EOS Network Surpasses Ethereum’s Transaction Volume Capacity

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.

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.

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

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.

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