EOS is coming close to breaking above 3000 transactions per second (TPS) within days of crossing 2000 TPS. It has surpassed Bitcoin (BTC), Ethereum (ETH) and XRP while reflecting onto Visa which handles about 1,700 TPS but can certainly manage a much larger number.
EOS reaches new all-time high (ATH) with 2822 TPS
EOS has broken yet another record and set a new high. According to the latest data available on EOS Network Monitor.io, the all-time high (ATH) has reached 2822 Transactions per second (TPS).
Just a couple days back, EOS reached close to 2000 transactions per second. In a matter of days, it is now nearing the 3000 TPS. Being a cryptocurrency that is primarily focused on scalability along with offering ease of use, EOS is making progress in the right direction.
The project has been also working on its ease of use factor by implementing the human-readable addresses and free transaction to allow people to use Dapps without tokens, however, here RAM plays an integral role.
In actual, Scalability is the area currently EOS is making substantial progress as it keeps on increasing its transactions per second. Another point to consider here is EOS also supports inter-chain communications. This allows the multiple blockchains to work parallelly as a single system that means reaching hundreds, thousands and even millions of transactions per second a possibility.
Highlighting EOS, Bitcoin, Ethereum, & Visa
After breaking the 1000 transactions per second a few days back, now EOS network is planning to break the 3000 transaction record. In future, this number might get even bigger and we might also see it breaking a bigger record as put by one Redditor, “I think we will see this number get even higher in the weeks to come.”
If we take a look at other cryptocurrencies, the world’s number one cryptocurrency Bitcoin (BTC) can handle about 7 transactions per second, while this number is somewhere around 15 for Ethereum (ETH) and approximately 1500 for XRP.
As for the mainstream popular payment processor, Visa handles close to 2000 transactions per second. Though in the market Visa has been claimed to be capable of processing 24k transactions per second, given its centralized nature, Visa can surely manage to extend its limit even more.
So, when it comes to EOS, it is often criticized for making the sacrifice of its infrastructural decentralization to improve the scalability of the network.
Based on Delegated Proof of Stake (DPoS) consensus protocol, it gives stakeholders the power to resolve the issues. Unlike Ethereum that has over 16,700 nodes, EOS as 21 block producers to validate the transactions.
Though it does affect the resilience of the network and question its decentralized nature, EOS is working with the goal to manage Dapp on an industrial scale.
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Having a background in writing, I worked on a wide array of industry topics and have recently entered the world of Blockchain and Cryptocurrency.