The official white paper for the EOS.IO platform was first published in 2017. At the time, the platform was being developed by Block.One and was officially released on June 1, 2018. The network uses EOS as its cryptocurrency and it has gone on to become one of the most prominent in the industry. The original testnet Dawn 1.0 was officially released in September 2017 and full versions were released both in 2017 and 2018.
The EOS.IO blockchain is a very ambitious one as the management has stated that its goal is to create a network that can process millions of transactions every second and enhance scalability to a level never seen before. EOS launched its official ICO on June 26, 2017, and it ran up until June 1, 2018, making it one of the longest ICOs in crypto history. Besides being one of the longest-running ICOs, it was also one of the most successful as they raised over $4 billion in the process. However, they found themselves in trouble with the Securities and Exchange Commission and were fined $26 million in October 2019 for running what the SEC called an unregistered Initial Coin Offering.
Many criticized the fine leveled by the SEC as it was considered ridiculous that a company would be fined $24 million after raising over $4 billion. There was also significant criticism of the fact that EOS.IO was not required to register the already-issued tokens. Despite the scandal, EOS has continued to thrive in the market till date.