The developers behind EOS are of the opinion that Bitcoin isn’t suited for the entire global economy. There is something to say about this, Bitcoin does not have the fastest blockchain. The Bitcoin blockchain slows down when there is a heavy user load and when there are al lot of transactions executed at once. Sometimes it can take several hours before your transaction has been processed by the Bitcoin miners. This isn’t what the Bitcoin creators envisioned.
The EOS blockchain is able to process more transactions than Facebook and Twitter combined. This blockchain does not scale vertically, but horizontally. The result: much more transactions can be processed at once. Meaning that hundreds of thousands (and maybe even millions!) of transactions can be executed at the same time. This is a lot more than Bitcoin and Ethereum are able to process.
Development is much simpler than Ethereum
Ethereum uses a new programming language called Solidity, so to be able to build applications on the Ethereum network you need to have knowledge of Solidity. Unfortunately Solidity isn’t a common programming language and that means that many developers are automatically excluded. EOS does a better job using C++. This is a programming language that is often used by various programmers to create software.
Larimer throws all his past experiences into one blockchain
Larimer, one of the founders of this blockchain application, has been involved in numerous projects, such as Bitshares and Steem. This project seems to have become the final sum of his experiences. Fast, reliable, easy to use and no transaction costs, which makes micro-transactions easier to do. Creating decentralized applications is easy and thanks to DPoS (delegated proof of stake) there will be no transaction costs in the future.
Is it to good to be true?
EOS has been leaning on the Ethereum blockchain for a long time and is mainly a blockchain of promises. And let’s be very honest: Dan Larimer is not really known for finishing projects… altough this looks to be the masterpiece that will bring everything he has done before together.
How important is EOS to the blockchain industry?
Very important, especially when all plans are executed by the team behind the scenes. And there is a big chance this will happen! New developments are announced daily via EOS.IO. It’s all about the advantages that EOS brings to the table:
- Zero transaction costs
- Easy to use for developers and users
- Fast transactions (a matter of seconds)
- A strong team behind and a large community
This promises a bright future for this blockchain that seems to be growing every day.