Four Reasons Why Developers and Enterprises Are Looking at the EOSIO Blockchain Protocol
It has only been seven months since the launch of the EOSIO blockchain protocol published by Block.one, but today there are at least 260 projects being built on one of the newest blockchain software solutions in the market.
It is unclear whether this is a record in terms of adoption in blockchain, but by any objective measure it looks impressive. The obvious question is: why?
The attractions of blockchain systems are well documented. They almost all offer security, immutability, traceability and no single point of failure. That much is evident.
So why are people choosing EOSIO, rather than any other alternative? Indeed, why are decentralized blockchain applications built on other blockchains migrating to EOSIO?
The answer seems to be in the radical improvements in speed, cost, scalability and sustainability that EOSIO offers.
To date, EOSIO is the most used blockchain software in the world. All the applications that are being built on it offer services with real-world utility. And from ride-hailing to music sharing, fitness tracking to digital payment, EOSIO apps have emerged as the safer, faster and cheaper alternative. As Simon Szczepankowski, CEO of the smart contract delivery platform Buddy, commented, “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.”
After analyzing feedback from developers and entrepreneurs, below are the four reasons why applications are being built on EOSIO:
1) It’s scalable
Some existing blockchain systems process transactions at an average speed of 15–20 transactions per second. This means it has only limited real world usage. For businesses that need to transact with thousands of customers simultaneously, for example, this transaction speed is insufficient. 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. With private implementations of the EOSIO blockchain, it can achieve even higher speeds with recent software updates. For any business that needs to process thousands of transactions at any given time, having a system that works at these speeds becomes very attractive.
2) It’s fast
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. By using EOSIO apps, consumers and enterprises do not even need to know that they’re using a ‘blockchain app’; all they know is that whatever data they have inputted for any transaction is more secure but no slower than your normal, non-blockchain app. In the words of Alex Casassovici, founder of the gaming network Azarus, “With EOSIO, users can interact with the blockchain without having to know how it works.” This is key to driving mass adoption of blockchain technology, as it amplifies the unique benefit of blockchain without compromising existing conditions that all users take for granted, such as speed and convenience.
3) It’s virtually free
Unlike other blockchain protocols, EOSIO offers a more favorable cost model for consumers and developers, as it eliminates the need for transaction fees. From a consumer standpoint, whereas individual users have to pay per transaction in order to use first-generation blockchain apps, EOSIO apps are free to use. From a developer standpoint, the operating cost of running an EOSIO network is akin to that of maintaining a traditional server.
4) It’s green
One of the most common complaints you hear about blockchain technology is just how expensive and environmentally-unfriendly it is. Indeed, a lot of blockchain platforms require a substantial amount of electricity to run the computers needed to manage the distributed database. In fact, it takes more electricity to operate the Bitcoin network than Singapore or Portugal.
EOSIO is a far more sustainable solution. Contrary to other consensus mechanisms, the Delegated Proof of Stake (DPoS) model is not energy-intensive, as it enables EOSIO-based blockchain networks to use computer resources to confirm transactions more efficiently, all the while maintaining a distributed ledger that provides all the inherent advantages of blockchain. According to calculations conducted by “social enterprise block producer candidate” Genereos, EOSIO is 66,000 times more energy efficient than Bitcoin and 17,000 times more energy efficient than Ethereum.
There is a reason that blockchain is being debated with such fervor and anticipation today. It heralds the next generation of technological progress, and will slowly but surely become the new rails of the internet, ultimately improving the way we conduct business, share information, and manage data.
From the evidence of take up and progress being made by developers building on the EOSIO network, it seems clear that it is offering a solution to the issues of scale, cost, speed and sustainability, which has not been available before.
Block.one is a software company that is producing the EOSIO software as a free, open-source protocol. This software may, among other things, enable those who deploy it to launch a blockchain, or decentralized applications with various features. For more information, please visit https://github.com/eosio. Block.one does not provide financial support to anyone seeking to become a block producer on any version of the EOSIO platform that may be adopted or implemented.
Block.one will not be launching any of the initial public blockchains based on the EOSIO software. It will be the sole responsibility of third parties, the community, and/or those who wish to become block producers, to adopt and implement EOSIO in the manner they choose, with the features they choose, and/or providing the services they choose. Block.one does not guarantee that anyone will adopt or implement such features, or provide such services, or that the EOSIO software will be adopted and implemented in any way.
Block.one does not endorse any third party or its products or services, even if they are mentioned herein. Block.one is not responsible for any linked content.
Please note that the statements herein are an expression of Block.one’s vision, not a guarantee of anything. While we will try to make that vision come true, all aspects of it are subject to change in all respects at Block.one’s sole discretion. We call these “forward looking statements”, which includes statements in this document, other than statements of historical facts, such as statements regarding Block.one’s business strategy, plans, prospects, developments and objectives. These statements are only predictions and reflect Block.one’s current beliefs and expectations with respect to future events; they are based on assumptions and are subject to risk, uncertainties and change at any time.
We operate in a rapidly changing environment. New risks emerge from time to time. Given these risks and uncertainties, you are cautioned not to rely on these forward-looking statements. Actual results, performance or events may differ materially from what is predicted in the forward-looking statements. Some of the factors that could cause actual results, performance or events to differ materially from the forward-looking statements include, without limitation: market volatility; continued availability of capital, financing and personnel; product acceptance; the commercial success of any new products or technologies; competition; government regulation and laws; and general economic, market or business conditions.
All statements are valid only as of the date of first posting and Block.one is under no obligation to, and expressly disclaims any obligation to, update or alter any statements, whether as a result of new information, subsequent events or otherwise. Nothing herein constitutes technological, financial, investment, legal or other advice, either in general or with regard to any particular situation or implementation. Please consult with experts in appropriate areas before implementing or utilizing anything contained in this document.
The ideas and information expressed herein are solely those of the author and do not necessarily reflect the positions, views or advice of Block.one or any other employee of Block.one.
Originally published at block.one.