The recently launched EOS network went through some controversy in recent months due to concerns over what is perceived to be a more centralized model of blockchain governance. Despite this, one thing cannot be denied: its transaction volume capacity appears to be holding up to the hype.
A recent Reddit thread shared a screenshot showing EOS’ 24-hour transaction volume at 727,334. This was a new record for EOS and it equalled more than half of the all-time high transaction volume for headliner Ethereum, EOS’ key competitor. Additionally, EOS’ transaction volume at the time of the screenshot was higher than the ETH volume at the same time, which was around 680,000.
Even more interesting was the fact that this didn’t even occupy 1% of EOS’ maximum capacity for its blockchain, while ETH was experiencing congestion with its transaction volume, according to Blocktivity.
We took another look at the statistics and, according to the site, ETH currently has over 10,000 unconfirmed transactions and is near its maximum transaction rate at 570,000 tx/24h. EOS, in the meantime, is occupying only 0.03% of its total capacity at around 325,000 tx/24h.
What this means for Ethereum
It’s easy to get caught up in the moment and believe that EOS really is, as many of its fans call it, the “Ethereum killer.” After all, many have been excited about the prospect of another cryptocurrency really testing the limits of what blockchains could currently do in terms of transaction size.
On the other hand, it is important to note that the cryptocurrency market doesn’t exist in some sort of static space. The Ethereum blockchain may be plagued with congestion and this may frustrate some people who had faith in its technology, but this isn’t likely to remain an issue forever.
Earlier this week, one of the Ethereum Foundation’s co-founders, Joseph Lubin, told CNBC that the team is mainly concentrated on improving upon what they’ve built, with issues like scalability being a top priority.
Established cryptocurrencies tend to move slowly for the same reason that manufacturing and banking behemoths like Foxconn and Bank of America do. They have a much larger spotlight on what they do, so they need to be redundant when testing new solutions to ensure that what they implement won’t have any negative impact on their trustworthiness as entities.
It’s also the reason why Bitcoin Core developers aren’t in a hurry to adopt solutions like sharding and changes to blocksize.
Even with these new developments that prove the solid performance of the EOS network, if Ethereum manages to scale its blockchain better in a relatively short time period, it wouldn’t be unrealistic to expect the cryptocurrency to retain its crown for the foreseeable future.