Blockchain is one of the revolutionary changes in the field of technology. We have witnessed a huge development in this domain. With every change in the Blockchain, we can expect the system to be far more effective and free from error. The focus of this blog is on EOS in Blockchain.
What is EOS in Blockchain?
The world got to know about EOS in the year 2017 when the first ICO was announced. EOS established itself as a tough competitor to platforms like Ethereum and even to the new entrants in the business. EOS is a Blockchain platform that was developed for creating decentralized applications. The objective of creating the EOS is to provide a user-friendly platform to companies and businesses so that they can develop decentralized applications.
EOS was developed to combat the drawbacks of conventional blockchain platforms like Ethereum. Another key problem that EOS blockchain addresses is scalability. Scalability is the key problem that Blockchain faces; for Blockchain to be0cme equally efficient as the other payment platforms, it is important that it should be highly scalable. The EOS Blockchain addresses this issue.
Let’s explain this with an example:
The conventional Blockchain platform like Ethereum offers a lower rate of transactions. Also, the users have to pay the Gas fees to use dApps which are developed on this platform. This becomes a drawback for the users because they would not be willing to pay the fees at every step. To overcome this challenge, the EOS platform uses vertical and horizontal scaling. Also, it provides a secure and safe platform for transactions. To sum it up in simple words, we can say that EOS Blockchain provides the benefit of Blockchain, along with additional benefits like better scalability. It is a fully functional Blockchain that provides the following services:
- Smart contracts
2. Cloud storage dApps
3. the User authentication
4. It also removes the transaction fees
5. Higher scalability is yet another important feature of EOS Blockchain.
Some of the key features of EOS Blockchain:
1. It is designed to compete with Blockchain platforms like Ethereum
2. It offers free transaction
3. Higher scalability is yet another important feature of EOS Blockchain
4. It works on the proof-of-stake governance model
This was the basic information about EOS Blockchain. It is a highly dynamic technology, and we will be witnessing a change in Blockchain technology. Since this technology is at a growing stage, it is expected that Blockchain will undergo improvisation. It is going to help in making Blockchain technology an infallible technology.
The growing number of uses of Blockchain in different industrial segments highlights the importance of Blockchain and how it is going to change the course of business operations. There is also going to be a growing demand for Blockchain developers. If you, too, are willing to learn more about Blockchain, or you want to upskill yourself, then you must enroll for the Blockchain certification program. The Blockchain Council is a leading platform providing online certification programs in Blockchain. For more updates, connect with the Blockchain Council today.