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What is Evmos
What is Evmos?
Evmos is a Proof-of-stake blockchain that is scalable, has a high throughput, and is fully compatible and interoperable with Ethereum. It was built with the Cosmos SDK, which runs on top of the Tendermint Core consensus engine.
Evmos makes it possible to run standard Ethereum as a Cosmos-specific blockchain. This lets developers use all the features they want from Ethereum while also taking advantage of Tendermint’s implementation of PoS. Also, since it was built on top of the Cosmos SDK, it will be able to trade value with the rest of the Cosmos Ecosystem through the Inter Blockchain Communication Protocol (IBC).
Benefits of holding EVMOS Token
The following advantages accrue to holders of an EVMOS token:
- Transaction: EVMOS is used for trading and executing transactions on the network.
- Staking: Users can stake EVMOS tokens to get rewards from the network.
- Payments: EVMOS can be used on the platform as a means of payment to incentivize users to generate new blocks.
- Governance: Users holding the EVMOS token can participate in the governance decisions of the project through voting proposals.
- Incentive: increased incentives for users when participating in platform activities.
- Transaction fees: Users can be shared a portion of transaction fees according to the project’s dApp Store model mechanism.
- In addition, EVMOS can also be used to communicate with other dApps built on the Evmos ecosystem
Cosmos is a decentralized network of independent, parallel blockchains that can scale and interoperate with each other. The Cosmos network is powered by a decentralized network of validators that run the Cosmos software and maintain the integrity of the network by reaching a consensus on the order and validity of transactions.
One of the main goals of Cosmos is to enable the interoperability of different blockchains, which means allowing them to exchange information and assets with each other.
In addition to these features, the Cosmos network also includes a number of tools and technologies designed to make it easier for developers to build and deploy decentralized applications (dApps) on the platform.