EOSIO is basically a relatively advanced method of performing various distributed smart contracts on an existing blockchain.
The EOSIO project identifies the expenditure, as well as the difficulty that comes with a “hard fork,” whenever a blockchain needs to be abandoned and its contents need to be deported to a different new chain for the purpose of enabling advanced features or even to fix a major defect in software. It is actually created with the intention to prevent this necessity wherever possible.
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Why Choose EOSIO?
EOSIO is the blockchain software that is used most commonly all over the world. There are various reasons for that. EOSIO offers massive improvements in cost, speed, sustainability, as well as scalability.
Even today, EOSIO is the world’s preferred choice over all other alternatives. The different kinds of applications that it is being used for building, offer facilities with real-world efficacy. And from digital payment to fitness tracking, music sharing to ride-hailing, the applications built on EOSIO have developed as the faster, cheaper and safer option.
4 Reasons Why EOSIO is used for Building Applications on
After considering the feedback from various entrepreneurs and developers, highlighted below are the 4 reasons why EOSIO is being used for building applications on:
1. It’s Fast
Applications that are built using EOSIO have a lower dormancy as compared to the ones built on blockchain platforms. Basically, users don’t need to spend hours waiting to find out whether their payment had been processed, email had been sent or their order for food even went through. With EOSIO applications, all the users need to know is that the data and information that they’re inputting for a contract is a lot safer but not any slower than the usual non-blockchain applications that they use. This is the major driving factor for mass acceptance of any blockchain equipment, since it strengthens the matchless advantages of blockchain without any compromises on convenience or speed.
2. It’s Almost Free
EOSIO can actually offer its users with a comparatively more cost-effective model for the customers, as well as the developers, unlike the other blockchain protocols. It does so by simply eliminating any requirements of fees for transactions. From the viewpoint of consumers, specific users are required to pay for each transaction so as to be able to make use of first-generation blockchain applications, but the applications built on EOSIO are virtually free for the consumers to use.
Some of the blockchain systems present today, process their transactions at a speed of about 15-20 transactions every second. This speed isn’t enough for businesses which require transacting with hundreds of customers at the same time. But with EOSIO, it is possible to process more than just 4,000 transactions every second. This makes it 200 times speedier than its competitors. For businesses that require processing numerous transactions at a time, a system working at faster speeds is very attractive.
EOSIO is s software that has been built for both private, as well as public blockchain networks. Therefore, it has been made customizable so as to suit the needs of every business.
From the massive progress that the developers have been making by building applications on the EOSIO network, it becomes obvious that it is a solution for all the problems regarding speed, cost, scale, as well as sustainability.