Ethereum Outdated by EOS’ New Transaction Volume Capacity

In its pretty short history, EOS network has finally beat the Ethereum Blockchain for the first time in processed transactions per second.

The recent launch of EOS network was kind of criticised because the public was not sure what is considered as a more centralized model of blockchain governance.

In spite of that, the transaction volume capacity can’t be denied as it holds up to the hype.

A recent thread from Reddit shows a screenshot of EOS’ 24-hour transaction volume at 727,334. EOS break a new record and beat its key competitor, Ethereum. At that moment ETH volume was around 680,000, shorter than EOS’. What surprised the majority of cryptocurrency fans was EOS’ significant capacity of its blockchain as the amount mention occupied less than 1% of it when at the same time ETH is struggling with that issue, Blocktivity says.

We verified the information, and the site says that ETH has over 10,000 unconfirmed transactions at the moment with its maximum transaction rate at 570,000 tx/24h. On the other hand, EOS is occupying only 0.03% of its total capacity at around 325,000 tx/24h

Ethereum’s opinion

Joseph Lubin, one of the Ethereum Foundation’s co-founders, said this week that the team is focused on improving upon what they have built.

The reason why banking behemoths such as Bank of America and Foxconn tend to move slowly just like established cryptocurrencies. For a new implementation to run smoothly, they need to be redundant when testing it.

For this reason, Bitcoin Core developers are not hurrying to fix the sharding or the changes to blocksize.

Even though EOS networks’ solid performance was proved by these new developments, it might not keep its crown in the future id Ethereum somehow finds a way to scale its blockchain batter and in a short period of time.

Ian Kennedy

Ian Kennedy is the newest contributor to Crypto Daily Gazette. He enjoys running, practicing minimalism and cooking. Ian is a graduate of Wesleyan University in Connecticut where he studied journalism, Arabic and international affairs. Ian mostly covers stories concerning emerging blockchain technology.

You May Also Like

Leave a Reply

Your email address will not be published. Required fields are marked *