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EOS is positioning itself as an open-source blockchain platform for decentralized applications and smart contracts, which will tackle the scalability issue. EOS will be able to process 1,000,000 transactions per second with no fees, which means it will become a serious rival for Ethereum.

Project's ICO is built atop the Ethereum network. In the future, however, EOS will have its own blockchain. EOS token sale is run in an entirely atypical way. It was set to last from June 26, 2017, to June 1, 2018. Eventually, there will be 900,000,000 tokens in circulation—90% of the total supply—which is somewhat generous. The point is that the ICO has two stages. During the first one, 20% of EOS tokens have been sold, worth about $170,000,000. The second stage consists of 350 consecutive 23-hour periods aimed to sell 70% of tokens. It's a fairly strange mechanism, yet some experts consider it efficient. Tokens have been trading on the exchanges since the very first day of the ICO campaign, and that has had a negative impact on their price due to the speculation.

According to EOSscan, now it's the 139th period of the ICO that's taking place. 1 EOS equals $0.2346. On Bitfinex, it's trading at $1.09.

It is important to know that EOS developers have bluntly stated that tokens are useless. They think the community itself should develop EOS, and the team's only role is to create software for EOS.io. Nevertheless, company's publications include plans for a massive adoption of the EOS technology across big companies.

So who are the main competitors? The answer is Ethereum, Waves, and Lisk. The success of EOS relies mainly upon the pace of its development. Competing platforms will introduce changes reluctantly if they also become scalable. Ethereum and Waves are already actively working towards that.

Great hopes are placed on the team. Block.one, which consists of wide-known blockchain developers, is responsible for the EOS creation. The project is led by Dan Larimer—company's ideologist and developer—and Brendan Blumer, who holds the CEO position. Another advantage is that the platform is supported by Steem (by the way, Larimer's product, too). It provides information support and is an inexhaustible source of developers and investors.

Besides, the support for the project and its creation has been expressed by large funds and blockchain projects such as Fenbushi Capital, Blockchain Capital, Li Xia Lai, Michael Cao, Bitfinex, Yunbi, Aurora Investment Advisors, and Hyperchain Capital.

Conclusion

The blockchain-based market is still ready for new products, but they must be significantly better than those already existing. Could EOS outplay ETH? Yes, if developers roll out their product before Ethereum becomes a giant that can't be beaten due to numerous advantages and resources.