EOS is a blockchain-based platform for decentralized applications (DApps) that uses the EOS token as its native cryptocurrency. The EOS token works as a utility token in the EOS ecosystem. It provides users with access to the network’s resources, such as storage, computing power, and bandwidth. Developers can also use EOS tokens to deploy and manage their DApps on the EOS platform.
EOS uses a Delegated Proof of Stake (DPoS) consensus mechanism, which involves token holders voting for block producers who are responsible for maintaining the network and verifying transactions. This voting process is done using EOS tokens, and the more tokens a user has, the more voting power they have.
In addition to facilitating transactions and network governance, EOS tokens can also be used for staking. Staking involves holding a certain amount of tokens in a wallet to earn rewards or to participate in the block producer election process.
Overall, the EOS token is an essential component of the EOS ecosystem, providing users with access to resources and enabling the network’s governance and operation.
