Four Reasons Why Developers and Enterprises Are Looking at the EOSIO Blockchain Protocol
It’s only been seven months since the launch of the EOSIO blockchain. Over 260 projects are under development using this new software protocol. It’s unclear whether this is a record in terms of adoption in blockchain, but it’s still quite impressive. The obvious question is……why? Why are people choosing EOSIO over the alternatives?
EOSIO is the most used blockchain software in the world. All of the applications built on it offer services with real-world utility. From ride-hailing to music sharing, fitness tracking to digital payment, EOSIO apps have emerged as the safer, faster and cheaper alternative.
So, why are developers choosing EOSIO rather than other blockchains? And, why are apps built on other blockchains switching over to EOSIO?
In a recent article posted by Block.one, below are the four main reasons why developers and entrepreneurs are adopting the EOSIO blockchain protocol.
Number one, EOSIO is Scalable.
Some existing blockchain systems process transactions at an average speed of 15-20 transactions per second. For companies that need to transact with thousands of customers simultaneously, for example, this transaction speed is quite insufficient.
EOSIO, on the other hand, has been benchmarked to process over 4,000 transactions per second on its public blockchain. This means that its 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. 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.
Number two, EOSIO is Fast.
Applications built on EOSIO have much lower latency than those built on other platforms. In other words, you don’t have to wait hours or even minutes to know if your email was sent, your payment was processed, or your food order was actually sent.
By using apps on the EOSIO blockchain, consumers and enterprises don’t even need to know they’re using a ‘blockchain app’. Users can interact with the blockchain without having to know how it works. This is key to driving the mass adoption of blockchain technology.
Number three, EOSIO is Virtually Free.
Unlike other blockchain protocols, EOSIO offers a more favorable cost model for consumers and developers by completely eliminating transaction fees. 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.
Number four, EOSIO is 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. EOSIO is 66,000 times more energy efficient than Bitcoin and 17,000 times more energy efficient than Ethereum. Contrary to other consensus mechanisms, the Delegated Proof of Stake, or DPoS model, is not energy-intensive. It enables EOSIO-based blockchain networks to use computer resources to confirm transactions more efficiently, while maintaining a distributed ledger that provides all the inherent advantages of blockchain.
There’s a very good reason that blockchain is being debated with such fervor and anticipation today. This new technology will improve the way all humans conduct business, share information, and manage data. Blockchain heralds the next generation of technological progress, and will slowly but surely become the new rails of the internet.
For more EOSIO related information, visit our website at EOS USA dot News.
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