On October 19th, Bywire News announced the second round of EOS Foundation’s Recognition Grants. EOS Foundation is an open-source blockchain used by developers to build digital infrastructures. It uses a Proof-of-Stake consensus algorithm, allowing holders to convalidate transactions and act as nodes.
The main characteristic of this blockchain is that it allows the implementation of smart contracts, written in C++, that can be upgraded. EOS has one of those blockchains that focuses on scalability and data integrity: EOSIO, the public blockchain of the EOS Foundation, is backed by Block.one, an incubator for technologies aimed at building trustful and efficient transactions.
This blockchain focused on DeFi applications was launched in 2018. Its whitepaper was written by Daniel Larimer and Brendan Blumer – both members of the executive team of Block.one.
This aspect of the EOS Foundation raises criticisms: despite the fact that EOS allows the realization of DeFi projects, many are concerned about the fact that the EOS Foundation was built by a company – Block.one – since it can make EOS a centralized project.
In spite of this, it can be said that the EOS Foundation works to improve the DeFi space also by investing in different projects.
In 2021 the EOS Foundation organized grants worth £1.1 million for 11 DeFi projects that improved the EOS community. PIZZA Finance – a DeFi network, DefiBox – a dApp platform, Vigor – a DeFi borrowing and lending platform, Equilibrium – the DeFi project that build the first dollar pegged cryptocurrency, Defis network – an open-source DeFi protocol, SOVDEX – a decentralized exchange, eCurve – an exchange liquidity pool, Newdex – one of the most popular decentralized exchanges built on EOS, DAPP Network – a platform that improves interoperability, pNetwork – it creates pTokens, which are 1:1 peg with other blockchain projects, and Organize – able to issue synthetic assets on EOS.
All these projects will receive the investments of the EOS Foundation. All these projects are linked to the EOS Foundation, for investment reasons or because they use EOSIO public blockchain.
To build applications on top of the blockchain, developers need to use the token of the EOS Foundation – EOS (EOS). This cryptocurrency is considered as a rival of Ether, because it drives a project that allows the execution of thousands of decentralized applications in parallel.
As Ether, EOS has no maximum supply: its total supply amounts to 1,037,109,435 EOS, while its circulating supply amounts to around 961,109,041 EOS. At the time of writing, EOS is traded at $4.46. Even if this currency has no maximum supply, its wide use may result in a positive path for this crypto.
If you want to know more about EOSIO’s cryptocurrency, visit EOS’s page on CoinMarketCap.