The EOSIO blockchain protocol published by Block.one has only existed for seven months but is already the home of 260 projects.
The EOSIO-based projects provide a host of blockchain based software solutions in healthcare, social network, payments, marketplace, gaming, and many more categories.
EOSIO looked to explain why decentralized applications are being built on their blockchain, and why other blockchain apps are migrating to the EOSIO.
They explained why it EOSIO is becoming popular amongst enterprises and developers alike in a new Medium blog post.
According to EOSIO, there are four reasons why the EOSIO network has become a favored choice for blockchain apps. These include speed, cost, sustainability, and scalability.
They stated that EOSIO is the most used blockchain software in the world to date and that the dApps built on their network provide real-world utility as well.
Here are the four reasons EOSIO give on why applications are being built on their platform:
#1 – Scalability
Some existing blockchain systems do not scale enough to handle the needs of a business- which may process thousands of transactions per second for its customers.
EOSIO’s public network can process more than 4,000 transactions per second, making it 200x faster than its closest competitor.
On private networks, these speeds can increase substantially, helping businesses achieve the speeds they need.
#2 – Speed
EOSIO applications come with lower latency rates compared to other blockchain platforms. It helps EOSIO blockchain apps work like regular, non-blockchain services.
Alex Casassovici, founder of the gaming network Azarus noted:
“With EOSIO, users can interact with the blockchain without having to know how it works.”
EOSIO further stated:
“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.”
With the latest EOSIO v 1.6 implemented last week, the network can achieve better performance and speed. The release was announced by the company in a recent blog post:
“Our own internal benchmark tests show upwards of a 35% increase in likely transaction speed when using token-transfers-per-second as our base case.”
#3 – Low Cost
The blockchain network doesn’t have a transaction fee which means that EOSIO apps are free to use.
This helps users get rid of complicated transaction fees which are common in first generation blockchains.
For developers, such low costs mean that operating an EOSIO network doesn’t cost them more than maintaining a traditional server.
#4 – Eco-friendly
Blockchain tech has been frequently criticized for its environmental effects.
Bitcoin, for instance, needs more energy to run its network than Singapore uses.
The EOS blockchain uses Delegated Proof of Stake (DPoS) instead of Proof of Work (PoW) as a consensus algorithm.