Blockchain has seen explosive growth over the past couple years. A significant number of startups and projects continue to fund and work on incorporating the bleeding edge technology into their development lifecycle. Some cite countless reasons, others are looking to take advantage of the industry growth. Many top proponents reference transparency & immutability for their decisions. Regardless of their choice, most organizations face hurdles with the sluggishness and rigid nature of this emerging technology.
EOSIO is the name of open source blockchain software written by block.one, and released under the MIT license. This means that you can use it in your project, today, with very few restrictions. Aside from the open licensing requirements, the software boasts a number of features that may be advantageous to your developers and customers. Currently the most well known blockchain running the EOSIO software is “EOS”. The EOS blockchain is public and permissionless. This means that anyone can access, use, and develop on the chain without having to run a node or go through an approval process.
Reason #1: Higher Throughput
One of the biggest complaints about blockchain is the number of transactions that can be processed. Most protocols do not support a number high enough to power even just one medium sized application. For example: Bitcoin, during its peak usage, was able to process ~14 operations per second globally over the course of the day. This limited throughput makes it very difficult (and expensive) for applications to be built directly on top of it. The EOS public blockchain for comparison has sustained ~860 operations per second over it’s busiest day.
|Blockchain||Software/Protocol||Record Operations in 24 hours|
Source: Blocktivity.info – Nov 2019
Reason #2: Low Latency
In today’s world, software applications demand fast execution. Due to the distributed nature of blockchain it is difficult to have consensus while maintaining fast execution (or confirmation) times. Consensus requires that all nodes maintaining the blockchain be in agreement about the state. EOSIO utilizes an innovative consensus method known as DPoS (delegated proof of stake). This allows validators in the chain to organize in such a way that they can “work together” instead of “compete” (ie: proof of work) – leading to faster “block” times.
Reason #3: Upgradeable Code
Blockchains boast immutability, a way to prevent “on chain” data from being modified. While powerful, this feature inherently leads to developer headaches. For many blockchain protocols once code is deployed, it cannot be updated. This can lead to a host of potential problems. If there is a mistake, a bug, or security vulnerability – it’s extremely difficult (or impossible) to change. With EOS.IO one can make modifications to contract code as long as they see fit. Should you wish to make code immutable in the future – you can do that too.
Reason #4: Extendable Accounts.
The public/private key nature of blockchain authentication allows for very simple accounts to be used securely again. This is because a given private key maps to a corresponding public key. EOSIO supports an “account construct” built on top of these key pairs. Meaning that your account can change or update the keypair associated with it. As a bonus accounts are human readable names, instead of cryptographic strings of numbers and letters, which further enhance the usability & experience.
Like all technologies, “one-size fits all” solutions do not exist. Other blockchain protocols may be a better choice for your needs. For example, if you need stronger decentralization you may opt for a blockchain like Bitcoin or Ethereum. However, a good case can be made for EOSIO when applications demand speed, upgradeability, and developer experience.
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