Expert Chaslau Koniukh
  • Companies
  • Global investment
  • Investors
  • Terminology
  • Economy
  • Stock Market
  • World exchanges
  • Tech and Marketing
EOS network
Stock Market

EOS network burns coins: causes of destruction 132 million dollars

19.11.2020
2 min read

EOS network: why coins had to be burned

The EOS network is a decentralised system that operates via block technology. The purpose of this platform is to support applications, including DAPP, which is used for Ethereum. The network allows processing a huge number of transactions in a minimum of time, so that it is possible to generate whole blocks for miners. The latter benefit from EOS, and user costs are quite low. The whole mechanism functions thanks to the inflation rate of EOS-tokens, which is built into the technology.
Recently, there has been a problem with redundant assets in the system, which networks are dealing with in a fairly original way. The EOS has burned 132 million dollars worth of coins. In addition, the growth of coins has been limited to 1%, although the protocol requires an annual increase of 5%.
However, not all developers of the network agree with this decision. One of the managers of Block.One, Brendan Bloomer, said that the voting on this method of maintaining the system balance was carried out without their representatives. However, it is known that talks about such a way out of the situation have been going on for a long time, and only this year it was possible to implement the plans.
Previously, the coins that were issued by the platform remained in the EOS.saving account. After it was decided to get rid of them, all assets there were burned. Now new coins come directly to the block miners, without the possibility of saving in your account.
It is worth noting that this is not the first time that EOS has resorted to this option to eliminate redundant assets. Previously, the coins were burned last spring. At that time, $34 million was neutralized. These assets can be used as a tool for voting and a number of other network operations, rather than a working account is a threat to the security of the platform as a whole.

EOS network

The account is reset according to the rule that EOS coins cannot be kept for longer than 3 years. After this period they can be withdrawn. In this case the network decides which accounts will be frozen.
Now the total turnover of EOS coins is about 1 billion, almost 50% of this amount is in the blocked account eosio.stake, 5-10% of coins belong to the whales.
Network operation has slowed down, which is associated with the production of EIDOS tokens. Despite claims of transaction delays, management says the bandwidth is high.
Problems in EOS were observed last fall, when the volume of contracts processed per day decreased by almost 43 percent. This result was brought about by a new airdrop, which is similar to Fairwin, which is used in the Ethereum block.

Tags: Stock Market
0
Previous Post What will happen to Latvia's GDP: consequences of the Coronavirus epidemic Next Post Tesla Inc. is due to enter the S&P 500 Index: analysts overview

You Might Also Like

Siemens digital bond
Stock Market
Siemens digital bond: industrial giant offers to invest in blockchain-based securities
27.05.2023
American financial corporations
Stock Market
American financial corporations entering Chinese market
18.05.2021
small capitalization companies
Stock Market
Small capitalization companies show good stability
10.12.2022
co-working network Wework
Stock Market
The co-working network WeWork plans to become a public company through SPAC
14.12.2021
Stock trading platform
Stock Market
For European stocks there is a platform for trading shares from Goldman Sachs
27.07.2021
Volume of natural gas production
Stock Market
Natural gas and oil production in Brazil rose to record levels
30.10.2020

Recent Posts

  • 1Padmasree Warrior business
    Businesswoman Padmasree Warrior’s career path
    26.09.2023
  • 2Raytheon
    How the Raytheon Company gave the world microwaves and the Patriot system
    24.09.2023
  • 3Forex drawdown
    Forex drawdown and why you shouldn’t be afraid of it
    22.09.2023
  • 4investment in Turkey's steel industry
    Yıldız increases investment in the Turkish steel industry
    20.09.2023
  • 5Abu Dhabi Exchange
    The Abu Dhabi Exchange has created ideal conditions for the IPO of an Adnoc unit
    18.09.2023

Popular Posts

  • Skolkovo analysts: the Russian energy market is suffering losses
  • Analysts: Egypt’s economy to continue falling in 2023
  • Businessman Chuck Feeney: the man who gave the world Duty Free
  • Field of activity of the American Monsanto Company Corporation

Social media

Editor's Picks

Chaslau Koniukh
Analytics

American bankers from JPMorgan and Goldman Sachs advise to invest in gold: review by Chaslau Koniukh.

Spokesperson
17.08.2020
Expert Chaslau Koniukh
Analytics

Chaslau Koniukh on the analysts’ opinion on the key stake size change soon

Spokesperson
18.06.2020
expert Chaslau Koniukh
Analytics

Chaslau Koniukh: Internet trade market in Russia may reach 2.78 trillion rubles.

Spokesperson
30.05.2020
Will the U.S. oil shale industry be able to quickly recover from the crisis: A Review by Chaslau Koniukh
Analytics

Will the U.S. oil shale industry be able to quickly recover from the crisis: A Review by Chaslau Koniukh

Spokesperson
16.05.2020

Latest Posts

Padmasree Warrior business
Businesswoman Padmasree Warrior’s career path
26.09.2023
Raytheon
How the Raytheon Company gave the world microwaves and the Patriot system
24.09.2023
Forex drawdown
Forex drawdown and why you shouldn’t be afraid of it
22.09.2023

Chaslau Koniukh

Expert Chaslau Koniukh

Chaslau Koniukh – an expert in marketing and project management, IT consulting, international investments, investor, financial analyst. A commodity trader, private consultant, entrepreneur, lecturer, author of several articles on the stock market.

Popular Posts

  • Skolkovo analysts: the Russian energy market is suffering losses
  • Analysts: Egypt’s economy to continue falling in 2023
  • Businessman Chuck Feeney: the man who gave the world Duty Free
  • Field of activity of the American Monsanto Company Corporation
  • Trade risk for companies: types and ways to reduce damage
Expert Chaslau Koniukh
  • Facebook
  • Twitter
  • Instagram
  • Biography

Chaslau Koniukh – an expert in marketing and project management, international investments, financial analyst.

Social media

Menu

  • Biography
  • Companies and corporations
  • Global investment
  • Investors and Entrepreneurs
  • Economy
  • Market terminology
  • Stock Market
  • World exchanges
  • Tech and Marketing
  • Analytics