EOS node out of 21 free blockchain nodes adds signature to the block, determined at random. Every 24 hours a new vote chooses a new group of 21 EOS nodes. This technology prevents blockchain forks from appearing. A new block is created every half second, in 6 block rounds. If no block has been created during this time, a zero value is added to the blockchain. When 15 EOS nodes out of 21 have signed the block, transactions in it are made irreversible. There are both Producing EOS nodes and Non producing EOS nodes in the EOS network. Producing EOS nodes are engaged in signing blocks with transactions, as well as checking transactions for compliance with the criteria for inclusion in the block. Non-Producing EOS nodes are used as proxy public nodes, they process requests through API, broadcasting information to other public nodes. Also, Non-Producing EOS nodes are used to store blockchain copies. For a Non-Producing EOS node to become one of the Producing EOS nodes, it must get the user votes.

Owners of EOS tokens can take part in voting for further development of the project, use decentralized applications, and create them. Also, the ownership of EOS tokens gives the right to receive dividends and participate in the airdrops of new cryptocurrencies created based on the EOS block. Like many other cryptocurrencies, EOS tokens can be stored on program wallets, transferred between accounts. Transactions between cryptocurrencies’ nodes take no more than 3 seconds and are commission-free.

The EOS network has both dapps and smart contracts. They are written in C++, which is a common and popular programming language among developers. They are compiled in Web Assembly. A set of tools is provided to show possible vulnerabilities of smart contracts before they are executed. There is TestNet for testing smart contracts and dapps, and a set of Eosio.cdt program libraries. Smart contract and dapps development and testing require software installation for full public nodes. Interaction with the full public node is done through a command-line tool. Thanks to the eosio.evm virtual machine in the EOS network, it is possible to use smart contracts written in Solidity. It is planned to add other programming languages to write smart contracts.

The EOS network is actively developing. Regular updates for wallets and EOS nodes are released. There is an API for creating EOS-based applications and a large number of tools and software libraries for developers. SegWit technology is supported to reduce disk usage and syncing time. EOS developers offer customers Blockchain-as-a-Service (BaaS), which allows the easy and inexpensive implementation of infrastructure solutions and speed-up blockchain.