EOS (EOS) Marks Record in Blockchain Activity
The EOS network carried more than 87 million transactions per day during peak activity.
The EOS (EOS) ecosystem shows the capacity to carry huge volumes of daily transaction count. Based on Blocktivity data, the EOS network improved its own record of more than 48 million transactions per day, up to 87.2 million transactions.
However, the EOS network has met with skepticism in the past regarding the quality of this volume. In general, systems with delegated proof-of-stake could set up a mechanism for approving multiple transactions between two servers. In the past, the BitShares network has done this. Additionally, the WAX network, also built on a principle similar to EOS, boasts extremely high volumes, though claiming the activity is organic, based on a lively marketplace for virtual goods.
In the past, the EOS network has continuously grown its transaction records. In theory, the transactions per second count may grow higher, as verification is much faster with just 21 delegated block producers.
The EOS market price, however, remains rather flat, at around $5.24, falling behind Litecoin (LTC) in terms of market capitalization. The network has ended the period of hype and rallies, and remains mostly unchanged. EOS is well-represented on most exchanges, with a diversified trading profile that excludes the possibility for a concerted pump.
The great difference is that the EOS network allows for non-final transactions, as well as shutting down faulty smart contracts and reversing their state. This approach is quite different from the Ethereum (ETH) network, where transactions and mistakes are irreversible. EOS can also freeze accounts, as well as tokens, using voting and a committee to decide.
The crypto community views EOS as mostly a platform for fast games, currently attracting numerous distributed app developers and seeing the launch of many tokens. The network promises to keep increasing its efficiency as well.
The EOS project also expects a still unclear, large-scale announcement from Block.One on June 1. However, the community remains split on EOS, especially as a store of value. The possibility of blocked accounts and reversible transactions is off-putting to those who believe a distributed ledger should also be immutable.