What is the EOSIO blockchain?

New blockchains are being developed which aim to provide the functionality that others are missing. One of the biggest of these new kids on the block is EOSIO - but what is it?


FILE PHOTO: A representation of cryptocurrency Monero is seen in this illustration taken August 6, 2021. REUTERS/Dado Ruvic/Illustrationo
FILE PHOTO: A representation of cryptocurrency Monero is seen in this illustration taken August 6, 2021. REUTERS/Dado Ruvic/Illustrationo
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LONDON (Bywire News) - EOSIO is a next generation open source blockchain based on its native cryptocurrency EOS. It is designed to operate a new kind of program known as decentralised application programs (DAPPS), and aims to encourage innovation and scalability among developers. It is growing fast and promises to offer faster transactions and better performance than other blockchains, fostering innovation and addressing problems of scalability.  

Powering decentralised applications

Decentralised applications are applications which exist and run on a decentralised network of computers, rather than a single computer. While a conventional app such as Twitter is controlled by a single entity, these applications are controlled by the community, distributing essential components making it almost impossible to hack or compromise. They deliver fast, secure and reliable applications.

DAPPs have been central to the Ethereum blockchain and the delivery of smart contracts, but they have faced a historic problem of capacity (scalability) causing performance issues. EOSIO attempts to offer a solution. 

What is the EOSIO public blockchain 

EOSIO grew out of a white paper in 2017 and was developed by Block.one, founded by entrepreneurs Dan Larimer and Brendan Blumer. They developed the EOS protocol which was designed torun with its own crypto currency, EOS.

In 2018 they released the blockchain as an open source software and distributed a billion EOS tokens to get started. Brendan Blumer announced that the new blockchain would be supported with an initial $1bn from Block.one raised through an IPO (initial public offering). However, it exceeded even their expectations, raising a total of $4bn. 

Today, the EOSIO public blockchain is one of the most active in the world. Its token, EOS, is built on a delegated proof of stake in which the community votes on block producers. Voting power depends on how many EOS tokens a person holds. The delegated proof of stake approach is complicated but is also more energy efficient and removes high-powered computing from the consensus algorithm, making it better for the environment. 

Advantages of EOSIO 

EOSIO set itself up to fill a gap in the market by offering cost and performance advantages over other blockchains. There are no transaction fees, so it’s made more or less free from the consumer’s point of view, whilst for developers it’s similar to running a server. 

It is also fast and has lower latency than other blockchains. They boast maximum transaction speeds of 3996 per second which is much faster than its rival Ethereum. This, they say, will help it get around the issue of scalability that has held the blockchain environment back. 

Eosio innovations

It has already spawned a number of innovations. In 2017, the wiki based online encyclopaedia, Everpedia announced it would be using the EOSI blockchain for its own token IQ, which would encourage users to generate content. These IQ tokens could be exchanged for Bitcoin. It saw EOSIO as helping them prevent certain countries from blocking the site. Once on the EOSIO blockchain, they hoped countries such as Turkey, which had blocked Wikipedia, would be unable to block their content. 

EOSIO Voice

More recently, EOSIO was also planned to be the founding for a new kind of blockchain-based social media channel. Voice.com was set up by Block.one and launched in 2020. It encourages users to post content using tokenomics and runs on blockchain-style software similar to EOSIO. 

Using a unique human sign-up method, it verifies the identity of users in order to keep internet bots and trolls off the site. The community polices the platform. They can flag up a piece of content as being abusive. The community can then vote on whether it should be removed or not.

EOSIO is still relatively new and is forever growing. New updates and innovations are expected as it continues to refine the technology.

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