The EOSIO medium channel of Block.one has listed four different reasons why enterprises and developers have now decided to choose the EOS Blockchain network. The EOSIO Blockchain protocol was reportedly published by Block.one and despite the fact that it has existed for just seven months; it is already the home to no less than 260 projects.
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EOSIO-based Projects Offer Health Care, Social Network, Payments Solutions And More
The 260 EOSIO-based projects are designed to provide a series of Blockchain-backed software solutions in the healthcare sector, social network, marketplace, payments, and gaming, to name a few. EOSIO has decided to explain why dApps (decentralized applications) are now vastly built on their Blockchain network and the main reasons why other Blockchain protocols are moving to the EOSIO network.
Four Reasons Why Developers and Enterprises Are Choosing the EOS Blockchain
The network explained why it is becoming popular among developers and enterprises in a blog post. EOSIO gave four reasons why its network has become more favorable for Blockchain applications. The reason listed includes low cost, speed, scalability and sustainability. According to the report, EOSIO is now the most used Blockchain software globally located. Here are the reasons discussed:
The EOS Blockchain network typically has no transaction fee. Meaning EOSIO apps are supposed to be free to use. This option helps users to get rid of the issue of complicated transaction fees a common factor in the first generation Blockchains. For developers, the benefit of low cost means operating an EOSIO protocol doesn’t cost them anything more than sticking to a traditional server.
EOSIO-based projects or applications are designed with lower latency rates when compared to other related platforms. This option helps EOSIO apps to function like regular non-Blockchain services. According to the founder of gaming platform Azarus, Alex Casassovici:
“EOSIO gives users the opportunity to interact with the Blockchain technology without having to understand how it really works.”
According to EOSIO:
“Speed is key to pushing for the mass adoption of the Blockchain technology because it amplifies the primary benefit of the Blockchain without actually compromising the existing conditions that most users take for granted like convenience and speed.”
With the new EOSIO v 1.6, which was implemented last week, EOSIO can achieve and sustain an improved performance and speed.
Many existing Blockchain protocols don’t really scale well enough to handle or meet up with the needs of businesses (that process thousands of transactions in every second for its clients. EOSIO’s public Blockchain network can process at least 4,000 transactions per second, which makes it 200x faster than the Blockchain protocol closest to it. On private networks, the speed can substantially increase, helping businesses to achieve the type of speeds they require.
Blockchain technology has been criticized consistently for its environmental impact. Bitcoin (BTC) for example, requires more energy to function than Singapore utilizes. The EOSIO Blockchain depends on the Delegated Proof of Stake (DPoS) consensus instead of the standard Proof of Work (PoW) consensus protocol. This helps to make the network 66,000 times more energy efficient than its competitor Bitcoin (BTC) and 17,000 times more energy efficient than Ethereum (ETH).