What is EOS Blockchain?
EOS: The New Blockchain
EOS is a new blockchain architecture that eliminates the scalability issues found in ethereum and other blockchains.
The main advantages of an EOS blockchain are discussed below:-
Support Millions of Users
The EOS blockchain is capable of handling millions of users. Since the EOS blockchain can be applied to any business use, it came to deal with numerous users.
Free Usage
Transaction fees were one major problem that we were facing in ethereum blockchain. One had to pay for any transactions in ethereum blockchain. But with the introduction of EOS, one can eliminate this woe as EOS will fully replace the transaction fees. Here all the transactions are made free of cost.
Easy Upgrades and Bug Recovery
The EOS platform provides an easy support for software and smart contract upgrades. As the development process is ongoing, it is quite evident to witness upgrades and bug reporting. But the important highlight is that the EOS platform is that robust in fixing the bugs and upgrades.
Low Latency
Transaction latency is another important feature for a blockchain. It is the total time taken in performing a transaction and its validation. Normally, the blocks are created with respect to the Transaction latency. In EOS, a block creation will take place in 0.5 seconds than the latency time and it is comparatively very less in EOs blockchain. This feature attracts the number of users to the EOS blockchain.
Sequential Performance
Some applications may require long sequential procedures to complete transactions. There are many transactions like cryptocurrency exchanges which require a sequential transaction. EOS provides a faster sequential performance along with parallel processing.
Parallel Performance
As blockchain performs a set of transactions per second, parallel performances remain inevitable in case of the blockchain. The EOS blockchain is highly capable of getting done these parallel execution of transactions.
All the above-mentioned features are acquired by the EOS blockchain mainly with the help of its consensus algorithm. The EOS blockchain will work on Proof of Stake consensus algorithm.
