EOS: Scalability Resolved?

  • Eos.io is a blockchain protocol that mainly aims at resolving the scalability issues of the cryptocurrency.
  • Eosio evolved from a company known as block.one and is mainly an open-source project on GitHub.
  • EOS currently has a throughput of 34 Transactions per second.

Eos.io is a blockchain protocol that mainly aims at resolving the scalability issues of the cryptocurrency. Additionally, It reduces the fees charged during the transactions. Eosio evolved from a company known as block.one. It is mainly an open-source project on GitHub.

Dan Larimer led the developer team. He is also famous for founding the company called ‘Bitshares.’ He has invented the consensus mechanism of the Delegated Proof of Stake, which in today’s Blockchain technology, has a widespread application. The very first investors of the company include Brock Pierce.

The EOS market surged to the top when declared the fifth in the world for being the most valuable cryptocurrency, holding an estimated market share of 1.5 billion USD.
EOS mainly made to cope up with the issues of scalability in the decentralized world.

EOS Scalability

Advertisement


What is scalability? Scalability defined as the restricted number of transactions per second over the respective network and the time taken to reach the consensus. This has always been a big hurdle for Blockchain giants like Bitcoin and Ethereum to overcome. It is also a big reason why a huge percentage of investors are turning their back to the blockchain world.

According to the statistics, in the competition between the mainstream transaction apps and the blockchain platforms, the transactions they do per second. The mainstream platforms can manage up to thousands of transactions in only some seconds. Hence, Blockchains like Bitcoin and Ethereum have a very disappointing count of 7 and 20 transactions per second, respectively.

The scalability issue broadly divided into two parts: the time taken to put the transaction on the block and the time taken for the transaction to reach the consensus. Also, EOS currently has a throughput of 34 Transactions per second. Thus, Reports say that EOS has a very high functioning throughput that can go up to 3000+ TPS. Nevertheless, some critics say that EOS is more of a centralized platform rather than a decentralized one.

Hot News

Bitcoin Supply Cut Due To Lost Keys And Burning

Bitcoin Halving is basically a mechanism to control its supply and supply of the same is set at 21 million coins. The 21...

Mathew McDermott to Serve As Goldman Sachs’ New Head Of Digital Assets

The leading investment banking firm, Goldman Sachs Group Inc. has promoted Mathew McDermott to become the head of the digital asset markets. McDermott...

Interview with Mikk Maal, the founder of Comistar

Hey Mikk Maal, thanks for taking the time to join me in this interview to educate our community on Comistar. Can you give us...

LISK [LSK] Anticipates Price Rise as Ascending Triangle Asserts Supremacy

The price volatility is re-entering in the cryptocurrency market in the past few weeks. Lisk is one such Low cap altcoin presently ranked...

Forbes Reveals List of Bitcoin Institutional Investors

Forbes released a list of 20 institutional Bitcoin Investors who already filed paperwork with the U.S Securities and Exchange Commission. This consists of...

Korea’s Bank To Create A Blockchain Based Financial Ecosystem With Three Other Firms

Kookmin Bank has recently announced their ventures in the world of blockchain and cryptocurrency. On August 7th, Kookmin Bank officially signed business agreements...

Partners

RELATED NEWS

Bitcoin Supply Cut Due To Lost Keys And Burning

Bitcoin Halving is basically a mechanism to control its supply and supply of...

Mathew McDermott to Serve As Goldman Sachs’ New Head...

The leading investment banking firm, Goldman Sachs Group Inc. has promoted Mathew McDermott...

Interview with Mikk Maal, the founder of Comistar

Hey Mikk Maal, thanks for taking the time to join me in this interview...