Can You Mine EOS Cryptocurrency?

If you have been keeping tabs on the crypto market lately, you would know that the EOS cryptocurrency has been doing quite well for itself, positioned as it is in the fifth spot as per market cap. Have you ever wondered if this EOS cryptocurrency can be mined?

If you have, this is where we give you your answer.

But first things first, let’s first find out a little about the EOS cryptocurrency.

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What Is The EOS Cryptocurrency?

The EOS cryptocurrency is a cryptographic token built and designed to fuel a decentralized operating system essentially running on blockchain technology. The token is designed in such a way that will facilitate the translation of the decentralized applications or dApps to a commercial form of usage.

Using this platform, developers will find it incredibly easy to develop whole new applications based on blockchain but as simple to use as web-based applications.

A major advantage of the EOS platform remains its cost effectiveness. Millions of transactions are completed within a single second, without users having to spend a dime as a transaction fee.

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The token makes use of the effective consensus protocol called the delegated proof of stake or DPoS.

Is EOS Cryptocurrency Mineable?

To answer your question simply, in a straightforward manner, no, the EOS cryptocurrency is not mineable.

Does that mean it is pre-mined? Well, we must say no to that as well.

The EOS cryptocurrency is neither mineable not pre-mined. The concept of mining of cryptocurrencies does not apply at all to the EOS cryptocurrency.

Then, how does it work? Well, instead of miners, you have something called producers to take care of block generation.

There can be only a total of 21 block producers on the EOS blockchain at a time. This means that the blockchain is not as decentralized you would perhaps hope a blockchain network or a cryptocurrency to be. However, that does not take away from the EOS token at all as it remains just as effective.

How May EOS Tokens Are There in Total?

In total, there can be up to 1 billion EOS tokens that may be produced and introduced into the market. However, depending on market situation, the algorithm does allow for a yearly inflation rate of about 5 per cent.

The price of EOS tokens is fixed based on the market situation and not by the producers in any way.

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