EOSIO, the blockchain protocol and platform for the development of decentralized applications (dapps), has been launched for a mere 7 months and already has over 260 projects being built on it, according to a blog post published by Block.One.
Block.One is an open-source software publisher of high-performance blockchain solutions. In June 2018, the blockchain firm raised a record-breaking $4 billion through an initial coin offering (ICO) to help fund the development of EOSIO.
EOSIO stands as one of the newest blockchain software solutions in the market and is touted as being the fastest, cheapest, most scalable, and sustainable blockchain platforms for the development of dapps.
In their blog post, Block.One offers 4 reasons why developers and enterprises are looking at building their dapps on the EOSIO blockchain protocol.
1. EOSIO Is Scalable
According to the Block.One blog post, some competing blockchains process transactions at an average speed of 15-20 transactions per second. Block.One says these blockchains have very limited real-world usage, as some businesses need to transact with thousands of customers simultaneously.
Adding to the point above, Block.One said:
EOSIO, on the other hand, has been benchmarked to process over 4,000 transactions per second on its public blockchain, which means that it is 200 times faster than its closest competitor – and that’s just the public network.
Purportedly, EOSIO has undergone recent updates that allow the blockchain to achieve higher speeds with private implementations of the EOSIO blockchain. Therefore, private implementations of EOSIO are capable of handling businesses that require the processing of thousands of transactions per second.
Some real-world dapps that are currently being built on EOSIO include ride-hailing, music sharing, fitness tracking, and digital payment.
Simon Szczepankowski, the CEO of the smart contract delivery platform Buddy, said:
EOSIO, with its ability to process thousands of transactions per second, and its minimal associated fees and confirmation times, is the best next-generation blockchain.
2. EOSIO-Based Apps Have “Much Lower Latency”
According to Block.One, another reason developers and enterprises are flocking to EOSIO is:
Applications built on EOSIO have much lower latency than those on other blockchain platforms. In other words, you won’t have to wait hours or even minutes to know if your email was sent, your payment was processed, or your food order actually went through.
As Block.One put it, consumers and businesses don’t even know they’re using a blockchain app when using EOSIO apps. They only know that it’s more secure than other apps but no slower than non-blockchain apps.
Alex Casassovici, the founder of the gaming network Azarus, was quoted as saying:
With EOSIO, users can interact with the blockchain without having to know how it works.
This statement is the key to driving mass adoption of cryptocurrency. Mainstream users need to experience the benefits of blockchain technology without even knowing they’re using it.
Currently, the majority of cryptocurrencies and dapps are either far too complicated or too slow to even use.
3. EOSIO Is Virtually Free to Use
According to Block.one, the third reason developers and enterprise businesses are looking to develop on EOSIO is because the blockchain is virtually free. The EOSIO blockchain eliminates the need for transaction fees, which is extremely attractive to consumers.
In today’s world of endless applications and free software, the average consumer is not going to want to pay to use a decentralized application (dapp). As for developers, the operating cost of running the EOSIO network is basically the same as maintaining a traditional server.
4. EOSIO Is Eco-Friendly
Unlike Bitcoin’s inefficient Proof-of-Work (PoW) consensus mechanism that requires ridiculous amounts of energy to keep the blockchain’s network secure, EOSIO offers a far more sustainable solution called Delegated Proof-of-Stake (DPoS).
This model does not require significant amounts of energy in order to come to consensus. It enables EOSIO-based blockchain networks to use distributed computing resources to confirm transactions.
According to to the calculations generated by GenerEOS, a social enterprise block producer candidate:
EOSIO is 66,000 times more energy efficient than Bitcoin and 17,000 times more energy efficient than Ethereum.
Looking at the points raised by Block.One, developers and business enterprises have good reason to be looking at EOSIO.
However, there is much speculation that EOSIO is a centralized blockchain platform, which rules out a large array of potential use cases.
That said, decentralization does not appear to be EOSIO’s priority, as the blockchain platform is sacrificing decentralization for improved scalability and faster transactions for businesses and dapps that don’t require true trustlessness and decentralization.
With the industry still in its infancy, the race to be the top dapp platform is an on-going one. We’ll have to wait and see what the future holds for EOS.
What do you think of EOSIO blockchain platform? Do you think it’s better, worse, or just different from competing platforms like Ethereum? Let us know what you think in the comment section below.