EOS’ platform has hit two major records when it comes to the transaction speeds on its blockchain in the past 24 hours, surpassing all the other important cryptocurrencies with 2,822 transactions per second, then going over the 3 thousand transactions per second mark.
This record already beats the average transactions per second (TPS) of Visa (which has on average 1700 TPS, can perform more when over-capacitated), and just this morning they came to be the fastest major crypto platform by this measurement, by recording 2,822 TPS. Later on this day, EOS already passed its first record, reaching 3,097 TPS, according to stats from eosnetworkmonitor.io.
EOS’s primary use is to be a platform for decentralized application (DApp) development, enabling the creation of blockchain-based applications on EOS’s basic infrastructure. Their consensus mechanism is less decentralized, permitting higher network speeds. Their blockchain can also be connected to other chains, providing more uses cases and applications for its protocol.
The semi-decentralization of the platform has been raising a lot of speculation in the community lately. EOS employs a Delegated Proof of Stake (DPOS) which eliminates needing a slow mining process. Instead, users can vote for the block producers that have an important role in transaction confirmation.
However, this has led to issues one more than one occasion. Just a few weeks ago, there was a huge issue when one of the main block producers became irresponsive for 2 days.
This week alone, the platform experienced even more controversy after a few developers from the Ethereum team alleged that EOS was behind a transaction spam on Ethereum in order to have a competitive advantage before EOS’ mainnet release.
Nevertheless, this period is full of exciting projects and collaborations for EOS, announcing even more DApp developments as their network speed continues to go up. This week, the blockchain hit for the first time the 2,000 TPS mark. To put things into perspective, Bitcoin had 7, Ethereum 15, and Ripple’s XRP 1,500 TPS respectively.