How to Develop a Blockchain Platform like EOS?

In the rapidly evolving landscape of blockchain solutions, EOS stands out as a powerful platform with unique benefits for businesses seeking to build decentralized applications (DApps). This blog serves as your essential resource for navigating the intricacies of EOS blockchain development, offering valuable insights into the associated costs, standout features, and the step-by-step development process tailored for businesses.

Whether you are an established enterprise exploring blockchain opportunities or a startup venturing into decentralized technologies, this guide is designed to be your strategic companion. Join us as we delve into the specific considerations businesses need to make when developing on EOS – from understanding its benefits and leveraging key features to successfully navigating the EOS development process. This comprehensive overview aims to empower your business with the knowledge needed to unlock the full potential of EOS for your blockchain initiatives.

What is EOS Blockchain?

EOS, or EOS.IO, is a blockchain platform that is designed to support decentralized applications (DApps) and smart contracts. It was developed by the company Block. one and was released as open-source software in 2018. The primary goal of EOS is to provide a platform that is scalable, flexible, and user-friendly for developers to build decentralized applications.

Key features of the EOS blockchain include:

• Scalability: EOS aims to provide high throughput and scalability to support a large number of transactions per second. The platform uses a consensus mechanism called Delegated Proof-of-Stake (DPoS), where a limited number of nodes (delegates) are chosen to validate transactions and produce blocks.

• Flexibility: EOS provides a flexible and customizable environment for developers to create and deploy smart contracts. It uses a programming language called C++ for smart contract development, which is widely known and used by many developers.

• User-Friendly: EOS aims to improve the user experience for both developers and end-users. The platform attempts to eliminate transaction fees for users and provides tools to make it easier for developers to create and deploy decentralized applications.

• Governance: EOS has a unique approach to governance through its DPoS consensus mechanism. Token holders vote for a select number of block producers who are responsible for validating transactions and maintaining the network. This enables a more democratic and community-driven approach to decision-making.

Key Market Takeaways

According to FortuneBusinessInsights, in the rapidly evolving landscape of blockchain technology, the market has witnessed substantial growth, with a projected increase from USD 17.57 billion in 2023 to an impressive USD 469.49 billion by 2030, demonstrating a noteworthy CAGR of 59.9%. This upward trajectory signals a strategic imperative for businesses aspiring to develop their own blockchain platforms.

Among the diverse applications driving the blockchain market, the payments segment is poised to claim a substantial market share. The increasing integration of cloud services in payment and transaction processes is a key factor contributing to this growth. Blockchain technology enhances payment system transparency, cost-effectiveness, and operational efficiency, making it an indispensable tool in the rapidly evolving financial landscape.

During the forecast period, the digital identity segment is anticipated to exhibit the fastest CAGR in the market. The surge in identity frauds and cyber-attacks worldwide is driving the adoption of blockchain technology to secure digital identities. Blockchain’s inherent security features make it a robust solution for safeguarding sensitive identity information, meeting the growing demand for secure and tamper-proof identity verification processes.

The supply chain management segment is another significant application area for blockchain technology. By leveraging digital ledger technology, supply chain networks can achieve greater transparency, thereby reducing fraud in the distribution of high-value goods such as pharmaceutical drugs and diamonds. The ability to eliminate the impact of counterfeit products further positions blockchain as a transformative force in supply chain optimization.

Just as significant players invest heavily in blockchain technology, businesses looking to build their platforms should allocate resources strategically. This investment is not only financial but also includes time, talent, and a commitment to the long-term vision. Exploring global collaborations and drawing inspiration from the diverse approaches of key players like IBM, Amazon Web Services (AWS), Oracle, and others can contribute to a robust blockchain strategy.

Why are Blockchain Platforms like EOS in Trend?

Blockchain platforms have become synonymous with innovation, offering a myriad of benefits that transcend traditional technological limitations. Let’s delve into the transformative power of blockchain platforms, exploring ten key advantages that are reshaping industries across the globe.

1. dApps Development Simplified

Creating a blockchain platform, such as EOS, provides businesses with a strategic gateway to foster growth through the streamlined development of decentralized applications (dApps). By leveraging the decentralized infrastructure offered by blockchain platforms, businesses can empower developers to efficiently build and deploy sophisticated dApps.

 This not only enhances the overall functionality and security of their applications but also contributes to the establishment of a robust ecosystem of blockchain-based solutions. In building their own blockchain platform, businesses can position themselves at the forefront of innovation, ensuring scalability, transparency, and agility in their operations, ultimately driving sustained growth in the competitive blockchain landscape.

Also read, “How to Make a Blockchain Platform Like Vechain”

2. Transaction Freedom

Breaking free from the norm, blockchain platforms facilitate transactions without the burden of associated costs. Unlike many other blockchain solutions, users can perform operations and services on these platforms without incurring transaction fees, enhancing accessibility and affordability.

By developing their own blockchain solutions, businesses can attract a broader user base, fostering increased adoption and participation. This strategic advantage not only improves the overall user experience but positions the business for sustainable growth by creating an ecosystem where transactions are seamless, cost-efficient, and attractive to a diverse range of users.

3. Governance Model

By establishing a blockchain platform, such as EOS, businesses gain access to a reinvented governance model that catalyzes growth. The implementation of a robust voting system and governance structure ensures adaptability and flexibility, enabling active participation from the blockchain community. 

This democratic approach not only fosters a sense of community ownership but also facilitates agile decision-making processes. Businesses that build their own blockchain platforms can leverage this innovative governance model to create an environment where stakeholders actively contribute to the evolution of the platform. This inclusive and responsive governance framework, in turn, enhances trust, transparency, and collaboration, paving the way for sustainable growth and competitiveness in the dynamic blockchain industry.

4. Developer-Friendly Environment

A blockchain platform tailored for developer-friendliness, like EOS, can also go a long way in blockchain businesses. Offering an intuitive environment with a user-friendly web toolkit and streamlined database schemes, businesses can empower their development teams to navigate the intricacies of blockchain effortlessly. 

This ease of use accelerates the creation and deployment of innovative decentralized applications (dApps), reducing development time and fostering a conducive atmosphere for continuous innovation. By building their own blockchain platform with a developer-centric approach, businesses position themselves to attract top talent, enhance operational efficiency, and swiftly adapt to evolving market demands, thereby fueling their growth in the competitive blockchain industry.

5. Smooth Hard Forks with Reduced Risks

Building a proprietary blockchain platform also offers blockchain businesses a distinct advantage in facilitating seamless hard forks with reduced risks during network upgrades. This streamlined approach mitigates potential disruptions and ensures a smoother transition, avoiding challenges encountered in notable instances like the Ethereum-Classic fork. 

By implementing a robust and controlled hard fork process, businesses can enhance the adaptability and scalability of their blockchain networks, fostering a conducive environment for growth. This reduced risk and enhanced flexibility empower blockchain businesses to stay ahead of technological advancements, attract developers, and cultivate a resilient ecosystem, ultimately contributing to sustained growth and competitiveness in the blockchain industry.

6. ICO Friendliness

Establishing a proprietary blockchain platform can become a catalyst for the growth of blockchain businesses by fostering ICO friendliness. This entails creating a hospitable environment for Initial Coin Offerings (ICOs), enabling businesses to host fundraising events within the platform seamlessly. By embracing a supportive ICO framework, businesses can attract a diverse range of projects and contributors, thus expanding their ecosystem.

This accessibility not only facilitates the capitalization of innovative ideas but also positions the blockchain platform as an attractive hub for entrepreneurial endeavors. In building their own blockchain platform with ICO-friendly features, businesses can stimulate growth, encourage investment, and contribute to the vibrancy of their blockchain ecosystem.

7. Scalability and User-Friendliness

Developing an in-house blockchain platform, like EOS, paves the way for blockchain businesses to thrive by offering a platform that is both scalable and user-friendly, without the constraints of licensing fees. This ensures that businesses can effectively manage a growing user base and increasing transactions, all while providing an intuitive and accessible experience for users. By building their own blockchain platform at no additional cost, businesses can foster growth, encourage widespread adoption, and maintain a competitive edge in the evolving blockchain industry.

8. Energy-Efficient Development

Creating a proprietary blockchain platform inspired by the energy-efficient model of EOS becomes a strategic driver for the growth of blockchain businesses. By adopting a development approach that minimizes environmental impact, businesses can build their own blockchain platform with a reduced reliance on decentralization and smart contracts, leading to lower energy consumption. This eco-friendly design not only aligns with sustainable practices but also positions the business as a responsible player in the blockchain space. 

As environmental consciousness grows, such a platform can attract environmentally conscious developers and users, contributing to a positive brand image and fostering growth in a market that is increasingly prioritizing sustainable solutions. Building an energy-efficient blockchain platform not only reduces operational costs but also aligns with evolving industry standards, ensuring long-term growth and resilience in the competitive blockchain landscape.

9. Interoperability and Parallel Computing

Developing a proprietary blockchain platform can also help blockchain businesses by improving interoperability and parallel computing. By seamlessly integrating these capabilities into their platform, businesses can significantly enhance communication and processing efficiency within their blockchain network. 

This not only facilitates smooth collaboration between diverse blockchain systems but also enables parallel processing, optimizing overall performance. As businesses construct their own blockchain platforms with interoperability and parallel computing, they establish the foundation for a more interconnected and efficient ecosystem. This fosters seamless information and resource exchange, attracting a diverse range of users and developers. The resulting synergy promotes innovation and positions the business at the forefront of technological advancements, driving sustained growth in the dynamic blockchain landscape.

10. Self-Sustaining Evolution

By developing a blockchain platform that evolves autonomously with rising user adoption, businesses can ensure longevity and continuous improvement. This self-sustaining evolution not only enhances the platform’s capabilities but also attracts a growing user base. 

As businesses construct their own blockchain platforms with this inherent ability to adapt and improve over time, they create an environment conducive to innovation and user engagement. This, in turn, positions the business for sustained growth in the competitive blockchain landscape, as the platform seamlessly evolves to meet the changing needs of its users and the broader market.

11. Role-Based Security Permissions

By having role-based security permissions in their apps, blockchain businesses can establish a robust access control mechanism, ensuring both flexibility and stringent security protocols. This feature not only safeguards the platform’s integrity but also instills confidence among users and stakeholders.

 As businesses construct their own blockchain platforms with advanced security measures, they cultivate a trustworthy environment, attracting users and partners concerned with data protection. This, in turn, fosters growth by enhancing the platform’s reputation for reliability and security in an industry where trust is paramount. Building a blockchain platform with role-based security permissions becomes a cornerstone for sustained growth, providing a secure foundation for users to engage and transact with confidence.

12. Industry-Leading Speeds

By adopting the swiftness and efficiency associated with blockchain platforms like EOS, businesses can offer a platform that is ideal for applications demanding rapid processing. This advantage not only attracts developers and users seeking high-performance blockchain solutions but also positions the business as a frontrunner in the industry. As businesses build their own blockchain platforms with industry-leading speeds, they provide a competitive edge that enhances user experience and facilitates the seamless execution of transactions. This, in turn, contributes to the growth of the platform by attracting a diverse range of applications and users, establishing the business as a leader in the dynamic blockchain landscape.

Must-Have Features in Blockchain Platforms like EOS

In the ever-evolving landscape of blockchain technology, certain features have emerged as indispensable for the success of any blockchain platform. Drawing inspiration from innovative implementations in the blockchain space, let’s explore the must-have features that contribute to a platform’s efficiency, scalability, and overall effectiveness.

1. Consensus Mechanisms for Optimal Performance

Optimal performance in blockchain platforms is contingent on the adoption of sophisticated consensus mechanisms. The strategic choice between Proof-of-Stake (PoS), Delegated Proof-of-Stake (DPoS), or alternative consensus models significantly influences a platform’s trajectory.

By aligning the selected mechanism with the platform’s overarching goals, businesses can bolster transaction speeds and scalability, thereby establishing a robust foundation for a high-performing blockchain. This, in turn, facilitates business growth by ensuring efficient and seamless operations. The implementation of these advanced consensus mechanisms not only enhances the platform’s technical capabilities but also instills confidence among users and investors, fostering a conducive environment for expansion and increased market adoption.

2. Smart Contract Support

Empowering decentralized applications (DApps) through smart contract support is a pivotal aspect of blockchain platforms. By facilitating the development and execution of smart contracts, blockchain businesses can empower developers to craft a diverse array of decentralized applications. This support for smart contracts not only serves as the backbone of innovation but also nurtures creativity within the blockchain ecosystem. The flexibility afforded by smart contracts allows for the seamless implementation of various functionalities, paving the way for novel and groundbreaking solutions that can drive the evolution and widespread adoption of decentralized technologies.

Also read, “Blockchain in IoT Use Cases”

3. Parallel Processing for Scalability

Blockchain businesses harnessing efficient parallel processing is a transformative strategy for enhancing transaction throughput and scalability within blockchain platforms. The ability to concurrently process multiple transactions is a game-changer, as it not only elevates the speed of transactions but also contributes to the overall scalability of the system. 

Platforms that excel in parallel processing ensure a seamless user experience by efficiently managing increased transaction volumes. This capability becomes particularly crucial in accommodating the demands of a growing user base and adapting to the dynamic landscape of diverse applications. By incorporating parallel processing, blockchain platforms position themselves to handle higher workloads and evolve in tandem with the expanding needs of users and the ever-changing landscape of decentralized applications

4. Resource Management

Implementing granular resource management features can be a key strategy for businesses for empowering users within a blockchain ecosystem. By allowing users to allocate resources like CPU, RAM, and bandwidth according to their specific needs, platforms enable a high degree of customization. This tailored resource allocation optimizes the utilization of network resources, ensuring that users have the flexibility to adapt precisely to the unique demands of their decentralized applications.

 This approach not only enhances efficiency but also promotes a more user-centric experience, as individuals can fine-tune resource distribution based on the specific requirements of their applications. As a result, blockchain platforms that prioritize resource management contribute to a more adaptive and responsive environment, fostering user satisfaction and facilitating the seamless operation of a diverse range of decentralized applications.

5. Token Standardization

Token standardization plays a crucial role in promoting interoperability and compatibility within the realm of blockchain. Platforms that adhere to recognized token standards are pivotal in fostering seamless interaction between various decentralized applications and services. By establishing a common framework for token creation and management, blockchain businesses can contribute to a more interconnected blockchain ecosystem.

 This standardization allows tokens to function uniformly across different applications, promoting a cohesive environment where assets and functionalities can be easily shared and utilized. In essence, the adoption of token standards not only streamlines processes but also enhances the overall efficiency of the blockchain ecosystem, making it more accessible and conducive to collaboration and innovation across a diverse range of decentralized applications and services.

6. Inter-Blockchain Communication (IBC)

The integration of Inter-Blockchain Communication (IBC) is a critical feature enabling seamless communication and asset transfers between distinct blockchain networks. This capability serves as a catalyst for collaboration and interoperability, empowering users to harness the unique strengths of multiple blockchains for a wide array of use cases.

By implementing IBC features in blockchain platforms, businesses can hold significant potential for fostering growth. By facilitating interoperability, businesses can expand their ecosystem and tap into a broader network of users, applications, and services. This interconnected environment not only enhances the versatility of the blockchain platform but also attracts a more diverse user base. Collaboration between different blockchains opens up opportunities for novel applications and services, driving innovation and creating value for users.

Also read, “Decentralized Cloud Storage Using Blockchain”

7. Sharding

The incorporation of sharding, a technique in blockchain technology, offers a solution to a core scalability challenge by partitioning the network into smaller, independent units known as shards. Each shard can autonomously process transactions and execute smart contracts, effectively parallelizing the network’s operations. 

This approach substantially boosts scalability, enabling a higher transaction throughput. For blockchain businesses, implementing sharding translates into enhanced operational efficiency and the capacity to accommodate a significantly larger volume of transactions concurrently. The improved scalability attracts more users, fosters increased adoption, and positions the business for sustained growth by ensuring a seamless and responsive blockchain experience.

8. Zero-Knowledge Proofs

Businesses incorporating zero-knowledge proofs, such as zk-SNARKs, into a blockchain introduces an advanced level of privacy and confidentiality for transactions. With this cryptographic technique, users can validate the authenticity of information without disclosing the underlying data. 

This not only elevates user privacy but also establishes a more secure and confidential blockchain environment. The integration of zero-knowledge proofs attracts users who prioritize stringent data protection and confidentiality measures, positioning the blockchain platform as a trusted and privacy-centric solution. This enhanced level of privacy can contribute to the growth of the blockchain business by appealing to a broader user base seeking advanced security features and a heightened sense of data confidentiality.

9. Homomorphic Encryption

The integration of homomorphic encryption stands as a pioneering feature that revolutionizes privacy-preserving computation within blockchain systems. This breakthrough technology permits computations on encrypted data without requiring decryption, thereby markedly enhancing the privacy and security of information stored on the blockchain.

 Homomorphic encryption is especially invaluable for businesses in situations where sensitive data necessitates processing without compromising its confidentiality. This feature offers a robust solution for privacy-conscious users, positioning the blockchain platform as a secure and privacy-oriented solution. Implementing homomorphic encryption not only safeguards sensitive information but also appeals to users and businesses seeking advanced privacy measures, contributing to the growth and trustworthiness of the blockchain platform.

10. Layer-2 Scaling Solutions

The implementation of Layer-2 scaling solutions can also be a great strategy for businesses to optimize blockchain performance. Techniques such as state channels or side chains serve to alleviate congestion on the main blockchain by offloading certain transactions. This not only significantly increases transaction throughput but also contributes to a reduction in latency and improved scalability. Layer-2 solutions offer a pragmatic approach to handling a high volume of transactions while maintaining the integrity and security of the main blockchain.

11. Cross-Chain Compatibility

The ability to seamlessly interact and transfer value between different blockchain networks is a critical feature for a versatile and interconnected decentralized ecosystem. Blockchain platforms that support cross-chain compatibility enable assets and data to move fluidly between disparate blockchains. This fosters collaboration and opens up new possibilities for cross-chain applications, promoting a more integrated and collaborative blockchain landscape.

12. Oracles and External Data Integration

Oracles play a crucial role in bringing external data into the blockchain ecosystem, facilitating the execution of dynamic and complex smart contracts. By integrating reliable oracles, decentralized applications gain access to real-world information, making it possible to create smart contracts that respond to real-time data. This feature expands the scope of blockchain applications, enabling them to interact with and react to external events, ultimately enhancing the versatility and functionality of the decentralized ecosystem.

How do you develop a blockchain platform like EOS?

Here’s a stepwise guide on how to develop a blockchain platform like EOS,

1. Understand Blockchain Technology

Developing a blockchain platform like EOS begins with a comprehensive understanding of its foundational technologies. Delve into decentralized ledgers, consensus algorithms, cryptography, and distributed systems. Familiarity with these principles is essential for making informed decisions throughout the development process, ensuring the creation of a robust and effective blockchain system.

2. Define Use Case and Requirements

Precisely outline the purpose of your blockchain platform, detailing the specific applications it will support. Whether it’s decentralized applications (DApps) or token creation, define use cases and derive requirements accordingly. These requirements might include scalability for handling a high transaction volume, speed for quick transaction confirmations, or programmability for smart contract execution.

3. Choose a Consensus Algorithm

Selecting the right consensus algorithm is pivotal. EOS employs Delegated Proof of Stake (DPoS) for its efficiency. Evaluate alternatives like Proof of Work (PoW), Proof of Stake (PoS), or Practical Byzantine Fault Tolerance (PBFT). Consider factors such as scalability, energy efficiency, and decentralization to align the consensus mechanism with your platform’s goals.

4. Front-End Development

4.1 User Interface (UI) Design:

Crafting an engaging and user-friendly UI is paramount for the success of your blockchain platform. Develop web-based dashboards, wallet applications, and tools that cater to the needs of both end-users and developers. Design intuitive interfaces that provide seamless access to features such as transaction monitoring, account balance tracking, and smart contract interaction. Prioritize clarity and simplicity to enhance user experience and encourage wider adoption.

4.2 Wallet Integration:

Create or integrate wallet solutions that empower users to securely store, manage, and transact with their digital assets on your blockchain. Ensure the wallet incorporates robust key management, transaction signing functionalities, and establishes secure communication channels with the blockchain nodes. A well-integrated wallet solution enhances the overall usability and accessibility of your blockchain platform.

4.3 APIs for Developers:

Facilitate developer engagement by providing well-documented APIs that enable them to build applications on your blockchain platform. These APIs should expose essential functionalities, including transaction submission, smart contract interactions, and blockchain data queries. Ensure the documentation is comprehensive and supports multiple programming languages to accommodate a diverse developer community. This fosters a thriving ecosystem of decentralized applications built on your platform.

4.4 Developer Tools:

Empower developers with a suite of tools, SDKs (Software Development Kits), and frameworks that simplify the creation of decentralized applications (DApps). Include features like debugging tools, testing environments, and deployment scripts to streamline the development lifecycle. These tools contribute to the efficiency of developers, encouraging innovation and the rapid deployment of applications on your blockchain platform.

5. Back-End Development

5.1 Node Implementation:

Implement and optimize the back-end components crucial for the functioning of your blockchain platform. The node implementation involves coding the backbone of the system, responsible for validating transactions, reaching consensus, and maintaining the overall state of the blockchain. It is imperative to prioritize scalability, resilience, and efficiency in the development of node software to ensure it can handle the evolving demands of the network effectively.

5.2 APIs for Node Communication:

Develop robust Application Programming Interfaces (APIs) to facilitate seamless communication between nodes within the blockchain network. Define protocols that govern the broadcasting of transactions, the consensus-building process, and the propagation of updates to the blockchain state. Consider implementing secure communication channels, leveraging encryption and other security protocols, to protect against potential malicious activities and unauthorized access.

5.3 Data Storage and Management:

Design and implement a secure and efficient data storage system tailored to the unique requirements of your blockchain. Choose an appropriate database or storage solution and optimize data structures for swift data retrieval. Ensure the design accommodates the storage of historical data, making it easily accessible for auditing and analysis purposes. An efficient data management system is crucial for maintaining the integrity and transparency of the blockchain ledger.

5.4 Security Measures:

Prioritize security on the back end to fortify your blockchain platform against common cyber threats. Implement measures to safeguard against Distributed Denial of Service (DDoS) attacks, tampering, and unauthorized access. Utilize robust encryption mechanisms to protect sensitive data, institute stringent access controls to regulate user permissions, and conduct regular security audits to identify and address potential vulnerabilities promptly. A secure back-end infrastructure is fundamental for building user trust and ensuring the long-term viability of the blockchain ecosystem.

6. Design the Blockchain Architecture

Define the architecture with meticulous attention to detail. Specify block structures, transaction validation processes, and network communication protocols. Clarify the roles of different nodes, such as block producers and validators. Ensure scalability and efficiency are fundamental considerations, anticipating the potential growth and demands on the platform.

7. Develop the Blockchain Protocol

Actively implement the core protocol, incorporating the chosen consensus algorithm, networking layer, and data storage mechanisms. Leverage existing blockchain libraries or frameworks to expedite development and ensure adherence to industry best practices. This phase lays the foundation for the functionality and performance of the entire blockchain platform.

8. Smart Contract Development

Design and implement a smart contract platform compatible with your blockchain. In the vein of EOS, consider using WebAssembly (Wasm) for efficient smart contract execution. Choose a programming language, such as C++ or Rust, and create a virtual machine to execute and manage smart contracts. This step is crucial for enabling programmable and decentralized applications on your platform.

10. Security Considerations

Implement robust security measures to safeguard your blockchain platform. Incorporate encryption techniques, secure key management practices, and protective measures against common vulnerabilities such as 51% attacks. Prioritize the identification and mitigation of security risks to ensure the integrity and trustworthiness of the entire system.

11. Testing

Execute thorough testing protocols, encompassing unit testing, integration testing, and security audits. Assess the platform’s resilience against various potential attack vectors to identify and rectify vulnerabilities. Rigorous testing is essential to verify the stability, security, and functionality of the blockchain platform before deployment.

12. Documentation

Provide comprehensive documentation for developers, users, and node operators. This documentation should offer detailed insights into smart contract development, node operation, and general interactions with the blockchain platform. Clear and accessible documentation is instrumental in fostering a robust developer community and facilitating smooth platform adoption.

13. Community and Governance

Actively build and nurture a community around your blockchain platform. Establish transparent governance mechanisms for decision-making, upgrades, and dispute resolution. Encourage community participation, collaboration, and contribution to create a vibrant ecosystem around your blockchain.

14. Launch and Monitor

Initiate the launch of your blockchain on a testnet for meticulous testing. Once satisfied with its stability and performance, deploy it on the mainnet. Continuously monitor the network for potential issues, promptly addressing any challenges that may arise. Be prepared for ongoing improvements and upgrades to adapt to changing needs and challenges within the blockchain ecosystem.

Tech Stacks to Consider While Developing A Blockchain Platform

Here’s the list of essential tech stacks required to develop a blockchain platform,

1. Consensus Mechanism

The choice of consensus mechanism significantly impacts the performance, security, and sustainability of a blockchain. For blockchain businesses, selecting the right consensus mechanism aligns with their goals. Proof of Work (PoW) provides security but demands significant resources, while Proof of Stake (PoS) offers energy efficiency. Delegated Proof of Stake (DPoS) can enhance efficiency, and Proof of Authority (PoA) suits permissioned networks. Choosing an appropriate consensus mechanism ensures the desired balance between security, scalability, and resource efficiency.

2. Blockchain Framework

The blockchain framework forms the backbone of the platform, influencing its capabilities and functionality. Ethereum, with its smart contract support, caters to a broad range of applications. Hyperledger Fabric suits enterprise solutions, while EOSIO focuses on DApps. For businesses, selecting a framework aligns with the nature and scale of their intended applications, enabling efficient development and deployment.

3. Smart Contract Language

The choice of a smart contract language impacts the ease of development and the capabilities of the deployed contracts. Businesses can benefit from selecting a language that aligns with their development team’s expertise and the specific requirements of their use case. Solidity, Rust, and C++ each offer unique advantages, and businesses can tailor their choice to match their preferences and project needs.

4. Decentralized Storage

Decentralized storage ensures data integrity and availability for DApps. By integrating solutions like IPFS or Ethereum’s Swarm, businesses can enhance data security and reduce reliance on centralized storage providers. This decentralized approach aligns with the ethos of blockchain, providing users with greater control over their data.

5. Identity Management

Robust identity management is crucial for user privacy and security. Implementing self-sovereign identity (SSI) and Decentralized Identifiers (DIDs) empowers users to control their digital identities. For blockchain businesses, this instills trust in their platform, attracting users who value privacy and control over their personal information.

6. Token Standards

Token standards define the rules and behavior of tokens on the blockchain. For businesses issuing tokens, understanding standards like ERC-20, ERC-721, and BEP-20 is essential. Utilizing established standards ensures interoperability and compatibility with a broader ecosystem, fostering a thriving token economy around the platform.

7. Oracles

Oracles play a crucial role in connecting smart contracts with external data sources. By integrating reliable decentralized oracle networks like Chainlink or Band Protocol, businesses can enhance the functionality of their smart contracts, facilitating the creation of more versatile and powerful DApps.

8. Scalability Solutions

Scalability is a persistent challenge in blockchain development. Businesses can address this by implementing Layer 2 solutions and sidechains. These approaches enable faster and more cost-effective transactions, making the platform more appealing to users and developers alike.

9. Interoperability Protocols

Interoperability protocols like Polkadot and Cosmos enable communication between different blockchains. For blockchain businesses, these protocols open up opportunities for collaboration and the creation of more complex, cross-chain applications. This fosters a more interconnected and collaborative blockchain ecosystem.

10. Security Auditing

Smart contract security is paramount to the success of any blockchain platform. Engaging third-party auditors and using code analysis tools helps businesses identify and rectify vulnerabilities, ensuring the integrity of their smart contracts and gaining the trust of users and developers.

11. Development Frameworks

Development frameworks like Truffle and Hardhat streamline the development process for smart contracts. For businesses, adopting these frameworks enhances development efficiency, code quality, and overall project management, accelerating the time-to-market for their blockchain platform.

12. User Interface (UI) Frameworks

Utilizing popular frontend frameworks along with blockchain interaction libraries ensures a seamless and engaging user experience. For businesses, this translates to increased user adoption and satisfaction, contributing to the overall success of their DApps.

13. Monitoring and Analytics

Implementing robust monitoring tools and explorers like Prometheus, Grafana, and Etherscan allows businesses to track and optimize the performance of their blockchain platform. This transparency enhances user trust and contributes to the long-term viability of the platform.

Also read, “Understand how to use blockchain data analytics for your business”

14. Governance Mechanisms

Decentralized Autonomous Organizations (DAOs) and on-chain voting mechanisms empower users to participate in platform governance. For businesses, this ensures a more inclusive decision-making process, fostering community engagement and loyalty.

15. Cross-Platform Development

Integrating cross-chain bridges and protocols like Interledger enhances the platform’s compatibility with other blockchains. For businesses, this opens up opportunities for collaboration, allowing users to transfer assets and data across different blockchain networks seamlessly.

16. Compliance and Regulation

By incorporating privacy-focused technologies and complying with legal and regulatory requirements, blockchain businesses can build a platform that instills confidence in users and regulators alike. This approach supports the long-term sustainability and growth of the platform.

Top 10 Blockchain Platforms Like EOS in the USA

Here’s the list of the top 10 blockchain platforms like EOS in the USA,

1. IBM Blockchain

Launched: 2019

Estimated Annual Revenue: $5 B

IBM’s Blockchain platform is a widely recognized tool for enhancing business operations. It offers a full-stack Blockchain-as-a-service solution, enabling users to deploy their Blockchain components in a preferred environment easily. The platform facilitates the creation, utilization, and expansion of Blockchain networks. As a prominent cloud platform, IBM allows seamless integration and management of various cloud services, such as VOIPs and cloud storage applications, making it a versatile choice for businesses.

2. TRON

Launched: 2014

Estimated Annual Revenue: $90 M

Tron operates as a Blockchain-based operating system, allowing users to create decentralized apps and exchange media assets. The TRX currency is used to access specific functionalities within the operating software. Essentially, TRX serves as the primary token for transactions on the Tron platform.

Tron’s core objective is to improve compensation for content producers. The platform operates on the principle of open information, free from central authority control. Content creators can receive rewards in digital assets, such as TRX or other currencies linked to TRX, in exchange for their contributions.

3. Steller

Launched: 2014

Estimated Annual Revenue: $19 M

Stellar operates as a payment protocol based on digital currency technology, handling millions of transactions daily. Notably, it facilitates rapid cross-border payments between any two currencies. Similar to other Blockchain-based coins, Stellar shares several features.

Stellar.org, or the Stellar Development Foundation, is a non-profit organization dedicated to financial inclusion, tool development, and social projects within the Stellar system. While the foundation’s staff develops programming for the Stellar network, the software itself is distinct from the company.

The platform offers the advantages of creating, trading, and sending digital representations of various currencies, such as dollars, bitcoins, pesos, and more. 

4. NEO

Launched:  2016

Estimated Annual Revenue: $ 7.5 M

Formerly known as Antshares, Neo underwent a major change in 2017 with its rebranding. Now, Neo is an open-source Blockchain platform aiming to establish a “smart economy” by using Blockchain and smart contracts for efficient digital asset management.

Neo’s main goal is to pioneer a smart economy, leveraging Blockchain and smart contracts for streamlined digital asset control. It stands out for offering a comprehensive set of features to developers “out of the box,” providing all the tools needed to build fully decentralized applications.

One standout feature of Neo is its advanced interoperability, allowing users to connect with the broader global Blockchain ecosystem. This means Neo isn’t just a standalone platform; it seamlessly integrates with other Blockchain networks, fostering collaboration and expanding its reach.

5. Corda

Launched: 2016

Estimated Annual Revenue: $14 M

Corda is a well-known open-source Blockchain initiative designed for business purposes. It specializes in creating interconnected Blockchain systems that ensure secure and confidential transactions. As an innovative contract platform, Corda facilitates seamless interactions between businesses, allowing them to conduct transactions safely.

One notable feature of Corda is its ability to enable firms to interact smoothly with each other. It simplifies transaction tracking by maintaining a shared ledger, eliminating the need for participants to double-check their transactions after engaging with each other. Corda finds applications in various sectors, including construction, health, and finance.

6. Ethereum

Launched: 2013

Estimated Annual Revenue: $2.6 B

Ethereum is a decentralized global software platform based on Blockchain technology, known for its native cryptocurrency, ether (ETH). This platform serves as the foundation for a variety of applications, organizations, and digital assets. It is open to anyone interested in exploring and utilizing Blockchain technology.

Ethereum’s success is attributed to its open-source nature, allowing developers worldwide to collaborate and contribute to its continuous growth. This openness promotes innovation, ensuring that the Ethereum platform remains dynamic and adaptable.

Undergoing a significant transformation known as Ethereum 2.0 or “Serenity,” Ethereum has continued to evolve. This upgrade focuses on enhancing the platform’s speed, efficiency, and scalability. A notable change is the shift from the proof-of-work (PoW) to the proof-of-stake (PoS) consensus model, marking a crucial step in Ethereum’s development.

7. MultiChain

Launched: 2020

Estimated Annual Revenue: $ 12.4 M

MultiChain is an open-source version of Bitcoin designed for simplicity and customization. It allows users to create tailored Blockchains, whether for private or public use. MultiChain includes a thoughtfully selected set of features and improvements specifically geared toward enterprise and commercial applications.

One promising aspect of MultiChain is its compatibility with local assets and its capability to store substantial amounts of diverse information. It introduces a consensus-based permit administration system, providing an alternative yet distinctive solution for consortial Blockchains.

8. Hyperledger Fabric

Launched: 2016

Estimated Annual Revenue: $ 4.1 B

Hyperledger Fabric is a platform designed for building applications and solutions using a modular architecture. It features a membership service and consensus mechanism, offering a diverse set of modular and versatile designs suitable for various industrial applications. This platform can establish a network of networks, allowing members of the fabric network to collaborate effectively.

Hyperledger Fabric stands out by providing users with a secure and scalable platform. It specifically supports confidential contracts and private transactions, making it a reliable choice for those seeking a secure environment for developing and implementing applications.

9. Open-chain

Launched: 2015

Estimated Annual Revenue: $60 M

Open-chain is an open-source Blockchain platform created to securely and efficiently manage digital assets. It employs Partitioned Consensus, where each instance has a single authority for valid transactions. The platform is designed with a client-server architecture, enhancing efficiency and reliability. Notably, there is no involvement of miners in this platform, ensuring direct, accessible, and instant transactions on the Open-chain Blockchain platform.

10. Quorum

Launched: 2016

Estimated Annual Revenue: $ 70 M

J.P. Morgan has developed Quorum, utilizing Ethereum to address use cases requiring high-speed and secure execution of confidential transactions within a trusted community. Quorum is designed to evolve alongside Ethereum, deviating from the Proof of Work (PoW) consensus mechanism. Instead, it employs vote-based and other techniques to execute thousands of operations per second, depending on the configuration of smart contracts and other networks.

Quorum distinguishes itself by efficiently handling most Ethereum changes while making only limited alterations to Ethereum’s core. This approach ensures swift and effective processing of Ethereum-related tasks.

Conclusion

In the fast-paced world of blockchain technology, EOS emerges as a leading platform for businesses looking to develop decentralized applications (DApps) and smart contracts. This comprehensive guide is designed to assist businesses in understanding and navigating the intricacies of EOS blockchain development.

The guide covers essential topics, starting with an overview of EOS features and architecture, progressing to the setup of a development environment, smart contract development, and exploring tools like EOSIO.CDT and EOS Studio. It extends to building DApps with user interfaces, testing, debugging, and addressing security considerations. The journey concludes with deployment to the EOS mainnet and ongoing maintenance.

Are you intrigued by the potential of EOS Blockchain Development? Whether you’re a business with a groundbreaking idea or an established enterprise seeking innovative solutions, IdeaUsher is your go-to partner for EOS development. From mobile app to web app development, our expert team is ready to transform your vision into a reality. Harness the power of EOS with IdeaUsher and lead the way in decentralized innovation. Let’s build the future together.

FAQs

Q. Can I create my own blockchain platform?

A. Yes, but it depends on your goals. Building a public blockchain requires significant technical expertise. However, there are platforms like Ethereum that allow you to create custom blockchains (tokens) on their existing network.

Q. Is EOS a good blockchain?

EOS is a popular platform for building decentralized applications (dApps). It boasts fast transaction speeds and scalability. However, its governance model has faced criticism for centralization. Research your project’s needs before choosing EOS.

Q. What is the EOS blockchain protocol?

EOS uses a Proof-of-Stake (PoS) consensus mechanism to validate transactions. Unlike Proof-of-Work (PoW) used in Bitcoin, PoS doesn’t require extensive mining, making EOS faster and more energy-efficient.

Q. What are the 4 different types of blockchain technology?

There are four main types:

1. Public Blockchains: Open to everyone, permissionless, highly secure (e.g., Bitcoin).
2. Private Blockchains: Controlled by a single entity, fast and efficient (e.g., internal supply chain management).
3. Consortium Blockchains: Governed by multiple organizations, combines elements of public and private chains (e.g., banks working together).
4. Hybrid Blockchains: A mix of public and private elements, offering flexibility for specific use cases.