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EOS was once hailed as an "Ethereum killer" due to its ambitious scalability goals. When it launched its mainnet in 2018 after a record-breaking $4 billion ICO (Initial Coin Offering)—the largest at the time—it promised to deliver faster transaction speeds and zero transaction fees, making it ideal for decentralized applications (dApps).
However, despite the hype, EOS struggled with decentralization concerns and network governance issues. One point of contention was that only 21 block producers validate transactions, which many argued made it more centralized than competitors.
Still, EOS remains notable in crypto history both for its fundraising feat and its early innovations in blockchain performance and governance debates.
