Fast Blockchains are the Future

in LeoFinancelast month

With a global adoption in mind, it is necessary to note that only fast and/or scalable blockchains will be appreciated in the future. Blockchains that are slow or with excessive gas fees may be sidelined.

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We come to see that day-by -day, the number of people adopting blockchain technology and using cryptocurrency for transactions continues to increase. This then makes it necessary for blockchain developers to pay attention to speed and fees for transactions.

No one wants to wait a whole day or too many hours before a transaction is being processed. Also, no one wants to pay huge fees to process a transaction. Everyone is paying attention to how fast they can complete their transactions and with low fees.

However, the popular Ethereum blockchain is lacking in these qualities of speed and fees. Ethereum appears to be slow and always charging high fees. There's a chance that it may lose users except the needed upgrade comes. Similarly, even Bitcoin is slow.

Compared to EOSIO (EOS) and TLOS blockchains, these two blockchains are very fast as well as charging less fees. Someone might be wondering why EOS is not having so much adoption. In my opinion, I'd say that it is just a first-mover advantage.

Dan Larimer, the founder of EOS saw the flaws of Bitcoin and then had an idea but was slow in developing it and making it public. On the other hand, Vitalik tried to solve the Bitcoin problem but did it in a wrong way. Vitalik got to develop the Ethereum blockchain before Dan came up with his.

So, people got to adopt Ethereum first and this makes it hard for EOS to be popular even though it has better features. Interestingly, EOS and TLOS are not the fastest blockchains currently. SOLANA is the fastest and it operates using Proof of History.

However, in the near future when more people come to adopt crypto, fast blockchains like EOSIO, TELOS, SOLONA etc will be sort after.

Posted Using LeoFinance

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