How does EOS work?
EOS is a blockchain-based platform that enables the development, hosting, and execution of decentralized applications (dApps).
It was created by Block.one, a software company based in the Cayman Islands. At its core, EOS is a blockchain protocol that uses a consensus mechanism called delegated proof-of-stake (DPoS) to validate transactions and secure the network.
In DPoS, token holders can vote for block producers (BPs) who are responsible for validating transactions and producing blocks on the chain. The BPs are rewarded with newly minted tokens for their work. The EOS platform also features an operating system-like environment that allows developers to build and deploy dApps on the network.
This environment includes features such as user authentication, data storage, server hosting, and communication between dApps. It also provides tools for developers to create smart contracts and decentralized autonomous organizations (DAOs). EOS also has its own native cryptocurrency called EOS tokens which are used to pay for transaction fees on the network.
These tokens can also be used to purchase RAM (random access memory) which is needed to run dApps on the network. The EOS token is also used as collateral in order to stake tokens and vote for BPs. Overall, EOS is a powerful platform that enables developers to create and deploy dApps quickly and easily while providing users with a secure environment in which they can interact with these applications.
