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EOS is a blockchain platform that enables smart contracts and decentralized applications (dApps). It focuses on simplifying dApp development and enhancing blockchain scalability. EOS uses a Delegated Proof-of-Stake (DPoS) consensus mechanism, where token holders vote for representatives responsible for validating transactions. EOS aims to solve Ethereum’s scalability challenges and was launched by Block.one in 2017, with its mainnet going live in June 2018. The EOS token was initially an ERC-20 token but migrated to its own network in 2018. EOS tokens are essential for utilizing network resources and building dApps, as developers need to hold EOS to access bandwidth and storage.
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