EOSIO is a new approach to executing decentralized smart contracts on a blockchain.
The EOSIO design recognizes the difficulty and expense related to a "hard fork," where an existing blockchain must be abandoned and its contents ported to a new chain in order to enable new features or correct some major software deficiency. It is designed to avoid this necessity as much as possible.
How EOSIO Improves Upon Other Blockchain Platforms
Blockchain-based technologies and cryptocurrencies frequently make the mainstream news because they have a number of deficiencies; the EOSIO design has features that address each of these concerns, as follows.
Issue: Account Recovery
The first issue commonly encountered with other blockchain-based technologies is the inability to reverse transactions, even in the short-term.
With EOSIO, a sophisticated and extensible permissions system makes it possible to recover an account in the event that private keys are lost or stolen.
Issue: Scaling Problems
Interchain communication among multiple instances of EOSIO allows for unbounded horizontal scaling, while also maintaining the traditional attributes of a blockchain.
Issue: Security Expenses
Another common problem with standard blockchain technologies is the sheer expense related to securing the chain using proof-of-work.
Distributed proof-of-stake drastically reduces the electricity costs of running an EOSIO blockchain compared to any proof-of-work blockchain.
Issue: A Lack of Turing Completeness
This drawback significantly restricts the types and features of applications that can be deployed using the technology.
EOSIO achieves the Turing completeness lacking in other blockchain frameworks by including deferred transactions, which can be scheduled (and rescheduled) automatically by code.
Issue: High Usage Expense
EOSIO has a sophisticated resource allocation scheme through which bandwidth, computation, and storage for distributed applications are allocated independently by staking tokens rather than paying a fee. These staked tokens are recoverable, making application usage free, and block producers are compensated through other means than per-transaction fees.
Issue: Weak Security
Other frameworks experience similar security weaknesses to those that plague other cryptocurrencies in the real world.
The previously mentioned EOSIO permissions system allows for account recovery, and together with deferred transactions, makes it possible to claw back unauthorized transactions without disrupting the integrity of the blockchain.
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