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Since the inception of blockchain technology, it has started replacing a number of mainstream centralized industries with decentralized networks while giving huge importance to data security and transparency in financial transactions for a minimal fee. The rise of blockchain and cryptocurrencies saw the development of new cryptocurrencies and platforms that were designed to cater to specific needs such as cloud storage (Siacoin) and decentralized online entertainment networks (Tron). In the light of these blockchain networks, EOS was created for the development, hosting, and execution of decentralized apps on a commercial scale.
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The EOS platform is divided into two different elements, EOSIO and EOS token. While EOSIO was created to be the base of the blockchain network and acted as an operating system to the platform which managed and control the blockchain platform. EOSIO has a specialized blockchain architecture that allows users to scale both vertically and horizontally their decentralized applications. The EOS token, on the other hand, is a cryptocurrency that was specifically created for the EOS blockchain platform to create a medium of currency to allow developers to conduct transactions on the platform and commercialize the development of Decentralized applications on the EOS platform. In order to build and run DAPPS on the platform, a developer is only required to be in possession of these EOS tokens and does not have to spend them to avail of the benefits and abilities the EOS platform provides.