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What is EOS coin and how does it work?

by Financial Economy

EOS Coin was first founded in 2017 by a private company block. Since EOS uses dPos as the mechanism, shit is produced rather than mining. Standing out as a decentralized platform, EOS uses dApp transactions, which are said to be more efficient than smart contracts. More information about what is EOS coin and how does it work is in rest of the content. Information about Ethereum, you can browse here.

What is EOS coin and how does it work?

EOS aims to be a fully decentralized operating system where industrial-scale decentralized applications can be hosted. Target use cases include smart contracts, decentralized storage solutions, and DApps environments. EOS developers claim that thousands of transactions can be calculated efficiently with the dPoS-consensus mechanism.

The developers also aim to implement parallel processes where program operations are shared among multiple processors. Thanks to its unique architecture, it is claimed that it can be scaled vertically and horizontally, and it is aimed that the transactions are lifeless when the project is finished.

EOS tokens; Ethereum Wallet can be stored in multiple wallets including MyEtherWallet and MetaMask. It can be used on exchanges such as Bitfinex and YoBit. Also EOS aims to address problems associated with standard Blockchain-based networks.

How is EOS different from other crypto currencies?

Proof-of-stake is used as a consensus mechanism in EOS. In addition, it is aimed to be highly scalable by using parallel execution and asynchronous communication methodology.

Can EOS be mined?

No, EOS cannot be mined. The project uses dPoS (proof-of-stake) as a consensus mechanism. Instead of mining, block producers will generate blocks for EOS tokens and be rewarded while networking. Block producers will be voted with the dPoS system.

For information about crypto currency: https://en.wikipedia.org/wiki/Cryptocurrency

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