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EOS was first announced in 2017 by the company Block.one, after having raising money through an ICO for almost one year. The fundraising generated a reported value of $4 billion, which many believe is the largest amount ever raised by a team to create a custom cryptocurrency. The crypto has served for a long time as an ERC-20 token on the blockchain of Ethereum. To ensure a good spread of the token, nearly 1 billion tokens have been released. On June 2, 2018 at 22:00 the developers said goodbye to Ethereum’s blockchain and switched to their own mainnet, called EOSIO.
The goal of the blockchain is to provide decentralized application hosting, smart contract capabilities and decentralized storage of business solutions that solve the scalability problems of blockchains such as Bitcoin and Ethereum, as well as eliminating all costs for users.