Block.one Releases New Version of EOSIO Protocol
By Luke Flowers – Cryptocurrency Broker
EOSIO is a blockchain-focused smart contract protocol that is used to create and host decentralised applications (DApps). Users can buy EOS to use within the DApp environment. It uses the consensus model known as the delegated proof-of-stake.
According to the announcement, EOSIO 2.0’s core features several improvements to EOS VM (Virtual Machine) - high-performance WebAssembly engine made specifically for blockchain applications that offers more efficient use of system resources. The network requires users to buy EOS to pay for network RAM (Random Access Memory), the resource to process the smart contracts, much like the Ethereum network where you need to buy Ether to power them.
Block.one says that the updated EOS VM provides up to 16x the performance gains over EOSIO 1.0, which significantly improves contract efficiency. An issue with many other blockchains is the bottleneck conundrum in which throughput reaches a limit.
Other great new updates include the adoption of WebAuthn authentication standards, which uses a hardware device for both authenticating and signing transactions. This is all done in browsers without the need for extensions or extra software installations for EOSIO applications.
The press release claims that this will help improve security without users having to keep track of their private keys or any other account information. This will provide users with greater reassurance when looking to buy or sell EOS on the chain.
Block.one has also created what the network’s developers dub “weighted threshold multi-signature block production.” The system incorporates multiple block signing keys to sign blocks on primary and backup block production hardware.
The new version’s release also comes with a web-based development tool called the EOSIO Quickstart Web IDE still in alpha, which decreases the system and complexity requirements for developing EOS.io applications. This in turn will allow users to build applications much quicker for more functionality and use cases to buy EOS.
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