- 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.
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.