EOS’s future plans and the impacts of blockchain technology, Block.one official elaborates

In a recent interview, Serg Metelin, the Head of Relations at Block.one, spoke about blockchain technology, updates, and what lies for digital assets in the future. Block.one is credited for creating the EOS software on which the entire EOS architecture is based.

He spoke about the current standing of blockchain technology in today’s society calling it ‘mysterious’ and ‘untapped’. Metelin emphasized that blockchain keeps security as the utmost priority as opposed to the World Wide Web which had information transfer as its core idea. The Block.one executive also spoke about how the mere idea of blockchain can increase widespread transparency in data transfer and transactions, at the same time cutting losses and creating a more decentralized ecosystem.

Metelin went on to speak about the shroud of wrong information that surrounds blockchain and cryptocurrencies in general. He focused on how some users say that blockchain technology is ‘slow, difficult to use and irreparable’. He clarified that the latest versions of blockchain technologies were faster and more efficient than the preceding ones, making it a seamless transition between technologies. Metelin picked out a specific example by saying that blockchains such as Ethereum can process 15 transactions per second [TPS] whereas the EOSIO can conduct transactions at the rate of 3700 TPS.

Metelin stated:

“As blockchain technology matures and the developer community quickly expands, many of the inefficiencies found in the early days of blockchain are being fine-tuned for greater speed, user experience and accessibility.”

Serg Metelin also elaborated on the industries where blockchain technology, as well as smart contracts, can be effectively implemented.

He said:

“Blockchain and its smart contracts directly address core issues faced by existing business and communications models on cost, transaction speed and transparency. Industries such as supply chain and medical services can use blockchain’s smart contracts to track records or products and to reduce risk and cost. Blockchain can also be used to secure user data on digital platforms or social networks.”

Furthermore, Metelin added that the next step to enhance the presence of cryptocurrencies in the financial market is to bring it closer to the masses. The real world impacts and the use case scenarios of the decentralized system have to be made clearer to the users so that its potential can be fully unlocked.

EOS was also in the news recently when on 16th August, China’s governing body, the Ministry of Industry and Information Technology unveiled the new official cryptocurrency rating index, marking its fourth edition. This month’s list was topped by EOS followed by Ethereum, positions that remained unchanged compared to the previous edition.