EOS sets new record as it breaks 3000 TPS
EOS, a blockchain platform for the development of decentralized applications (dApps), has recently been setting record after record for faster transaction times and has just set a new all-time high of 3000 transactions per second.Tweet this
EOS, a blockchain platform for the development of decentralized applications (dApps), has recently been setting record after record for faster transaction times and today reached a new all-time high!
EOS Network Monitor reports that the EOS network achieved 3097 transactions per second on July 19, 2018.
In comparison, this number puts all other blockchains to shame and even gives Visa a run for the money!
On average Bitcoin handles 7 transactions per second, Ethereum handles 15, and Ripple handles around 1500. Visa, one of the world’s most popular payment processors handles 1700 transactions per second on average, but claims they can handle more.
This just may be the tip of the iceberg, as the company behind EOS, Block.one, has always had a focus on scalability. Their Delegated Proof of Stake (DPOS) consensus mechanism utilizes only 21 elected block producers to validate transactions, which allows for much greater speed. EOS also allows for inter-chain communications, enabling multiple individual blockchains to work together as one single system.
Despite the amount of EOS critics, it’s been speculated that EOS transaction speeds could easily dwarf the numbers reached today. This comes as exciting news for developers who are building applications on EOS’s underlying infrastructure.