You asked, and we’re coming back with answers. This is the first of our responses to the #AskBlockone Twitter Q&A series. Each week, we’ll be selecting questions that have been asked on Twitter using #AskBlockone and post our answers from employees within the Block.one organization.
A reminder that we won’t be able to answer every question immediately, but we’ll do our best to direct you to existing resources if there’s somewhere else you can find an answer. We operate in a rapidly changing environment and may not have an answer to every question, but we encourage you to ask.
Thanks to everyone who submitted questions last week!
@BitcoinsBank asked #AskBlockone: How could @singularity_net benefit from the EOS infrastructure, please?
Great question. In fact, the EOSIO blockchain infrastructure will provide individuals and businesses developing decentralized applications several things that they won’t get from other blockchain platforms. You can see a complete overview of the current Dawn 3.0 release features announced last week.
One distinct concept of the EOSIO platform is that it enables blockchains to establish a constitution — essentially a binding, peer-to-peer terms-of-service agreement. This defines obligations and guides the community through updates and dispute resolution.
The EOSIO platform is also designed for scale from the ground up, and it’s the first to use WebAssembly, which has some of the fastest and highest execution speed. Dawn 3.0 supports 500 ms block intervals, dramatically reducing latency in the platform compared to other blockchain platforms which can be minutes or hours depending on the transaction and network congestion.
Real-world performance is something our team has been focused on in our testing, benchmarking the platform in several different configurations to test best and worst case performance. Currently, the worst case scenario is 1,000 transactions per second (TPS) and a best case around 6,000 TPS with our current testing. This is all prior to our future goal of implementing multi-threaded support which will dramatically increase transaction throughput.
It is our goal to have EOSIO scale to unlimited transactions per second as it facilitates inter-blockchain communication, dividing workloads between as many blockchains as needed. Interoperability being a focus of the core platform will make it easier to communicate between businesses and applications built on the blockchain, increasing trust and efficiency.
EOSIO smart contracts will also be able to run in perpetuity, allowing for continuous interactions, scheduled and delayed transactions, and ultimately helping with security features as well.
Ultimately, EOSIO offers unparalleled usability, it has one of the most dynamic permissions systems of any blockchain, providing flexibility to developers to tailor their applications to any use case with what amounts to essentially an operating system for blockchain.
All product and company names are trademarks™ or registered® trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them.