Backed by Block.one, the software company that developed the open-source EOS.IO platform, EOS, like many other ICOs, emerged from a perfect marketing strategy based solely on the promise that it would become the premier blockchain for DApps. The project was launched by Dan Larimer, who was also the CTO of Block.one at the time and the founder of other successful cryptocurrency projects such as Steemit and Bitshares.
DApps should be developed, hosted and run on a blockchain-based platform with zero transaction fees while processing thousands of transactions per second, and even millions of transactions in the future. Developers will find it easier to build DApps on top of EOS using a general-purpose language like C++, rather than learning an entirely new language like Ethereum Solidity.
The hype generated by huge marketing campaigns, press conferences and roadshows determined the success of the ICO. It attracted wealthy investors such as PayPal co-founder Peter Thiel and hedge fund giants Alan Howard and Louis Bacon, who invested billions of dollars in the project. However, the easy availability of such huge amounts of money was also the source of major problems that arose in the project's early days.
In April 2018, EOS reached its highest point among the top five cryptocurrencies with a market cap of $17 billion and a price of $21.5 per coin.
