Proof-of-Stake (PoS)</a> consensus mechanism provided by Harmony</strong>. This means that Harmony’s blockchain uses Effective Proof-of-Stake as a replacement for <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-proof-of-work-pow/">
Proof-of-Work (PoW)</strong></a>. </p>\n<p>EPoS is an improved version that <strong>guarantees that Harmony’s blockchain remains <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-decentralization/">decentralized by implementing random state <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-sharding/">sharding. Its goal is to make sure that major stakeholders can’t centralize power. This is done by making the validators that hold a bigger number of stake tokens than others must also run a bigger number of <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-node/">
nodes. /n
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Blockchains are considered to be one of the solutions to this issue. </p>\n<p>Companies that utilize blockchain distributed ledger technology will efficiently deal with issues that come from data silos and face minimal problems when scaling.</p>\n<p>Blockchains are entirely transparent and offer the tools needed for managing and controlling digital assets such as digitalization, <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-tokenize/">tokenization, or programmatic trade systems.</p>\n<p>An enterprise blockchain can be either public or private. However, a <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-private-blockchain/">private blockchain</strong></a> network is the most popular choice among most businesses. The main reasons behind this choice are the features that <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-public-blockchain/">public blockchain</strong></a> networks are not able to provide such as:</p>\n<ul>\n<li>Enhanced privacy;</li>\n<li>Low <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-transaction-fee/">transaction fees</strong></a>;</li>\n<li>Consistent transaction speeds.</li>\n</ul>\n<p>In essence, any organization is able to implement the blockchain network into their system, however, not every organization will be able to maximize its gains. For instance, companies that deal with large amounts of data will receive greater benefits than small institutions that mostly operate offline. </p>\n<p>While public blockchain environments may not be suitable for a business that deals with a high volume of transactions, they offer token protocols as well as <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-are-decentralized-applications-dapps/">decentralized applications (DApps)</strong></a>.</p>","level":"easy","meta_title":"What is Enterprise Blockchain? 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It acts as the virtual machine that drives the entire Ethereum operating system where task execution and <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-smart-contract/">smart contracts</strong></a> happen.</p>\n<p>The EVM's purpose is to add a number of new processes to the blockchain so that users have fewer problems with the <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-distributed-ledger/">distributed ledger</strong></a>. To ensure blockchain consensus, every Ethereum node runs on the EVM. <strong>The code inside the EVM is entirely isolated</strong>, which means it has no access to the network, file system, or any other processes.</p>\n<p><strong>Externally Owned Accounts (EOA) and</strong> <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-contract-account/">Contract Accounts</strong></a> are the two types of accounts that are recognized equally by the EVM. Account abstraction attempts to convert these two into a single account because EOAs and Contract Accounts are interchangeable and work pretty much the same. Contract accounts are maintained in the smart contracts while EOAs are managed by <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-private-key-secret-key/">private keys</strong></a>.</p>\n<p>The majority of the source code of smart contracts is written in the <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-solidity/">Solidity programming language</strong></strong></a>. A contract written in the smart-contract coding is transformed into what is known as <strong>bytecode</strong>. After that, it is transformed into <strong>opcodes</strong> that EVM interprets and uses the operation codes to accomplish specific tasks.</p>\n<p>Thus, EVM is one of the biggest projects that run in the cryptocurrency world and it acts as a massive decentralized computer that executes various operations on the blockchain.</p>","level":"easy","meta_title":"What is Ethereum Virtual Machine (EVM)? Definition & Meaning | Crypto Wiki","meta_description":"Ethereum Virtual Machine (EVM) meaning: Ethereum Virtual Machine (EVM) - a Turing-complete blockchain-based software that executes code exactly the way it was intended.","meta_keywords":null,"language":"en","created_at":"2022-03-14T15:59:59.000000Z","updated_at":"2022-09-19T07:27:54.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-ethereum-virtual-machine-evm"},"currentChapter":"E","currentSection":"what-is-effective-proof-of-stake-epos","chapterTitle":"E","readingLevel":"easy"},"url":"/crypto/learn/crypto-terms/what-is-effective-proof-of-stake-epos","version":"cdd198d50cbe5c9c21c9329d7c096ffc"}" class="container-fluid d-flex crypto-book p-0"> Crypto Terms: Letter E
What is Effective Proof-of-Stake (EPoS)?
Effective Proof-of-Stake (EPoS) MEANING:
Effective Proof-of-Stake (EPoS) -
is a variant of the Proof-of-Stake consensus mechanism introduced by Harmony.
Let's find out Effective Proof-of-Stake (EPoS) meaning, definition in crypto,
what is Effective Proof-of-Stake (EPoS),
and all other detailed facts.
The term Effective Proof-of-Stake (EPoS) is used to describe a better version of the Proof-of-Stake (PoS) consensus mechanism provided by Harmony. This means that Harmony’s blockchain uses Effective Proof-of-Stake as a replacement for Proof-of-Work (PoW).
EPoS is an improved version that guarantees that Harmony’s blockchain remains decentralized by implementing random state sharding. Its goal is to make sure that major stakeholders can’t centralize power. This is done by making the validators that hold a bigger number of stake tokens than others must also run a bigger number of nodes.
Effective Proof-of-Stake is considered to be the first Proof-of-Stake mechanism that directs its attention to the sharding process.
In order to make sense of EPoS, you must have a clear understanding of Proof-of-Stake.
Essentially, Proof-of-Stake is a consensus mechanism implemented within the blockchain that allows the production of blocks while also validating transactions and eliminating the problem of double-spending. It can be considered a sort of alternative to Proof-of-Work.
