EOS Network Has Transaction Volume Capacity That Surpasses Ethereum
The EOS Network has been under a lot of criticism and scrutiny because it is deemed to be ‘too centralized’ by many. However, it’s transaction volume capacity just surpassed that of Ethereum, its main competitor.
A Reddit thread shared a screenshot showing that EOS’s 24 transaction volume was at 727,334. While it was not only a new high for EOS, it also equalled more than half of the all-time high transaction value of Ethereum. During the same time frame of 24 hours, EOS’ was higher than Ethereum’s which was at 680,000.
Interestingly, this occupied less than 1% of EOS’ maximum blockchain capacity whereas Ethereum was having difficulty and experiencing congestion at their transaction volume.
So the next question really is what implications does this have on the battle between ETH and EOS? It might be easily to claim that EOS is actually the ‘Ethereum Killer’ that it is branded to be. EOS does seem to satisfy a lot of people’s hopes about Blockchain networks with higher transaction volumes.
However, the Blockchain and Cryptocurrency market is anything but static and while transaction congestion may be a problem for Ethereum right now, it’s not something that’s likely to last forever for the network.
Joseph Lubin, Ethereum’s co-founder mentioned earlier this week that they are focused on improving what they’ve already built, especially scalability which is a big priority for them.
Since Ethereum is such a big network, just like other banks such as Bank of America, it has to be careful with any technology or solutions that are being tested. This is because if something goes wrong, it will have huge implications for the network in terms of trust and reliability.
If Ethereum is able to scale per plans and counter its congestion problem, it is likely that it will be able to fight off the competition that it is receiving from EOS.
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