EOSIO, an open source smart contracts platforms makes its way to the crypto space
The blockchain software developer, block.one has come up with release version 1.0 of EOSIO, as mentioned in their official blog post, that was published on June 2, 2018. EOSIO is an open source platform that lets anyone build high performance & highly secure application for individual and business purposes. These are obviously going to be blockchain-based applications.
In times where the machine is expected to do the most of the job, the most deterministic execution will be done by business logic developed by the developers. The user base will be able to adapt this transition from manual approach to machine approach. Furthermore, this switch will not only bring technological advancements in action but also implement blockchain in more than just cryptocurrency.
The business logic developed with this thing in mind will have blockchain level security, privacy, and traceability. Also, these business logic are very easy to update with changing governmental laws or organizational opinions.
The primary goal of this protocol is to enable safe data transfer & high-performance blockchain-based applications. Here’s something EOSIO is capable of doing:
- Free Rate Limited Transactions
- Low Latency Block confirmation (0.5 seconds)
- Low-overhead Byzantine Fault Tolerant Finality
- Optional high-overhead, low-latency BFT finality
- Smart contract platform powered by Web Assembly
- Designed for Sparse Header Light Client Validation
- Scheduled Recurring Transactions
- Time Delay Security
- Hierarchical Role Based Permissions
- Support for Biometric Hardware Secured Keys (e.g. Apple Secure Enclave)
- Parallel Execution of Context Free Validation Logic
- Inter Blockchain Communication
Unlike other cryptocurrencies, this protocol can function without any tokens. That is, you don’t have to have tokens to use this platform and/or any application built on this platform. This makes EOSIO, an ideal platform for enterprise and individual users.
It is important to note that each EOSIO blockchain is already supporting 1000 transactions per second. And future versions of EOSIO will not only support higher TPS but also provide tools that will help you better manage the inter-blockchain communication. Furthermore, you are being warned that the protocol is released under open source MIT license without any warranty of any kind.
Talking of accessing the blockchain, you can do that with EOSIO private key. Obviously, to access the EOSIO blockchain, you will be needing an account on EOSIO platform. Block.one is not open for any wallet DAPPS.
So far, the protocol is in beta stage and will take time reach your hands. Since the platform is mainly for developers who can build decentralized blockchain based apps, it will take make a huge difference whenever it’s going to go live. The fact that users don’t need tokens to use these applications, is an absolute game changer. However, the EOSIO itself is a token which you can store on iMac PC, MacBook iPhone, iPad etc. Furthermore, you can access your funds from command line wallet, also known as “keosd”
This is just temporary, as time lapse, we hope to see new names adding to this list of wallets.