It’s Official: EOSIO Has Hit the Crypto Market

After months of endless speculations, EOSIO has finally launched. The venture – whose ICO raised a whopping $4 billion – promises to process millions of transactions in a split second. Released on June 2 under MIT license, EOSIO offers yet another opportunity to developers to experiment their programming dexterities, building on a robust framework that delivers all the unique features of high-speed, blockchain-based development platform.

Background Information

EOSIO is the Version 1.0 of open-source blockchain-based software developed by Block.one, an open-source software developer with specialty in blockchain technology. The software was developed to serve as the enabler for businesses to deploy their tamper-proof, blockchain-based applications.

Features

Aside from promising enterprises and developers a high-speed, temper-proof platform, Block.one is assuring all crypto pundits that EOSIO will deliver amazing features, such as low latency block confirmation, smart contracts, time delay security, inter-blockchain interaction and lots more.

According to their official website, intended users are strongly advised in their own interests to peruse and grasp the disclaimer on the platform as Block.one cannot be held accountable in any events of bugs, faulty codes or errors disrupting the stellar performance of the platform.

Architecture

The tech wizardry behind EOSIO is heartwarming, given that it shares some similarities with Ethereum – a platform many researchers and developers are used to. For example, EOSIO allows users who participated in the EOS Ethereum token sale to swap their ERC-20 protocol compatible tokens before June 2 – failure of which will lead to their tokens being attributed to EOS main net.

In addition to ERC-20 standard which is popular with Ethereum non-native altcoins, EOSIO also features decentralized applications (Dapps) for data ownership and control, tech apps, supply chain and logistics.

Despite the striking resemblance the two platforms share, they also have their differences. Take, for instance, while Ethereum platform implements ethash (the name of Ethereum’s Proof of Work consensus algorithm), EOSIO maintains a Delegated Proof of Stake consensus algorithm. With this consensus algorithm, nodes could vote for a delegate to represent them. When a delegate is elected, the delegate represents the rest but can be relieved of its role if it underperforms. With the Delegated Proof of Stake consensus algorithm, Black.one hopes to encourage active community engagement, voting and selection on the platform.

Future Plan

Apart from generating $4 billion, a-$50-million fund has been launched by Block.one in collaboration with SVK Crypto, a London-based community-driven investment fund, in a bid to further expedite the growth and development of the platform.