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Welcome to MAXBIT support

EOS (EOS)

Maxbit Support
  • Updated

What is EOS?

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  1. Native Blockchain:
    • EOS operates on its own native blockchain called the EOSIO platform. EOSIO is designed for scalability and user-friendliness, supporting thousands of commercial decentralized applications (DApps).
  2. Consensus Protocol:
    • EOS employs a Delegated Proof-of-Stake (DPoS) consensus mechanism. This involves the community voting for block producers, which are akin to miners in other blockchains but are limited to a select group, to validate and produce blocks.
  3. Trilemma (Security, Speed, Scalability):
    • Security: EOS's DPoS design is aimed to provide high security, though it's sometimes critiqued for potentially centralizing the number of block producers.
    • Speed: Due to its DPoS consensus mechanism and parallel execution of smart contracts, EOSIO is capable of achieving low latency and high transaction throughput.
    • Scalability: EOSIO is structured to scale both horizontally and vertically, making it suitable for large-scale DApps.
  4. Founder / Date Founded:
    • EOS was created by a company called Block.one and was guided by its CTO, Daniel Larimer, who previously had roles in creating Steem and BitShares. EOS's initial coin offering (ICO) started in 2017.
  5. Objective / Use Case:
    • EOS was developed to enable decentralized applications at scale. It focuses on eliminating transaction fees and increasing transaction speeds, aiming to provide the infrastructure for DApps in a user-friendly and efficient manner.
  6. Total supply / Limit or Unlimited:
    • The initial supply of EOS tokens was 1 billion with an inflation rate of a maximum of 5% per annum, which is used to reward block producers and support the network's development.
  7. Supply Deflation:
    • As of my last update, EOS does not have an inherent deflationary mechanism. However, the network's governance can adjust the inflation rate, impacting its future supply.

          This summary offers a foundational understanding of EOS and the EOSIO platform for beginners. As with any cryptocurrency, it's essential to remember that the landscape is continually evolving. Always stay updated with recent developments and changes in the ecosystem.

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